2^fl 


1 


i 


A  CENTURY  OF 
BANKING 

IN 
NEW  YORK 


A    CENTURY    OF 

BANKING 


8:^2- 


1Q:^2 


By  HENRY  WYSHAM  LANIER 


NEW  ^SW  YORK 
GEORGE  H.  DORAN  COMPANY 

1922 


^7  LZ 


Copyright,  1922,  bjr 

Henry  W.  Lanier 

New  York 


Q-^^ 


Dedicated 

to 

The  FerocioLU  City 

which  devours  and  forgetd 

itj  own  hidtoty 


518603 


PREFATORY  NOTE 


rHiS  volume  had  Its  origin  in  a  plan  to  commemorate  the 
centenary  of  a  Trust  Company — the  first  corporation  ever 
authorized  to  accept  trusts. 
A  study  of  financial  history  showed  a  wealth  of  material,  and  an 
absence  of  any  general  work  covering  the  development  of  banks 
and  banking  during  this  century  of  transformation;  so  the  scope 
was  enlarged  to  a  comprehensive  survey  of  the  business  and  finan- 
cial conditions  of  a  hundred  years  ago,  with  special  emphasis  on 
the  personal  side,  and  a  narrative  of  the  growth  of  New  York  to 
its  present  financial  position.  In  the  general  picture,  the  intimate 
history  of  the  particular  trust  company  offers  significant  details 
of  a  "sample  brick"  in  the  whole  edifice  that  has  been  built  up. 

H.  \V.  L. 


=**^ 


PART    I 

Chapter  page 

I    The  Year  the  Banks  Migrated 3 

II    The  Old  Order  Begins  to  Change 25 

III  Individual  Notes  as  Currency       41 

IV  The  Banker  oj  1820 54 

V    Who  Was  Who  in  Finance 75 

VI    Expansion  and  Panic       185 

VII    The  Coming  oj  the  Clearing  House 207 

VIII    CUnl  War  and  the  National  Banking  System   ...  219 

IX    A  Jlar^'ellous  Quarter-Century 240 

X    The  Era  oj  the   Trust  Companies 251 

XI    The  Federal  Resen'e  and  the  New  Era 258 

XII    Then  and  Now 271 

PART    II 

XIII  An  Intimate  Record 275 

XIV  History  oj  a  Downtown  Plot 319 


^:^'p-- 


PAGE 

A  New  York  Bank  on  Hammond/  Streel Frontispiece 

Broadivai/  and  City  Hall  in  1819 3 

"  Remo^'al  Notices"  from  the  Ei'ening  Posi 6 

Where  the  Bowery  Joined  Broadway 7 

Attack  upon  the  Quarantine  Station 7 

Dutch  Cottage  in  Beaver  Street,  1679 22 

JFhen  Men  Sawed  IFood  on  IFall  Street 23 

Old  Dutch  Deed  to  New  York  Property 38 

Federal  Hall 39 

Bowling  Green  {JFest  Side),  1826      54 

Specimens  oj  Notes 55 

Early  Banks  in  Wall  Street,  1797 70 

The  Government  House 71 

Tontine  Coffee  House,  JVall  Street ' 86 

Union  Square  in  1820 87 

New  York  Notables  at  the  Play,  1822 102 

Wall  Street  in  1789 103 

IFall  Street  in  1825 118 

Bowling  Green  {East  Side),  1830       119 

The  First  Jflerchants'  Exchange 134 

The  JJIerchants'  Room 134 

IX 


X 


A  CENTURY  OF  BANKING  IN  NEW  YORK 


PAGE 

Ruins  oj  the  Merchants'  Exchange 135 

"Wealthy  Citizens  oj  New  York  Cily" 150 

First  Adi'ertisement  oJ  the  Farmers'  Loan  Co 187 

The  Great  Fire  oJ  1835 198 

The  New  Merchants'  Exchange      199 

JFall  Street  in  the  Forties 214 

JVall  Street  in  the  Fifties 215 

The  "  Counterfeit  Detector" 225 

First  Published  Price-list  oJ  Stocks 230 

Graph  of  Commodity  Prices 245 

Curbstone  Brokers  in  1864 246 

Broad  Street  during  the  Panic  of  1873      247 

Modern  Wall  Street 294 

Exchange  Place  in  1830 295 

Broad  Street  in  1853 295 

A  Deed  of  1719 310 

IV here  William  Street  Jleets  Beaver       311 

Plan  of  Wall  Street  in  1822  and  1922 337 


PART 
I 


Chapter  I 
THE  YEAR  THE  BANKS  MIGRATED 

The  Great  Plague  of  1822  —  The  "Boom  Town"  of  Greenwich — 
A  Stranger's  Impressions— Jf^hen    Pigs  Roamed 
JfaU  Street — Pumps  on  Broadway — Condi- 
tions that  Faced  the  1822  Banker^ How 
Downtown  Looked —  The  Banks  a 
Century  Ago  — The  Banks' 
Pul)lic  in  Old  New  York 

^NE  day  in  the  early  summerof  1822  a  smart  packet-boat  was 
standing  up  New  York  harbor.  The  sight  of  the  clustering 
houses,  filling  the  whole  width  of  the  lower  island  and 
stretching  away  northward,  was  welcome  enough  to  the  weary 
passengers,  who  had  been  cooped  up  on  board  for  weeks. 

Among  these  was  an  English  gentleman,  William  Newnham 
Blanc,  who  was  of  that  breed  of  Islanders  who  love  to  travel  far 
and  near — 

"For  to  admire  and  for  to  see. 
For  to  be' old  this  world  so  wide." 

He  was  using  his  keen  eyes  and  mind  now  to  their  fullest  capac- 
ity as  his  vessel  approached  the  lusty  young  giant-city  of  the 
West. 

"The  entrance  to  the  bay  of  New  York,"  he  presently  noted  in 
his  journal,  "is  one  of  the  most  beautiful  sights  in  the  world.  On 
each  side  of  the  Narrows,  where  the  steep  and  almost  perpendicu- 
lar cliffs  of  Staten  Island  are  only  two  miles  distant  from  the  shore 
of  Long  Island,  the  forts  and  fortifications  that  defend  this  cele- 
brated harbor"  (it  was  but  seven  years  after  the  War  of  18121) 
"seem  to  frown  upon  the  vessels  that  enter.  We  passed  close  to 
the  formidable  batteries  of  Fort  La  Fayette,  which  advances  into 
the  water  with  four  tiers  of  guns,  one  of  which  tiers  is  occupied  by 
a  large  kind  of  carronade,  called  Columbians"  (he  meant  Colum- 
biads),  "each  throwing  a  hundred-pound  shot. 

"After  passing  the  Narrows,  we  entered  the  Bay  which,  ex- 
panding immediately,  is  about  nine  miles  in  width  in  the  broadest 
part.     On   each    side    the    shore,    though   wooded    down    to    the 


4"  '  A  'C'E'N  T  UK  Y  O  F  B  A  N  K  I  N  G  IN  NEW  YORK 

water's  edge,  is  thickly  studded  with  farms,  villages  and  country- 
seats.  At  the  upper  end  are  seen  the  spires  of  the  city;  and  in 
the  distance  the  bold,  precipitous  banks  of  the  Hudson.  The 
day  was  beautiful,  the  sky  without  a  cloud,  and  the  vast  sheet 
of  water  was  covered  with  inward  and  outward  bound  vessels, 
the  white  sails  of  which  were  illuminated  by  the  sunbeams. 

"We  anchored  just  below  the  Battery,  at  the  point  of  the  island 
on  which  New  York  is  built,  and  getting  into  a  boat  rowed  to 
Greenwich,  which,  though  once  a  separate  town,  now  forms  part 
of  the  city.*  Looking  up  the  streets  that  run  down  to  the  water, 
I  perceived  they  were  all  barricaded  at  the  upper  ends,  and 
strewed  with  lime.  The  houses,  of  course,  were  all  shut  up  and 
deserted;  and  out  of  a  population  of  120,000t  inhabitants  not 
more  than  7,000  or  8,000  remained  in  the  city;  and  those  only  in 
the  higher  and  more  healthy  parts."  (In  point  of  fact,  there 
was  nobody  left  but  some  negroes,  nurses,  doctors  and  under- 
takers, and  the  poor  folk  who  could  not  manage  to  get  away, 
from  illness  or  lack  of  funds.) 

"I  do  not  know  a  more  sombre  spectacle  than  a  large  deserted 
city.  We  are  so  accustomed  to  associate  the  idea  of  a  town  with 
that  of  an  active  and  noisy  multitude,  that  to  see  a  number  of 
houses  quite  deserted  and  hushed  in  perfect  silence  impresses  the 
mind  with  the  deepest  melancholy. 

"Nothing  endued  with  life  was  to  be  seen  in  any  of  the  streets 
or  neighboring  quays,  except  here  and  there  a  cat;  for  these 
animals,  in  the  hurry  and  confusion  of  moving  from  the  town, 
had  been  left  behind  in  considerable  numbers,  and  formed  at 
that  time  the  only  inhabitants  of  a  great  part  of  the  city." 

And  what  was  it  that  had  caused  over  125,000  out  of  the 
135,000  citizens  of  the  greatest  American  city  to  forsake  their 
homes  and  business  and  flee,  leaving  New  York  to  homeless  cats? 
In  iMay  of  that  year,  in  spite  of  the  rigid  quarantine  established 
at  Staten  Island  the  preceding  summer,  the  community  had  been 
thrown  into  consternation  by  the  news  of  an  outbreak  of  yellow 
fever  in  Rector  Street.  This  section  of  the  city  had  been  con- 
sidered immune:  every  previous  epidemic  had  started  in  the 
lower  quarter  east  of  Broadway,  and  very  few  cases  had  been 
chronicled  from  the  Rector  Street  neighborhood,  even  when  the 
scourge  was  at  its  height. 

This  happening  produced  a  general  panic.  Manhattan  knew 
only  too  well  what  yellow  fever  was:  it  had  ravaged  the  city  a 

*  It  was  really  quite  outside  of  the  cit\ — which  was  the  reason  wh^-  the 
fugitives  went  there. 

t  There  were  actually  from  130,000  to  135,000  in  that  year. 


THEGREATPLAGUEOF1822  5 

score  of  times.  Every  grown  resident  still  recalled  the  frightful 
visitation  of  1798,  when  2,086  persons  (a  tenth  of  the  population) 
had  been  slain  by  this  invisible  enemy,*  who  heeded  the  colum- 
biads  of  Fort  La  Fayette  as  little  as  the  Columbiad  of  Joel  Barlow 
or  the  vociferous  admissions  of  newspapers,  orators  and  "Stran- 
gers' Guides"  that  we  had  the  healthiest,  most  progressive,  most 
marvellous  city  of  the  civilized  world. 

Now,  it  happened  that  there  was  at  the  city's  very  door  a  safe 
refuge.  From  the  time  of  the  "epidemical  distemper  or  plague" 
reported  by  Mayor  John  Cruger  in  1742,  New  Yorkers  had 
discovered  they  could  escape  the  infection  by  fleeing  to  the  village 
of  Greenwich,  only  two  or  three  miles  away.  This  haven  was 
considered  almost  proof  even  against  smallpox,  for  Lieutenant- 
Governor  Clarke  writes  to  the  Duke  of  Newcastle,  in  1739,  beg- 
ging leave  "to  inform  your  Grace  that  the  Smallpox  being  in 
town,  and  one-third  part  of  the  Assembly  not  having  had  it,  I 
gave  them  leave  to  sit  at  Greenwich."! 

Certainly,  odd  as  it  seems,  there  is  no  record  that  yellow  fever 
ever  "crossed  the  swamp  and  the  meadows  between  the  town  and 
the  village."  (Though  it's  hard  to  guess  why  not,  since  the  slego- 
niyla  mosquito,  whom  we  now  know  to  be  the  assassin  that 
spreads  yellow  fever,  could  hardly  fail  to  have  been  blown  that 
far  when  the  winds  were  right.) 

Anyhow,  Greenwich  became  as  important  to  New  York  as  a 
"Sanctuary"  to  a  medieval  law-breaker;  the  farmers  brought 
their  produce  thither  instead  of  to  the  town  during  the  scares, 
and  many  people  remained  as  permanent  residents  after  the 
danger  had  passed,  since  it  was  often  impossible  for  long  after- 
wards to  get  fresh  food  in  the  city  markets. 

To  this  City  of  Refuge,  then,  did  terrified  New  Yorkers  begin 
to  repair  early  in  June,  1822,  when  the  reports  of  the  fever's 
rapid  spread  revived  memories  of  the  terrible  scenes  of  twenty 
years  before — all  except  those  fortunate  magnates  who  had 
estates  and  manors  in  the  adjacent  real  country. 

James  Hardie,  another  English  visitor  in  that  year,  saw  some 
unforgettable  sights  when  this  hegira  was  at  its  height: 

"On  the  same  day,  the  24th  August,  our  city  presented  the 
appearance  of  a  town  besieged.  From  daybreak  till  night,  one 
line  of  carts,  containing  boxes,  merchandise  and  effects,  were 
seen  moving  towards  Greenwich  Village  and  the  upper  part  of 

*  "Felix  Oldbo^-"  relates  that  one  of  the  earHest  victims  happened  to  be  a 
bookkeeper  in  the  Bank  of  New  York. 

t  And  William  Hamilton,  shipmaster,  left  his  home  at  14  Broadway,  in 
1812,  and  moved  thither  to  escape  the  British  shells  which  people  feared 
would  presently  destroy  the  lower  part  of  the  town. 


6         ACE NTURYOFBANKINGINNEW  YORK 

the  city.  Carriages  and  hacks,  wagons  and  horsemen  were 
scouring  the  streets  and  filling  the  roads;  persons  with  anxiety 
strongly  marked  on  their  countenances  and  with  hurried  gait 
were  bustling  through  the  streets.  Temporary  stores  and  offices 
were  erecting,  and  even  on  the  ensuing  day  (Sunday)  carts  were 
in  motion  and  the  saw  and  hammer  busily  at  work.  Within  a 
few  days  thereafter,  the  Custom  House,  the  Post  Office"  (even 
the  Port  Warden),  "the  Banks,  the  Insurance  Offices  and  the 
printers  of  Newspapers  located  themselves  in  the  village  or  in  the 
upper  part  of  Broadway,  where  they  were  free  from  the  imjjend- 
ing  danger,  and  these  places  almost  instantaneously  became  the 
seat  of  the  immense  business  usually  carried  on  in  the  great 
metropolis." 

The  poison  of  its  great  neighbor  was  necessarily  meat  to  Green- 
wich Village.  "The  fever  of  1822  built  up  many  streets  with 
numerous  wooden  buildings  for  the  use  of  the  merchants,  banks 
(from  which  Bank  Street  took  its  name),  offices,  etc.,  and  the 
celerity  of  putting  up  these  buildings  is  better  told  by  the  Rev. 
Mr.  Marcellus,  who  informed  me  that  he  saw  corn  growing  on 
the  present  corner  of  Hammond  and  Fourth  Streets  on  a  Saturday 
morning  and  on  the  following  JLonday  'Sykes  and  Niblo'  had  a 
house  erected  capable  of  holding  three  hundred  boarders.  Even 
the  Brooklyn  ferryboats  ran  up  there  daily."* 

From  a  "quiet,  dreamy  village  where  the  magnates  of  the  city 
loved  to  come  for  rural  retirement  and  repose,"  old  Greenwich 
was  thus  overnight  transformed  into  something  resembling  a 
Western  "boom  town"  on  just-opened  Government  land.  Banks, 
insurance  companies,  lotteries,  merchants,  auction-rooms,  stores, 
warehouses,  grog-shops,  barber-shops — all  the  busy  activities  of 
the  proud  metropolis — were  housed  in  anj^thing  that  could  be 
picked  up,  some  hundreds  of  businesses  occupying  a  mushroom 
growth  of  small  wooden  booths  "exactly  resembling  those  at  an 
English  fair."  The  markets  were  moved  to  Chatham  Square 
and  Hudson  Street,  near  St.  John's  Park — but  even  here  they 
were  little  patronized,  the  country  folk  naturally  preferring  the 
air  of  Greenwich  Village,  where  all  their  customers  were. 

Some  bankers  and  others  had  been  more  foresighted.  As 
noted,  one  of  the  first  deaths  in  the  scourge  of  1798  was  a  book- 
keeper in  the  Bank  of  New  York.  "Fearing  another  visitation 
of  the  pestilence,  the  bank  made  arrangements  with  the  branch 
Bank  of  the  United  States  to  purchase  two  plots  of  eight  city  lots 
each,  in  Greenwich  Village,  far  away  from  the  city  proper,  to 
which  they  could  remove  in  case  of  being  placed  in  danger  of 

*  Devoe:  "Market  Book." 


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WHEN  THE   BANKS   FLED   FROM  WALL  STREET 

A  corner  ol'  an  entire  page  of  "Removal  Notices"  of  downtown  Imsincss 

concerns  during  the  1822  epidemic.    From  the  New  York  l^'cniuq  Po.d  of 

August  28,  1822 


Ditiau  h\  (     Billion  Engraved  by  II.  hossctte,  1S31 

WHERE    THE    BOWERY   JOINED    BROADWAY 

The  lone  building,  which  stood  near  what  is  now  Broadway  and  17th  Street, 

was  occupied  temporarilv  bv  the  Manhattan   Bank  during  the  fever  epidemic 

of  1822 


■    .'** 


From  a  iioodcul  in  Uarper  s  II  eekl\ 

THE   ATTACK   UPON   THE   QUARANTINE   STATION 
on  Staten  Island,  September  1,   1858,  to  which  institution  the  citizens  atti 

buted  the  numerous  yellow  fever  epidemics  in  New  York 


THE  GREAT  PLAGUE  OF  1822  7 

quarantine.  Here  two  houses  were  erected  in  the  spring  of  1799, 
and  here  the  banks  were  removed  in  September  of  that  year, 
giving  their  name.  Bank  Street,  to  the  Kttle  village  lane  that  had 
been  nameless  before.  The  last  removal  was  made  in  1822, 
when  the  yellow  fever  raged  with  unusual  virulence,  and  the  plot 
which  had  been  purchased  for  $500  was  sold  in  1843  for  $30,000." 

So  much  was  it  worth  while  to  be  a  health  resort  before  Walter 
Reed  and  his  devoted  band  of  doctor  experimenters  taught  the 
world  the  true  cause  of  yellow  fever  and  how  to  stamp  it  out! 

As  for  poor  deserted  New  York,  an  eyewitness  records  the  fact 
of  having  seen  green  beans  picked  by  the  watchmen  from  vines 
growing  in  Liberty  Street,  and  muskmelons  two  or  three  inches  in 
diameter,  which  grew  on  the  pavement  of  Greenwich  Street — 
from  seeds  dropped  there  by  chance  and  flourishing  unharmed 
in  this  depopulated  region. 

Says  that  delightful  gossip  and  man-about- town,  Felix  Oldboy : 

"It  would  be  scarcely  possible  to  exaggerate  the  terror  which 
pervaded  the  city  during  the  prevalence  of  the  yellow  fever. 
Colonel  Tappan,  whose  home  was  then  in  Orchard  Street,  tells 
me  that  an  iron  chain  was  stretched  across  the  streets  at  the 
Brick  Church,  which  marked  the  boundaries  of  the  quarantine, 
and  he  has  a  vivid  recollection  of  the  sudden  and  appalling  in- 
roads of  the  pestilence  upon  the  ranks  of  his  stalwart  young 
contemporaries.  An  old  New  Yorker,  who  was  born  in  Green- 
wich Village  in  the  first  year  of  the  century,  and  who,  as  I  write, 
in  the  same  spot  is  passing  peacefully  down  to  the  grave,  remem- 
bers that  during  one  fever  summer  a  hotel  of  rough  boards, 
capable  of  holding  500  guests,  had  gone  up  between  Saturday 
and  Monday  in  a  field  where  the  ripe  wheat  was  waving  on 
Saturday."* 

In  this  jostling  hurly-burly,  where  Finance  found  itself  with  a 
horde  of  singular  bedfellows,  the  business  activities  of  the  Ameri- 
can capital  accommodated  themselves  to  the  emergency  with 
that  adaptability  and  adequacy  to  the  unexpected,  which  is  our 
most  striking  characteristic,  for  a  period  of  several  months. 
Meanwhile  the  city  proper  was  entirely  deserted:  the  rattle  of 
hearses  through  the  empty  streets,  and  the  quick  passage  of 
some  nurse  or  doctor,  or  those  charged  with  burial  of  the  dead, 
was  the  only  sign  of  Hfe.     The  newspapers  of  August  and  Sep- 

*  The  magnifying  effect  of  a  half-century's  retrospect  is  clearly  similar  to 
that  of  whatever  emotion  It  was  which  multiplied  beloved  Falstaff's  "men  in 
buckram."  I  more  than  suspect  this  ripe  field  of  wheat  of  being  that  same 
field  of  corn,  this  500-room  hotel  of  being  Sykes  &  Niblo's  rough  shelter  "capa- 
ble of  holding  three  hundred  boarders"  just  described  from  Devoe's  accurate 
record.    And  at  that:    "What  do  you  mean — 'holding'?  " 


8         ACENTURYOFBANKINGINNEWYORK 

tember  show  what  a  "stirring  of  dry  bones"  there  was,  and 
where  some  of  the  businesses  went  which  did  not  migrate  so 
far  as  Greenwich,  but  simply  clear  of  the  quarantined  district 
below  the  Park, — from  which  those  citizens  who  were  unwilling 
to  quit  their  homes  had  been  forcibly  removed  by  the  Board  of 
Health: 

The  Phenix  Bank  is  removed  to  the  west  wing  of  the  Car 
Factory,  at  Greenwich,  corner  of  Asylum  and  Ames  street, 
and  will  be  open  for  business  during  the  usual  hours. 

J.  Delafield,  Cashier. 

The  Union  Bank  is  removed  to  the  three-story  Marble 
House,  621  Broadway,  opposite  Bond  Street. 

Daniel  Ebbets,  Jr.,  Cashier. 

The  American  Insurance  Company  have  removed  to 
No.  554  Broadway,  the  second  house  above  Prince  Street, 
in  the  rear  of  the  Roman  Catholic  Cathedral,  and  have  like- 
wise an  office  in  the  house  of  W.  L.  Underwood,  Esq.,  Ham- 
mond Street,  Greenwich. 

The  North  River  Insurance  Company  have  removed 
their  office  to  299>^  between  Reade  and  Duane  Streets. 
N.B. — For  the  convenience  of  persons  residing  at  Green- 
wich and  its  vicinity,  a  box  for  the  reception  of  appli- 
cations for  insurance  has  been  placed  at  the  office  of 
Charles  Graham,  Esq.,  in  Perry,  between  Herring 
and  Asylum  Streets. 

The  New  York  Insurance  Company  have  removed  their 
office  to  No.  594  Broadway.  They  will  also  attend  at  the 
Country  House  of  J.  W.  Schmidt  &  Co.  corner  of  Hammond 
and  Hudson  Streets,  Greenwich,  to  receive  orders  and  effect 
insurance. 

Fulton  Fire  Insurance  Company,  comer  of  Hammond 
and  Greenwich,  and  also  No.  508  Broadway,  corner  of  Spring 
Street. 

Farmers'  Fire  Insurance  and  Loan  Company.  The 
office  of  this  company  is  removed  to  618  Broadway,  two 
doors  above  the  Branch  Bank.  Applications  through  the 
post  office,  or  otherwise,  for  Insurance  or  for  Trusts  will 
receive  prompt  attention. 

The  Farmers'  (later  the  Farmers'  Loan  and  Trust)  was  a  new 
concern,  chartered  in  the  preceding  February;  naturally  enough, 
under  the  circumstances,  its  business  activities  were  slight  till 
November;  fire  hazards  seemed  a  slight  thing  to  New  Yorkers 
during  those  months. 

Half  a  dozen  other  fire  insurance  concerns — the  Hope,  Fulton, 
Mutual,  Pacific,  New  York  and  Merchants — announced  tem- 
porary removals  to  the  same  district.  (There  was  also  a  Mer- 
chants Life  Insurance  and  Coal  Company  established  this  year. 


T  H  E  "  B  O  O  M  T  O  W  N  "  O  F  G  R  E  E  N  W  I  C  H  9 

the  first  life  insurance  concern  in  the  city.)  There  are  similar 
establishments  of  barbers,  tailors,  stock  and  exchange  brokers; 
counting  rooms:  Prime,  Ward  &  Sands;  Samuel  Marsh,  dealer 
in  "British  drygoods;"  the  Ei'ening  Post  itself;  and  "The  Re- 
treat," formerly  William  Nelson's — "at  the  corner  of  Art  Street 
and  Broadway,  having  been  located  for  the  Exchange,  the 
subscriber  informs  the  merchants  and  others  that  he  will  do  all 
in  his  power  to  make  it  accommodating  to  the  public;"  Richard 
Colrow,  "Merchant  Tailors,  at  10  Wall  Street  have  removed  to 
the  corner  of  Hammond  and  Herring  Streets,  Greenwich.  Thev 
have  also  a  house  in  More,  Wood's-lane,  opposite  the  Manhattan 
Bank,  fork  of  the  road,  Broadway  and  Bowery,  where  all  letters 
or  directions  left,  shall  be  immediately  attended  to." 

We  get  a  somewhat  exaggerated  reflection  of  New  York's 
state  of  mind  during  this  panicky  year  in  the  effect  of  the  city 
upon  a  famous  English  actor,  who  happened  to  come  here  for 
the  first  time  in  September  of  1822.  Dr.  John  W.  Francis  tells 
in  his  delightful  memoirs  how  he  received  one  day  an  urgent  call 
from  Simpson,  manager  of  the  Park  Theatre,  begging  him  to 
hurry  off  to  the  ship  lying  out  in  the  harbor  where  Charles 
Mathews,  the  great  English  comedian,  was  self-quarantined 
because  he  could  not  bring  himself  to  face  the  risks  of  landing. 

He  found  Mathews  in  a  state  of  extreme  mental  perturbation 
over  the  news  that  a  hundred  and  forty  people  had  died  of  the 
pestilence  that  day  in  New  York.  Though  the  vessel  lay  at  least 
three  miles  from  the  Battery,  the  visitor  insisted  he  could  breathe 
the  plague  in  the  very  atmosphere:  "Every  cloud  came  to  him 
surcharged  with  mortality;  every  wave  imparted  from  the  deep 
exhalations  of  destruction." 

The  demoralized  comedian  paced  the  deck,  tottering  and 
exhibiting  a  case  of  "blue  funk"  which,  though  natural  enough, 
would  have  enhanced  his  reputation  as  a  producer  of  mirth  if 
exhibited  on  the  stage.  Being  finally  persuaded  to  go  ashore  at 
some  remote  and  isolated  spot,  he  was  conducted  to  Hoboken 
and  lodged  in  a  gardener's  cottage  two  miles  on  the  road  to 
Hackensack — where  he  passed  the  night  striding  up  and  down 
the  little  room  and  meditating  upon  the  imminence  of  his  prob- 
able decease.* 

In  point  of  fact  the  gentleman  was  lucky  if  he  had  only  known 
it;  the  authorities  in  New  York  had  recently  quarantined  all 
vessels  from  Baltimore  until  the  1st  of  November,  so  that  if  he 

*  That  he  survived  the  perils  may  be  seen  in  the  interesting  view  ot  the 
interior  of  the  Park  Theatre  reproduced  elsewhere — where  he  is  shown  appear- 
ing, on  November  7,  1822,  in  one  of  his  famous  parts,  "  Alonsieur  Tonson," 
before  an  audience  of  well-known.  New  Yorkers. 


10       ACENTURYOFBANKINGINNEWYORK 

had  happened  to  come  from  that  port,  he  could  not  have  landed 
at  all.  The  whole  thing  strikes  a  reader  of  to-day  (protected 
by  knowledge  of  what  yellow  fever  is  and  by  energetic  Health 
Board  activities),  as  prehistoric.  That  it  really  occurred  in 
1822  is  a  striking  indication  of  the  rapidity  of  our  development 
during  this  incredible  century. 

Our  alert  English  friend,  Mr.  Blanc,  had  some  experiences 
which  throw  light  upon  the  surprising  "holding"  capacity  of 
that  Saturday- to-Monday,  Aladdin's-lamp  Greenwich  lodging- 
house: 

"Mv  first  care  on  arriving  at  this  town  was  to  look  out  for 
some  place  where  I  could  sleep — an  almost  hopeless  task.  At 
last,  however,  I  found  a  lodging-house,  in  which  I  could  be 
admitted.  After  settling  the  terms  with  my  landlady,  she  said 
to  me,  T  suppose.  Sir,  you  have  no  objection  to  having  another 
gentleman  in  the  same  room  with  you?'  I  replied  that  I  had  a 
very  great  objection:  but  that,  in  the  present  state  of  things,  I 
supposed  I  must  endure  it.  I  then  asked  her  to  let  me  have  the 
bed  that  was  there,  and  to  move  in  another  for  my  companion; 
but,  answered  she,  'Ohl  You  are  both  to  occupy  the  same  bed!' 
I  could  at  first  hardly  believe  my  ears;  but  upon  repeating  the 
question,  whether  she  really  meant  we  were  both  to  sleep  in  one 
bed,  and  being  answered  in  the  affirmative,  I  made  a  precipitate 
retreat  downstairs.  I  did  not  then  know  that,  in  many  parts  of  the 
United  States,  this  practice  of  sleeping  double  is  very  common. 

"This  chance  of  having  to  sleep  with  some  person,  who,  besides 
other  amiable  pecuharities,  might  perhaps  be  infected  with  the 
yellow  fever,  hindered  me  from  looking  any  more  for  lodgings; 
and  I  was  glad  to  accept  tke  invitation  of  the  captain  of  the 
vessel  I  came  over  in,  who  politely  offered  to  let  me  sleep  on 
board  his  ship  until  I  left  New  York." 

After  "losing  all  patience"  at  the  delay  in  getting  his  baggage 
through  the  Custom  House,  our  traveller  departed,  journeying 
about  through  the  South  and  West,  and  reached  New  York  again 
during  the  following  summer: 

"Very  different  indeed  was  the  appearance  of  this  great  com- 
mercial city  from  that  which  it  presented  when  I  arrived  there 
from  Europe.  Instead  of  a  spectacle  of  desolation,  all  the  houses 
were  re-occupied,  and  the  streets  swarmed  with  an  active  and 
numerous  population. 

"What  moreover  occasioned  the  city's  being  unusually  full  was 
the  arrival  of  about  20,000  people,  chiefly  Virginians  and  South- 
erners, who  had  come  to  see  a  great  horse-race  which  was  to 
be  decided  in  the  neighborhood  of  the  town.    .    .    . 


A  STRANGER'S  IMPRESSIONS  U 

"The  city  of  New  York  is  the  great  commercial  capital  of  the 
United  States.  It  is  situated  at  the  head  of  one  of  the  most 
noble  bays,  and  probably  of  the  very  finest  harbour  in  the  world; 
and  vessels  of  the  largest  size  can  run  alongside  and  discharge  the 
cargoes  on  the  spacious  quays  surrounding  two  sides  of  the  city. 
From  hence  that  magnificent  river  the  Hudson  is  navigable  for 
large  sloops  and  other  vessels,  as  high  up  as  Albany,  a  distance  of 
150  miles.    .    .    . 

"New  York  contains  some  fine  buildings.  Among  these  the 
City  Hall  is  conspicuous,  and  is  really  a  noble  edifice.  There  is 
a  very  good  Museum  filled  with  objects  extremely  valuable  to  the 
zoologist,  which  are  in  fine  preservation,  and  are  kept  very  neat 
and  clean. 

"The  chief  promenade  in  New  York  is  a  very  spacious  and 
long  street  called  Broadway  that  runs  through  the  middle  of  the 
town.  One  end  of  this  terminates  at  the  point  of  the  island  on 
which  the  city  is  built  near  a  spot  called  'The  Battery,'  from  an 
old  fort  built  there,  and  which  is  at  present  entirely  useless. 
From  hence  to  Fort  Clinton,  another  useless  old  castle  built  in 
defiance  of  all  the  rules  of  fortification,  is  a  very  pretty  little 
public  walk,  through  an  acre  or  two  of  ground  containing  some 
large  trees.  It  is  very  agreeable  during  the  hot  months,  because, 
from  its  running  along  the  water's  edge,  it  receives  the  sea-breeze 
of  the  evening. 

"But  what  must  particularly  be  remarked  with  regard  to  New 
York  is,  that  it  contains  one  of  the  largest  naval  depots  in  the 
United  States.    ..." 

As  indicated  by  this  later  picture.  Yellow  Jack's  banner  no 
longer  flew  over  Manhattan.  The  November  frosts  had  checked 
the  microscopic  bacterial  growth  of  the  insidious  disease,  as  it 
checked  the  melons  and  pumpkins  in  the  Greenwich  gardens. 
The  papers  now  bristle  with  announcements  of  "Returns:" 

The  Bank  for  Savings  (one  of  the  earliest  American  savings 
banks,*  established  in  1819  and  taking  deposits  as  low  as  one 
dollar)  returns  to  its  Chambers  Street  house;  George  C.  Morgan's 
Lottery  and  Exchange  office  opens  at  its  "former  residence;" 
Schieffelin's  drug  store  is  once  more  at  193  Pearl,  and  L.  Tiffany 

*  The  first  was  at  Philadelphia,  and  another  was  started  almost  simul- 
taneously in  Boston.  Thomas  Eddy,  a  merchant  philanthropist  of  New  York, 
finally  succeeded,  after  great  difficulty,  in  getting  a  group  of  his  associates 
(including  such  men  as  John  Pintard,  Peter  A.  Jay,  Cadwallader  D.  Golden, 
Josiah  H.  Goggeshall,  and  Richard  Varick)  in  1816  to  agree  to  start  the  New 
York  Bank  for  Savings.  It  began  operations  in  1819,  secured  a  charter  in  1821 
and,  as  the  Bank  for  Savings,  is  successfully  operating  to-day.  The  present 
managers  still  treasure  the  little  calfskin  trunk  in  which  the  treasurer  used 
to  lock  up  the  money  each  night  and  take  it  home  for  safe-keeping. 


12       A  C  E  N  T  U  R  Y  O  F  BANKING  IN  NEW  YORK 

and  Co.  at  147;  the  Coroner's  office  is  again  at  64  Vesey,  and 
John  Vanderbilt,  Jr.,  offers  himself  once  more  as  a  candidate  for 
this  office,  on  his  record;  Rev.  Samuel  Nott's  "Select  School" 
receiv^es  young  ladies  at  74  Chambers,  and  Mrs.  Disbaye  on  Hud- 
son Street,  and  Burland  Forrest  on  Warren  also  reopen  the  doors 
of  learning;  the  Port  Warden  and  the  Customs  House,  the  banks 
(declaring  dividends),  insurance  companies,  professional  men, 
merchants,  restaurants — not  to  mention  the  unchecked  swarm 
of  lotteries— all  are  back  for  business  at  the  old  stands.  And  one 
William  Hammond  injects  color  into  these  bald  announcements 
by  stating  that  his  "noted  establishment  at  574  Pearl  Street"  is 
again  running: 

With  extreme  pleasure  he  announces  to  the  Ladies  of  this 
fashionable  city,  that  during  his  absence,  he  has  made  every 
exertion  in  preparing  a  handsome  assorting  of  Ornamental 
Hair  Work,  requisite  for  the  Toilet.  A  variety  of  large  Curls 
for  the  neck,  double-sized  bunches  for  the  face,  Frizettes, 
English  fronts,  fashionable  Wigs,  Toupies,  Hair  Bands  (as 
a  substitute  for  long  hair). 

Hair  cut,  as  usual,  in  a  superior  style. 

Razors  set  to  suit  the  feelings  of  the  face,  and  at  the 
shortest  notice. 

And  besides  all  these  beautifying  activities  the  gentleman  con- 
ducted the  "World's  End  Intelligence  Office." 

Let  us  look  a  little  more  closely  at  this  city  of  our  great- 
grandfathers, which  could  be  completely  thrown  out  of  gear  by 
yellow  fever  or  smallpox. 

In  18 19  a  distinguished  Swedish  traveller,  Baron  AxellKlinckow- 
strom,  came  to  the  United  States,  and  made  an  extensive  tour  of 
the  country.  His  account  of  New  York  City  (which  had  ;ust 
outstripped  Philadelphia  in  size  and  importance,  and  was  brag- 
ging of  having  become  the  Metropolis  of  the  West)  was,  in  the 
main,  most  complimentary.  (Indeed,  it  is  quite  surprising  to 
see  how  flattering  most  cultured  European  visitors  were  in  print 
at  this  period;  such  satirical  lashings  as  those  of  Dickens  and 
Mrs.  Trollope  are  quite  exceptional.  Why  was  it?  For  we 
really  were  a  bit  raw  in  those  days,  you  know.  And  they  didn't 
owe  us  billions  of  dollars  then.  And  it  would  be  hard  to  find 
anything  more  arrogantly  superior,  or  scurrilously  denunciatory, 
than  the  British  Reviews  of  the  same  time  when  they  conde- 
scended to  recognize  the  existence  of  a  United  States.) 

But  the  Baron  notes  what  never  fails  to  impress  any  foreign 
guest — except  those  from  Ireland,  where  they  evidently  like  to 
have  their  bacon-on-the-hoof  handy,  and  the  pig  is  literally 
liomesticated,  a  "P.G."  sharing;  bed  and  board: 


ASTRANGER'SIMPRESSIONS  13 

"Another  circumstance,"  he  observes  in  his  Letters,  "no  less 
dangerous  to  health  is  the  fact  that  pigs  are  allowed  to  run  loose 
in  the  streets.  These  pigs  have  on  several  occasions  been  the 
cause  of  remarkable  scenes,  jumping  about  here  and  there  and 
bowling  over  richly  dressed  ladies." 

This  feature  of  the  proud  American  metropolis  stuck  in  the 
Scandinavian  artist-nobleman's  mind.  For  when  he  returned 
and  issued  five  years  later  his  "  Atlas  til  Frlherre  KUnckowstroms 
Bref  oni  de  Forenle  Staterne"  he  commented  on  it  in  one  of  the 
most  beautiful  pictures  we  have  of  New  York  at  this  period. 
His  charming  aquatint,  of  "Broadway-street  and  the  City  Hall," 
shows  shawled  and  furbelowed  ladies  bearing  parasols,  and  dan- 
dies with  top  hats,  long  cutaway  tailed  coats  and  small-clothes 
or  top  boots, — strolling  along  Broadway  by  the  fluted  columns 
and  urn-capped  gate-posts  of  old  St.  Paul's  church,  or  stopping 
to  gossip.  A  pompous  side-whiskered  banker  drives  his  Madam 
(in  sunbonnet  with  gay  bows  as  large  as  her  pretty  little  curved 
and  fringed  French  carriage-sunshade)  down  the  street  behind  a 
spanking  gray  cob  in  a  two-wheeled  tilbury.  A  pair  of  grand 
ladies  are  taking  the  air  along  Chatham  Street  (now  Park  Row) 
in  front  of  the  City  Hall's  imposing  elegance,*  in  a  barouche  set 
on  arched  springs,  with  caped  coachman  and  footman  perched  in 
lofty  grandeur  on  a  seat  two  feet  above  the  occupant's  heads — 
while  a  panting  spaniel  gambols  in  front  of  the  pair  of  horses  he 
knows  so  well,  striving  to  win  from  them  the  recognition  so 
readily  bestowed  in  the  home  stable.  A  closed  hackney  coach 
with  the  "fare's"  valet  standing  on  the  trunk-rack  behind  rattles 
uptown. t  A  coatless  liveried  porter — looking  as  if  he  had  stepped 
out  of  the  pages  of  "Pickwick  Papers" — wheels  some  small 
luggage  over  the  cobbles  on  a  barrow  with  curved  handles  but 
without  any  rear  standards  to  rest  it  on.  The  background  is 
the  aristocratic  residence  section  of  the  city;  number  219,  at  the 
northwest  corner  of  Vesey  Street  (later  part  of  the  Astor  House), 
is  the  residence  of  Walter  Rutherford,  Esq.,  a  former  British 
officer  who  found  American  feminine  charms  as  irresistible  as 

*  An  iron  railing  had,  in  1821,  replaced  the  former  wooden  picket  fence 
around  City  Hall  Park. 

flames  Gallatin  in  his  Diary,  "A  Great  Peace  Maker,"  says:  "luLY  4, 
1823,  New  York.  A  horrible  clay  here;  the  noise  of  the  luly  4  celebration 
intolerable  .  .  .  the  difference  in  everything"  (from  Paris);  "only  about 
three  private  coaches  in  New  York — no  means  of  getting  about.  The  streets 
absolutely  filthy  and  the  heat  horrible.  I  have  been  nearly  every  night  for  a 
long  walk.  No  roads — no  paths.  I  never  realized  the  absolutely  unfinished 
state  of  American  cities  till  I  returned.  The  horrible  chewing  of  tobacco — the 
spitting;  all  too  awful.  We  have  had  a  charming  and  hospitable  reception, 
but  all  is  so  crude." 


14   A  CENTURY  OF  BANKING  IN  NEW  YORK 

Burgoyne  found  the  Green  Mountain  Boys  charging  behind 
frenzied  Benedict  Arnold,  or  Ebenezer  Stevens's  and  Alexander 
Hamilton's  vomiting  artillery  at  Saratoga;  on  up,  facing  the  ten- 
acre  Park  and  ending  in  an  avenue  of  beautiful  trees,  are  the 
homes  (recently  constructed  in  the  formerly  vacant  "Fields") 
of  Rufus  King,  Richard  Harrison  and  Abijah  Hammond,  the 
former  house  of  Vice-President  Aaron  Burr  (vanished  into  the 
unsettled  southwest),  the  residence  of  John  Jacob  Astor,  already 
wealthiest  of  New  Yorkers  (occupied  a  few  years  earher  by 
Mayor  Edward  Livingston),  and  so  on. 

And  on  the  sidewalk  of  the  streets  in  this  fashionable  "dia- 
mond-back" section,  corresponding  to  our  Fifth  Avenue  from 
Sixtieth  Street  north, — a  hog,  in  front  of  the  crossing  flags,  rubs 
his  itching  back  against  the  iron  standard  of  a  street  oil-lamp, 
while  a  sow  looks  contemplatively  on.  And  a  third  piglet,  with 
curled  tail  twitching,  trots  across  the  street  before  the  porter's 
barrow! 

Indeed,  it  was  asserted  by  indignant  reformers,  ten  years  later 
than  this,  that  at  least  twenty-thousand  porcine  scavengers  were 
roaming  wild  about  the  city  streets;  and  progress  had  then  been 
so  great  as  to  cause  some  finicky  persons  actually  to  object  to  the 
great  pig-sty  \yhich  graced  the  northwest  corner  of  Broadway 
and  Canal  Street. 

It  was  stoutly  asserted  by  sturdy  upholders  of  tradition  that 
this  roving  flock  of  unHcensed  scavengers  were  really  of  great 
service  in  "cleaning  the  streets  of  bones,  etc."  "Could  no  other 
plan  be  devised  to  effect  this?"  asks  honest  John  Duncan, 
earnestly. 

Now,  looking  back  upon  this  early  Victorian  epoch  from  our 
own  pinnacle  of  progress  (when  the  municipal  ordinances  permit 
the  presence  of  only  the  human  species  of  porcines  who  crowd 
and  jostle  in  our  street  cars  and  subways) — it  is  clear  that  the 
Manhattan  of  those  Arcadian  days  was  even  more  diiferent  from 
our  five-boroughed,  six-miUioned  Greater  New  York  in  kind  than 
in  size.  And  since  banks,  banking,  and  bankers  are,  after  all,  a 
direct  expression  of  the  social  community  whose  monetary  needs 
they  serve,  we  shall  get  a  much  clearer  understanding  of  the 
financial  beginnings  of  this  miraculous  century — which  has 
transformed  New  York  from  insignificance  to  the  financial  centre 
of  the  world,  even  London  having  been  supplanted  in  this  posi- 
tion since  the  World  War — if  we  visualize  the  conditions  under 
which  our  grandfathers  lived  and  moved  and  loaned  their  money. 
Manhattan,  then,  was  really  in  1822  an  overgrown  country 
village  of  about  135,000  men,  women  and  children  (over  10,000 


WHEN  PIGS  ROAMED  WALL  STREET  15 

of  them  free  blacks,  5,000  foreigners  and  518  slaves) — having 
swelled  dropsically  from  a  population  of  only  8,000  in  1730  to 
25,000  at  the  outbreak  of  the  Revolution,  60,489  in  1800,  and 
96,373  in  1810. 

This  chief  city  of  the  United  States,  twice  as  large  as  Portland 
or  Sacramento  is  to-day,  and  ranking  with,  say,  Springfield, 
Hartford,  Paterson,  Youngstown,  Des  Moines,  Memphis,  Salt 
Lake  City,  San  Antonio  and  Spokane: — 

(1)  Disposed  of  its  garbage  and  ashes  by  the  nonchalant 
method  of  providing  that  each  householder  should,  {wice  a  week, 
from  April  to  December,  shovel  and  sweep  the  refuse,  garbage 
and  ashes  (coal  was  just  beginning,  since  1820,  to  come  into 
household  use)  to  the  middle  of  the  street — where  it  fattened  the 
pigs  until  it  pleased  the  city  officials  to  remove  it.  (This  was  the 
first  "menace  to  health''  which  caught  the  eye — and  nose, 
doubtless — -of  the  Swedish  baron.) 

Besides  the  hogs,  cows  still  roamed  some  sections  by  day, 
milk  being  delivered  from  cans  hung  over  the  shoulders  of  the 
carriers — who  were  often  women. 

There  were  no  sewers,  but  each  house  had  a  pit  "the  very 
opening  of  which  is  enough  to  breed  the  plague  itself.  Moreover, 
their  contents,  instead  of  being  carried  to  some  distance  from  the 
town,  are  conveyed  to  the  nearest  slip  or  quay,  and  thrown  into 
the  water." 

(2)  It  had  practically  no  water  supply,  drinking  water  coming 
from  "numerous  wells  with  pumps  in  all  parts  of  the  city."  One 
of  these  pumps  stood  right  opposite  St.  Paul's;  it  tapped  a  well 
sunk  in  1754,  as  recorded  in  the  Minutes  of  the  Common  Coun- 
cil of  January  15:*  "Ordered  that  Mr.  Mayor  Issue  his  Warrant 
to  the  Treasurer  of  this  City  to  pay  to  Alderman  De  Peyster  or 
his  Order  the  sum  of  Eight  pounds  in  Order  to  Defray  the  Ex- 
pence  of  Sinking  a  well  opposite  to  Spring  Gardenj  in  the  West 
Ward  of  this  City." 

Not  till  1808  were  all  the  pumps  removed  from  the  middle  of 
Broadway,  and  others  established  at  the  sidewalks.  Oddly 
enough,  an  "able  report"  by  Mr.  Weston,  as  early  as  1799,  noted 
that  the  drinking  water  was  "deteriorating  in  goodness"  all  over 
the  lower  part  of    the    city    (the  twenty  thousand   hogs  would 

*  "The  Iconography  of  Manhattan  Island,"  by  I.  N.  Phelps  Stokes — which 
reproduces  a  very  rare  print  of  St.  Paul's  and  the  pump  opposite. 

t  Spring  Garden  covered  the  space  bounded  by  Broadway,  Fulton,  Nassau 
and  Ann  Streets.  Hampden  Hall,  a  famous  resort,  stood  on  the  site  of  the 
Herald  till  the  latter  moved  to  34th  Street;  in  1776  it  was  the  headquarters 
of  the  Sons  of  Liberty. 


16   A  CENTURY  OF  BANKING  IN  NEW  YORK 

have  known  this  without  any  expert's  report);  and  the  wealthier 
citizens  had  by  this  time  formed  the  habit  of  having  pure  drink- 
ing water  brought  down  from  the  uninhabited  upper  portion  of 
the  island  in  casks — the  stout  old  merchants  doubtless  inveigh- 
ing the  while  against  the  over-congestion,  and  bewailing  the 
good  old  days  when  a  man  could  drink  plain  water  (if  he  had 
such  a  strange  whim,  without  making  it  sanitary  by  infusing 
some  beneficent  Hollands),  drawn  from  the  very  edge  of  his  own 
stable  yard.  Blunt  in  his  "Stranger's  Guide"  notes  that  it  cost 
these  magnates  and  the  ships  In  the  harbor  $325,000  In  1817  to 
secure  fresh  drinking  water  in  this  way. 

To  be  sure,  the  "Manhattan  Water  Company"  was  chartered 
in  1790,  the  year  after  a  severe  yellow  fever  epidemic  (ascribed 
to  impure  water),  "the  principal  object  of  this  corporation  being 
to  obtain  a  pure  and  wholesome  water  supply  for  the  city  of  New 
York;"  and  on  May  6th  its  water  committee  was  authorized  to 
"contract  for  as  many  fine  logs  as  they  may  think  necessary  for 
pipes  and  also  for  boring  the  same." 

The  company  did  sink  wells  and  build  tanks  and  "an  extensive 
reservoir  in  13th  Street  near  Broadway" — a  well  112  feet  deep 
and  16  in  diameter — and  by  1836  it  distributed  (quite  muddy 
and  uninviting)  water  over  twenty-five  miles  of  mains  to  2,000 
homes.  But  in  1822  its  contribution  amounted  to  very  little  in 
the  general  water  supply — there  wasn't  much  "watered  stock" 
in  those  days  of  pristine  innocence;  and  the  Bank  of  the  Man- 
hattan Company  would  probably  be  the  first  to  admit  that, 
whatever  was  foremost  in  Aaron  Burr's  mind  when  he  applied 
to  the  Legislature  for  his  ambitious  $2,000,000  charter,  that  in- 
conspicuous by-product  clause  permitting  the  Company  "to  em- 
ploy its  surplus  funds  in  banking"  soon  furnished  the  main 
reason  for  the  Company's  existence  and  activities. 

As  for  washing  water,  that  fell  Hke  manna  from  heaven.  "The 
drippings  from  the  roofs,"  says  a  solemn  "New  Yorker" — 
whose  volume  of  1837  recounts  "the  Rise  and  Progress  of  the 
Metropolitan  City  of  America" — "carefully  preserved  in  cis- 
terns, and  husbanded  with  proper  frugality,  served  to  preserve 
and  promote  that  cleanliness  of  persons  and  apparel  and  habi- 
tations, which  was  the  ;ust  and  honest  pride  of  our  grand- 
mothers before  the  name  of  Croton  was  heard  among  the  deni- 
zens of  the  ancient  Dutch  metropolis." 

What  happened  to  the  cleanliness  of  persons,  and  apparel  and 
habitations  during  a  prolonged  drought  may  be  easily  surmised 
by  any  one  who  has  lived  in  those  communities  where  roof- 
water,  collected  in  cisterns,  is  still  the  main  reliance. 


P  U  M  P  S  O  N  B  R  O  A  D  W  A  Y  17 

(3)  It  had  no  gas.  The  New  York  Gas  Light  Company  was  or- 
ganized the  next  year,  and  in  1825  No.  7  Cherry  Street,  occupied 
by  the  president  of  the  company,  had  the  distinction  of  being 
the  first  New  York  house  to  display  gasHght.  It  was  regarded 
as  a  hazardous  experiment.  There  were  no  street  gas  lamps  tdl 
1828,  Broadway  being  then  thus  lighted  from  the  Battery  to 
Grand  Street. 

(4)  There  were  some  two  thousand  buildings  south  of  Spring 
Street,  half  of  them  dwellings,  but  "there  were  no  lodgings  or 
apartments,"  and  the  eight  small  hotels  (two  on  Wall  Street,  one 
on  Nassau,  one  on  Pine  and  one  on  Pearl)  provided  quite  in- 
adequate accommodations. 

James  Stuart,  a  very  intelligent  Scotchman,  paid  us  a  visit 
in  1828.  He  found  the  fare  quite  luxurious  for  a  doUar-and-a- 
half-a-day  board  and  lodging:  "Turtle  soup  twice  without  extra 
charge:  beef  good,  poultry  excellent:  beef,  fish,  melons,  tea  and 
coffee  for  dinner:  fish,  steak,  chicken  and  eggs  in  large  quantities 
for  breakfast;"  but  "beds  without  curtains;  not  a  bit  of  carpet 
in  the  bedrooms;  and  water  not  as  plentiful  as  requisite,  most  of 
all  in  a  warm  climate;  neither  hot  nor  cold  baths  in  this,  one  of 
the  two  greatest  in  New  York — nor  proper  accommodations  of 
a  different  but  still  more  necessary  description.  The  waiter 
shrugged  his  shoulders  in  pointing  out  a  court  behind  one  of  the 
piazzas  at  the  back  of  the  house,  where  I  found  a  row  of  temples 
alternately  for  males  and  females." 

Such  was  the  scarcity  of  dweUings  three  years  later  (in  spite 
of  the  three  thousand  new  buildings)  that  people  were  moving 
into  half-finished  residences,  and  a  throng  of  homeless  folk, 
cluttering  the  Park  after  May  first  Moving  Day,  were  lodged  in 
the  gaol  until  houses  they  had  rented  could  be  gotten  ready. 
And  meetings  of  indignant  tenants,  in  1822,  were  "Resolving" 
that  there  should  be  some  reductions  in  rents. 

Potters-field,  which  was  next  year  to  be  levelled  and  becorne 
the  Parade  Ground  (afterwards  Washington  Square),  was  still 
a  rough  burial  ground  for  paupers — and  an  old  New  Yorker  tells 
how  his  father,  when  going  from  his  home  in  Warren  Street 
"across  lots"  to  Greenwich  Village,  to  visit  his  fiancee,  used 
to  stumble  over  the  graves  in  the  darkness.  Broadway  ended 
at  10th  Street,  where  it  ran  into  the  Bloomingdale  Road.  The 
whole  city  was  four  miles  long  nominally,  extending  to  about 
31st  Street— but  above  Union  Square  it  resembled  one  of  the 
"developments"  in  the  interior  scrub-oak  flats  of  Long  Island. 
It  consisted  of  street-names  and  nothing  else. 

The   Maverick   Hthograph   of  Wall   Street   shows:   a   church. 


18       ACENTURYOF  BANKING  IN  NEW  YORK 

hotels,  two  dandies  riding  blooded  horses,  four  horses  prancing 
along  through  the  snow  before  a  double  sleigh,  and  a  man  sawing 
up  fire- wood  on  the  sidewalk  at  the  corner  of  Wall  and  Broadway. 

(5)  There  were  no  poKce  in  the  ill-lighted  streets,  but  a  few 
ununiformed  watchmen,  each  carrying  a  lantern  on  a  pole  and 
crying  out  the  hours  of  the  night. 

(6)  The  few  fire-engines  were  clumsy,  primitive  affairs  dragged 
by  hand. 

^  (7)  There  were  at  least  2,500  grog-shops,  hundreds  of  them 
dirty  little  holes  where  rum  was  dispensed  as  a  side  line. 

(8)  The  New  York  Hospital  and  Lunatic  Asylum*  stood  at 
Broadway  and  Duane  Street;  the  first  Almshouse  and  Peniten- 
tiary, the  Bible  Society,  Bloomingdale  Asylum,  and  the  first  or- 
ganized effort  for  the  prevention  of  pauperism  all  dated  from  a 
few  years  previous,  1816;  while  the  New  York  Institute  for  the 
Deaf  and  Blind  was  founded  in  1813. 

(9)  The  tide  of  immigration  was  already  swelling:  from  1816 
to  1820  the  city  added  some  twenty-three  thousand  inhabitants 
— but  of  these,  nearly  all  must  have  been  immigrants,  since 
18,930  of  these  arrived  between  January,  1818,  and  November, 
1820. 

(10)  Three  years  previous  the  Savannah  had  been  the  first 
vessel  to  cross  the  ocean  using  auxihary  steam-power.  The  usual 
means  of  ocean  transport  was  by  the  packet  lines,  established 
;ust  after  the  Revolution:  the  British  boats  usually  took  from 
five  to  six  weeks  for  the  passage,  while  the  American  packets, 
of  about  500  tons,  averaged  twenty-five  days  for  the  easterly 
trip  (occasionally  making  it  in  eighteen  or  less),  and  charged 
thirty  guineas'  fare. 

(11)  There  were  no  street-cars  or  railroads.  The  first  loco- 
motive, the  "Stourbridge  Lion,"  arrived  here  from  England  m 
1829,  the  first  horse-car  in  1832;  the  earliest  steam-cars  in  1834. 
In  May,  1822,  there  is  announced  as  a  sensational  curiosity: 

Steam  Coach.  An  elegant  carriage,  which  carries  two 
persons  and  is  propelled  by  steam,  is  now  exhibiting,  and  will 
continue  for  a  few  days  at  the  Park  Hall,  No.  253  Broadway, 
opposite    the    Cit^'    Hall.     Price    of  admittance,    25    cents. 

The  coach  line  to  Albany  started  at  four  in  the  morning;  an- 
other took  twenty  hours  for  the  trip  to  Newburgh,  where  it  con- 
nected with  the  fine  for  Ithaca.     There  were  a  few  steamboat 

*  Another  monument  to  the  benevolence  of  that  fine  old  Philadelphia-New 
York  Quaker,  Thomas  Eddy.  He  was  also  a  leader  in  helping  the  miserable 
remnants  of  the  Six  Nations  Indians,  in  pushing  through  the  Erie  Canal,  m 
founding  the  Bible  Society,  and  in  all  sorts  of  efforts  for  making  the  world  a 
better  place  to  live  in  for  his  fellow  men. 


BANKING    CONDITIONS    OF    1822  19 

ferries,*  tri- weekly  service  to  Albany  (the  Chancellor  Livingston, 
the  Chancellor  Richmond  and  the  Fire  Fly) ;  the  Connecticut  and 
Fulton  ran  to  Providence;  and  a  new  service,  "The  Citizen's 
Pilot,"  took  passengers  by  the  steamer  Bristol  to  Elizabeth- 
townport,  thence  by  coach  (via  New  Brunswick,  Princeton, 
Trenton  and  Bristol)  to  Philadelphia  in  one  day  at  a  cost  of 
four  dollars.  When  in  January  the  Citizens'  Post  Coach  made 
the  trip  from  Philadelphia  in  eleven  and  a  half  hours,  the  Com- 
mercial Advertiser  chronicled  the  fact  under  the  heading,  "Rapid 
travelling."  Yet  it  is  well  to  realize  that  they  looked  back- 
ward with  complacency,  even  as  we  do;  it  is  recorded  in  1823 
that  a  traveller  had  just  made  the  journey  from  New  York  to 
Boston,  by  steamboats  and  stages,  270  miles  in  2b}4  hours  and 
without  fatigue,  "being  able  to  take  a  whole  night's  sleep  in 
a  comfortable  bed,  on  the  way]  If  any  one,  thirty  years  ago,  had 
said  that  such  a  thing  was  possible,  he  would  have  been  thought 
of  as  nearly  insane." 

The  Erie  Canal  was  being  built  under  the  energetic  sponsor- 
ship of  De  Witt  Clinton,  but  it  was  not  completed  till  1825, 
when  there  was  a  tremendous  celebration  in  honor  of  its  opening. 

(12)  Telephone  and  telegraph  were,  of  course,  undreamed  of; 
and  the  mail  from  Pittsburgh  east  was  "lost  or  stolen"  four  times 
in  less  than  two  months. 

(13)  Lotteries  were  universal;  the  "lottery  deed"  given  when 
one  of  the  Bayards  sold  land  on  Broadway  by  this  method  is 
still  in  the  city  archives;  and  good  moral  citizens  fifteen  years 
later  were  pointing  out  the  train  of  evils  which  followed  from 
this  gambling  craze. 

To  mention  one  instance  among  scores;  in  1828  the  old  con- 
servative Hartford  Bank  (chartered  in  1791)  discovered  that 
its  cashier  had  during  thirteen  years  stolen  over  thirty  thousand 
dollars,  most  of  which  he  confessed  had  been  spent  on  lottery 
tickets. 

And  yet,  bad  as  conditions  seem  at  this  time,  the  Grand  Jury 
reported  in  1833:  "In  the  year  1824  there  were  but  eight  or  ten 
dealers  in  lottery  tickets  in  the  city,  while  at  this  time  there  are 
one  hundred  and  forty-seven,  and  some  of  our  principal  streets 
are  literally  disfigured  by  their  advertisements." 

A  familiar  name  to  modern  sporting  New  Yorkers  was  over  the 
door  of  139  Broadway,  where  tickets  to  the  Literature  Lottery 
were  sold,  P.  Canfield.     Another  name,  not  unfamiliar,  was  N. 

*  Fulton  and  Chancellor  Livingston  had  received  in  1803  and  1808  a  50- 
year  monopoly  of  the  right  to  operate  steamboats  in  New  York  waters — a 
grant  bitterly  attacked  by  New  Jersey  ferry  owners  in  1815. 


20       A  C  E  N  T  U  R  Y  O  F  B  A  N  K  I  N  G  I  N  N  E  W  Y  O  R  K 

Judah,  at  157;  and  Allen's  "Truly  Luck  Office"  did  business 
at  122.  iM.r.  Canfield's  prize  list  of  February  20th  gives  prizes  of 
$500,  $100  and  $50,  while  the  report  notes:  "Gain  of  the  wheel, 
$25,000." 

(14)  Insolvent  debtors  were  still  imprisoned,  and  for  some 
decades  thereafter  reformers  found  a  fertile  source  for  outcry  in 
the  hardships  these  unfortunates  were  compelled  to  undergo. 
In  the  fall  of  1921  a  descendant  of  Gouverneur  Morris,  who  had 
previously  gone  into  voluntary  bankruptcy,  appealed  to  the 
court  for  release  from  the  "jail  Hmits"  of  Westchester  County, 
testifying  that  he  had  nothing  and  his  wife  paid  even  his  club 
dues — this  restriction  to  such  ample  ";ail  limits"  being  the  only 
vestige  left  of  the  former  universal  custom  of  close  imprison- 
ment for  debt. 

(15)  The  level  of  the  amusements  is  hinted  at  by  these  ad- 
vertisements in  the  New  York  Evening  Post: 

Cautiox.  To  prevent  mistakes,  as  there  are  /u'o  elephants 
in  this  city,  the  proprietor  of  the  large  and  learned  Elephant 
would  inform  the  citizens  of  New  York  and  its  vicinity,  that 
this  sagacious  animal  is  to  be  seen  at  No.  1 1  Chatham  Street, 
nearly  opposite  the  City  Hall,  from  8  o'clock  a.m.  until  10 
p.m.  at  the  reduced  price  of  12/^  cents  only. 
N.B.    Good  accommodations  for  the  Ladies. 

[May  6,  1822] 

At  the  Circus — Broadway,  a  Grand  Equestrian  Melo 
Drama  of  "Timour  the  Tartar"  is  performed  every  night 
except  Saturday.  The  performance  commences  at  7,  tickets 
during  the  day  may  be  purchased  at  the  "Circus  Retreat, 
opposite  the  Circus."  [August  6,  1822] 

(16)  There  was  no  such  thing  as  free  education.  The  Free 
School  Society  was  named  the  Public  School  Society  in  1826, 
and  then  began  a  campaign  to  provide  for  the  many  poorer 
children  who  were  not  receiving  any  education. 

(17)  The  complete  upset  of  business  life  by  the  yellow  fever 
has  already  been  described. 

This  was  but  one  of  the  plagues  which  were  then  considered 
unpreventable  "acts  of  God."  A  few  years  later  the  Asiatic 
cholera  descended  upon  the  city  via  Quebec,  and  for  three  months 
thousands  of  people  were  in  its  deadly  grip.  Again  most  of  the 
inhabitants  fled  to  Greenwich  and  the  country — often  to  find 
conditions  only  worse  than  at  home.  When  the  plague  ceased, 
some  3,500  people  had  died  of  it. 

(18)  The  papers  regularly  carried  advertisements  of  slaves 
for  sale,  and  runaway  slaves  whose  apprehension  was  demanded. 

(19)  One  thing,  however,  seems  not  to  have  altered,  in  the 
face  ot  all  the  adages  as  to  its  essentially  mutable  and  uncertain 


BANKING    CONDITIONS    OF    1822  21 

nature.  "Broadway,"  says  an  English  visitor,  "the  chosen  resort 
of  the  young  and  gay,  in  these  cold  bright  mornings,  seems  one 
moving  crowd  of  painted  butterflies.  I  sometimes  tremble  for 
the  pretty  creatures  (and  very  pretty  they  are)  as  they  flutter 
along  through  the  biting  air  in  dress  more  suited  to  an  Italian 
winter  than  to  one  which  approaches  nearer  to  that  of  Norway." 

At  this  precise  time,  too,  John  M.  Duncan  was  setting  down  in 
Glasgow  his  impressions  of  New  York  during  his  tour  of  the 
United  States  three  years  before: 

"The  streets  in  the  lower  and  older  portion  of  the  city  are 
very  narrow  and  crooked,  and  what  is  more  immediately  inex- 
cusable, kept  in  very  bad  order.  Garbage  and  litter  of  almost 
every  kind  are  thrown  out  upon  the  pavement,  where  a  multi- 
tude of  hogs  of  all  ages  riot  in  abundance.  The  foot  walks  are 
encumbered  with  projecting  steps  and  cellar  doors,  lamp  posts, 
pump  wells,  and  occasionally  poplar  trees;  and  where  any  open 
space  occurs,  barrels,  packing-boxes,  and  wheelbarrows  are  not 
infrequently  piled  up.  .  .  .  The  city  is  throughout  very  in- 
differently lighted,  and  in  many  places  the  feeble  glimmerings 
of  a  solitary  oil  lamp  must  struggle  past  two  stately  trees,  which 
stand  like  sentinels  to  defend  it. 

"Broadway,  the  Irongate  of  New  York,  passes  longitudinally 
through  the  centre  of  the  city,  and  occupies  in  general  the  highest 
part  of  the  ground;  it  is  wide  and  straight,  and  pretty  compactly 
built  for  nearly  two  miles.  It  contains  a  great  many  well  built 
houses  of  brick,  but  there  is  still  a  considerable  intermixture  of 
paltry  wooden  ones;  a  few  scattered  poplars  skirt  each  side.  .  .  . 

"In  a  summer  evening  the  Battery  is  a  deservedly  favourite 
promenade,  and  the  prospect  which  it  affords  is  very  rarely  to 
be  equalled." 

He  goes  on  to  various  matters  which  arouse  his  interest: 

"During  the  time  of  public  worship,  it  is  quite  common  in  the 
more  narrow  streets  of  New  York  to  fmd  a  chain  extended  com- 
pletely across,  from  one  post  to  another,  to  prevent  the  passage 
of  carriages.  This  we  should  think  with  us  a  very  glaring  in- 
fringement on  the  liberty  of  the  subject.   .   .   . 

"The  sleigh  is  an  open  carriage  on  two  runners,  shod  with 
iron,  exactly  like  a  pair  of  large  skates.  They  skim  along  so 
smoothly  that  a  horse  will  manage  eight  or  nine  miles  an  hour 
with  great  ease.  As  there  is  no  rattling  of  wheels,  to  warn  pedes- 
trians of  their  approach,  the  horse  carries,  by  law,  a  row  of  bells 
round  his  neck.    .     .     . 

"The  boarding-house  system,  which  prevails  here  universally, 
is  in  many  respects  not  agreeable.      I  pay  eight  dollars  a-week. 


22       A  CENTURY  OF  BANKING  IN  NEW  YORK 

36s.  sterling,  for  board  and  lodging.  My  bed-room  contains 
a  small  bed,  a  fragment  of  carpet,  two  chairs,  a  table,  looking 
glass  and  wash-hand  basin,  but  the  apartment,  although  larger 
than  many  that  are  to  be  met  with,  has  httle  more  than  space  for 
the  enumerated  articles.  .  .  .  Should  I  dine  out  the  whole 
week,  there  is  no  abatement  of  the  charge;  should  I  wish  a  friend 
or  two  to  dine  with  me,  they  must  take  their  places  at  the  pubhc 
table,  and  I  pay  an  extra  dollar  for  each.  .  .  .  Liquors  of  every 
kind  the  boarder  provides  for  himself.  Should  I  wish  a  fire  in 
my  bed-room,  I  lay  in  my  own  wood,  which  is  three  times  as 
expensive  as  coals  are  in  Glasgow.    ... 

"Housekeeping  is  very  expensive,  particularly  in  the  item  of 
rent.  A  comfortable  lodging  of  six  or  eight  apartments  cannot 
be  had,  except  in  the  outskirts  of  the  city,  for  less  than  800  to 
1,000  dollars  a  year,  including  the  city  taxes,  or  £180  to  £225 
sterling.  A  boarding-house  has  recently  been  opened  in  Broadway, 
the  landlady  of  which  pays  the  enormous  rent  of  3,000  dollars, 
£675.  It  is  to  be  sure  a  large  building  and  a  favorable  situation, 
but  it  is  more  than  three  times  the  rent  which  such  a  house  would 
bring  in  Glasgow  or  Edinburgh.  The  wages  of  domestics  are 
also  very  high,  and  good  servants  are  not  easily  to  be  got.   .    .    . 

"In  most  other  particulars  household  expenses  are  moderate, 
butcher  meat  3d.  or  4d.  sterling  a  pound,  fowls  about  eighteen 
pence  a  pair;  bread,  vegetables  and  butter  in  proportion.  French 
wines  are  cheap,  so  is  brandy;  Madeira  is  rather  dearer  but  is  very 
generally  used ;  very  good  Port  and  rum  are  scarcely  to  be  had.  .  .   . 

"  .  .  .  Tammany  Hall  is  one  of  the  public  hotels,  and  noted 
for  the  pubhc  meetings  of  the  democratic  party  or  Bucktails* 
as  they  are  called.  Like  the  other  hotels  it  is  the  residence  of  a 
good  many  permanent  boarders;  some  of  them  merchants  of 
considerable  wealth,  who  sit  down  every  day  at  the  pubhc  table. 
The  inn  is  with  us  proverbially  the  traveller's  home,  but  here 
it  is  the  home  of  a  great  many  besides  travellers.  This  feature 
in  the  American  system  I  cannot  admire;  nor  can  I  imagme  what 
comfort  there  can  be  amidst  the  bustle  and  noise  of  a  public 
tavern,  or  in  smoking  segars  and  drinking  spirits  and  water  m 
the  bar-room. 

*  In  1791  the  chief  of  the  Creek  Indians  of  Florida  and  Georgia  (named, 
oddlv  enough,  Alexander  McGilvery)  was  brought  to  New  York  bv  Col. 
Marlnus  Willett  in  an  effort  to  impress  these  troublesome  southern  neighbors. 
The  Tammany  Society  met  the  delegation  of  Indian  brayes  in  full  regalia, 
adding  to  the  back  of  their  feathered  head-dress,  as  an  extemporized  symbol  ot 
the  visiting  tribe,  a  buck's  tail;  the  DeWitt  Clinton  faction  derisively  termed 
these  bitter  poHtical  enemies  "Bucktails"— and  the  name  stuck  for  a  genera- 
tion, being  adopted  by  the  Tammanyites  and  celebrated  by  the  Bucktail 
Bards." 


H     ^S 


■5   o 


.  .  il^.i 


HOW  DOWNTOWN  LOOKED  23 

"The  dinner  hour  at  Tammany  Hall  is  three  o'clock,  and 
covers  are  every  day  set  for  from  thirty  to  eighty.  The  resident 
boarders  are  generally  found  at  the  upper  end  of  the  table,  and 
the  travellers  further  down.  They  take  their  seats  at  the  sound 
of  the  dinner  bell,  and  in  little  more  than  a  quarter  of  an  hour 
most  of  them  are  ready  to  leave  the  table.  During  dinner  rum 
and  water  is  the  usual  beverage;  few  take  wine  unless  they  are 
entertaining  a  friend.    .    .    . 

"The  New  York  newspapers  are  like  our  own  filled  with  lot- 
tery puffs,  and  'Lucky  Office'  stares  you  in  the  face  in  every 
street.  The  prevalence  of  this  licensed  gambling  in  the  United 
States  is  an  evil  token  of  the  state  of  the  public  mind.  .  .  . 
Here  are  lotteries  for  almost  every  purpose — for  making  roads, 
for  building  bridges,  for  erecting  public  buildings,  for  endowing 
universities,  and  would  you  believe  it?  for    building    churches! 

"They  have  what  they  call  a  'Literature  Lottery'  in  New 
York,  going  on  regularly  from  year  to  year,  and  the  price  of 
tickets,  and  divisions  of  tickets,  is  so  small  as  to  be  within  the 
reach  of  almost  the  poorest  classes.    .    .    . 

"Another  and  a  greater  abomination,  in  the  newspapers,  are 
the  advertisements  of  Slaves  for  Sale.    .    .    . 

"Most  of  the  churches  here  have  sermons  on  New  Year's  day 
morning.    .    .    . 

"It  is  the  rule  here  that  on  New  Year's  day  you  visit  every 
family  of  your  acquaintance,  even  though  the  acquaintance 
should  be  very  slight.  .  .  .  The  ladies  stay  at  home  to  receive 
visitors,  the  gentlemen  go  about.  Clergymen,  however,  are  in 
virtue  of  their  office,  entitled  to  the  same  attention  as  the  ladies, 
and  a  call  at  their  levee  is  never  on  any  account  omitted.  As  all 
these  visits  must  be  over  before  dinner,  they  are  necessarily 
very  short.    .     .    . 

"We  have  had  a  considerable  fall  of  snow  for  a  few  days, 
and  yesterday  afternoon  I  enjoyed  for  the  first  time  a  ride  in  a 
sleigh.  Sleighs  are  in  general  open  above,  and  have  cross  seats 
like  those  of  a  stage  waggon,  capable  of  accommodating  eight 
or  ten  persons.  The  driver  stands  in  front  protected  by  a  curved 
board  which  rises  up  to  keep  out  the  snow. 

"In  a  bleak  December  day,  if  there  is  a  slight  glimpse  of  sun- 
shine, you  may  see  the  ladies  walking  Broadway  in  gossamer 
dresses  of  silks  and  gauze,  with  their  throats  perfectly  bare. 
In  strong  contrast  with  these  fair  daughters  of  the  spring,  the 
city  sparks  lounge  along  enveloped  in  thick  box  coats,  with 
eight  or  ten  capes,  and  roll  after  roll  of  cravats  and  silk  hand- 
kerchiefs swathed  under  their  chins. 


24   A  CENTURYOF  BANKING  IN  NEW  YORK 

"Another  custom  prevails  among  the  ladies  no  less  pernicious. 
On  Sabbath  they  may  be  seen  picking  their  steps  to  church 
through  drifting  snow,  in  silk  or  cotton  stockings,  and  shoes 
scarcely  thicker  than  a  cobweb;  so  far  as  I  can  observe  a  worsted 
stocking  is  to  American  ladies  an  unknown  comfort.  Behind 
them  comes  a  little  black  girl  carrying  a  small  tin  box,  pierced 
with  holes,  containing  a  little  pan  of  live  charcoal  or  the  glowing- 
embers  of  hickory  wood.  The  box  is  used  as  a  footstool  during 
service. 

"The  number  of  banking  companies  in  America  surprises  a 
stranger.  In  the  city  of  New  York  there  are  ten  or  a  dozen,  all 
issuing  their  own  notes,  besides  a  multitude  of  others  in  the  im- 
mediate neighborhood.  A  list  of  the  banks  in  the  United  States 
has  been  recently  published,  containing  between  three  and  four 
hundred;  although  there  is  every  reason  to  believe  that  it  is 
not  complete.  Some  of  the  memoranda  in  this  catalogue  are 
not  a  little  inexplicable  to  a  stranger.  Under  the  name  of  one 
of  the  banks  you  will  find;  'The  notes  of  this  bank  signed  with 
red  ink,  at  a  discount  of  25  per  cent,  those  signed  with  black 
5  per  cent  discount;'  after  the  name  of  another;  'Not  in  good 
credit.'  The  paper  of  one  town  is  not  received  by  the  banks 
of  another,  unless  when  specially  payable  there  and  the  conse- 
quence is  that  it  requires  not  a  little  circumspection,  in  a  stranger 
who  is  travelling  about,  to  avoid  losing  by  the  discount  upon 
notes,  'which  increases  regularly  as  he  recedes  from  the  place 
where  they  are  issued.  This  in  the  paper  of  private  companies 
is  less  remarkable,  but  the  United  States'  Bank,  which  has  eight 
or  ten  branches  scattered  over  the  country,  issues  notes  dated 
at  each  of  these  places,  none  of  which  will  be  received  by  any 
of  the  other  branches  except  for  government  duties  and  taxes; 
so  that  a  merchant  with  his  pocket  full  of  the  notes  of  the  United 
States'  Bank  at  Philadelphia,  cannot  pay  his  bill  in  the  office  of 
the  same  bank  at  New  York,  till  he  has  gone  to  a  broker  and  paid 
him  a  premium  for  exchanging  them.  This  discount  upon  bank 
notes  has  given  rise  to  a  regular  trade  of  buying  and  selling  them. 
.  .  .  The  brokers,  or  shui'ers,  as  they  are  familiarly  designated, 
are  numerous  in  all  the  towns. 

"The  legal  rate  of  interest  in  the  State  of  New  York  is  seven 
per  cent,  but  bills  at  60  days  are  discounted  by  the  banks  at 
six.  The  banks  make  a  dividend  on  their  stock  once  in  six 
months,  which  at  present  varies  in  amount  from  eight  to  twelve 
per  cent  per  annum.  Each  company  must  be  incorporated 
by  an  act  of  the  State  legislature,  and  it  is  illegal  to  commence 
banking  without  such  an  act." 


Chapter  1 1 
THE  OLD  ORDER  BEGINS   TO  CHANGE 

Back(j rounds  of  Our  Forefatherd    Financial  AcLunt'ied — 
Beginning^)  of  American  Commercial  Enterpri.te — 
The  W^edtward    Trend  of  Bu/uieM — ITorlJ 
Unredt  of  a    Century  Ago — ltd  Effect 
on  American  Finance — Growth   of 
American  Trade  Abroad — Ri^e 
of  American  Indudtries — ■ 
New  York,  Auction- 
Sale  Period 

A  FEW  more  details  in  a  bird's-eye  view  of  this  period  mav 
jCx  help  in  reconstructing  the  background  of  our  forefathers' 
"^  "^  financial  activities. 

Nominally  New  York  extended  from  the  Battery  to  what  is 
now  31st  Street,  most  of  the  island  having  been  laid  out  ten  years 
previously  into  streets  on  a  regular  and  uniform  system.  In 
point  of  fact  there  was  very  little  still  above  the  City  Hall,  and 
almost  nothing  except  isolated  farms  and  country  houses  above 
Union  Place  (Square) — which  Engineer  John  Randel  had  been 
instructed  by  the  Commissioners  ten  years  previously  to  lay  out 
as  a  public  square — because  the  junction  of  the  Bowery  and 
Bloomingdale  Roads  at  16th  Street  formed  so  acute  an  angle 
that  there  was  not  sufficient  ground  left  for  building  pur- 
poses. 

The  whole  of  Long  Island  outside  of  Brooklyn  had  but  twelve 
or  fifteen  small  villages,  with  a  single  road  running  through 
Bedford,  Jamaica,  Jericho,  Dix  Hills  and  Smithtown  to  serve 
the  several  hundred  square  miles  from  that  backbone  to  the 
south  shore. 

From  the  Harlem  River  to  the  Connecticut  line  a  map  shows 
settlements  at  West  Farms,  Eastchester,  Kingsbridge,  Yonkers, 
New  Rochelle,  Phillipsburg  and  White  Plains — in  place  of  what 
is  already  approaching  a  solidly  built-up  city  along  the  Sound 
and  the  Hudson.  The  rest  of  the  Commonwealth  was  as  un- 
developed as  one  might  expect;  Maine  just  transformed  from  a 

25 


26       ACENTURYOFBANKINGINNEWYORK 

District  to  a  State,  had  perhaps  a  quarter  of  a  milKon  people  in 
its  whole  area,  less  than  ten  to  a  square  mile;  practically  all  the 
vast  interior  section  was  a  howling  wilderness  of  sixteen  million 
acres,  of  which  a  quarter  belonged  to  private  individuals,  the 
rest  to  the  State  of  Massachusetts;  and  there  were  perhaps 
fifteen  hundred  pioneer  families  scattered  about  over  this  huge 
tract. 

The  capital  city  of  Washington  was  building  at  the  prodigious 
rate  of  88  private  buildings  in  a  year — "much  progress  made  in 
the  City  Hall,  a  very  large  edifice;  a  new  bridge  erected  over  the 
Tyber;  a  fountain  of  water  opened  that  yields  sixty  gallons  a 
minute,  with  a  head  of  at  least  fifty  feet  above  the  Pennsylvania 
avenue,"  and  other  details  of  rapid  growth  flattering  to  national 
pride. 

The  original  thirteen  States  had  grown  to  twenty-four,  six 
(Indiana,  Mississippi,  Illinois,  Alabama,  Maine  and  Missouri) 
having  been  admitted  in  as  many  consecutive  years.  Texas  and 
California  were  to  be  Mexican  for  another  quarter  of  a  century; 
Alaska  was  not  only  still  an  outlying  Russian  province,  but  Czar 
Alexander  had  just  issued  a  ukase  excluding  ships  from  Bering 
Sea  and  Russia's  Pacific  coast;  three  years  before,  on  Washing- 
ton's birthday,  Florida  had  been  ceded  to  the  United  States  by 
Spain,  and  was  kept  in  the  public  mind  chiefly  as  the  seat  of  our 
endless  and  humiliating  war  with  the  Seminoles.* 

The  slowness  of  communication  made  what  we  now  call  the 
Middle  West  like  a  foreign  wilderness  land,  and  the  Pacific  Coast 
was  many  times  twice  as  far  away  as  Europe.  A  weekly  of  the 
time  reports  the  departure  of  a  company  of  180  adventurers 
from  St.  Charles,  Missouri,  for  an  expedition  to  the  Rocky 
Mountains:  "they  are  reported  to  be  of  vigorous  and  masculine 
appearance,  well  armed  and  prepared  for  a  three  years'  tour 
through  this  savage  and  almost  unknown  country."  Even  on 
the  Atlantic  seaboard  it  cost  six  cents  to  send  a  letter  thirty 
miles  and  twenty-five  cents  to  send  it  400  miles — with  double 
and  triple  rates  for  those  overweight;- a  package  weighing  half 
a  pound  cost  $1.92  for  the  shortest  distance;  the  freight  on  a  ton 
of  goods  from  Albany  to  Buffalo  was  $100.      As  a  sample  of  the 

*  Careful  and  shrewd  James  Stuart,  an  English  visitor  in  1850,  declares 
the  reason  why  the  United  States  wished  to  own  Florida  was  because  of  its 
abundance  of  live  oaks  "fit  for  building  ships  of  war,"  and  that  the  govern- 
ment had  made  extensive  plantations  for  this  purpose.  "I  have  heard,"  he 
says,  "of  the  formation  of  plantations  of  trees  upon  a  great  scale  nowhere  in 
North  America  but  in  Florida;  but  this  need  not  occasion  surprise,  for  there  is 
no  object  which  the  people  of  the  United  States  are  so  anxious  to  attain  as  the 
possession  of  a  powerful  navy." 


AMERICAN    COMMERCIAL    ENTERPRISE      27 

ease  of  travelling — ^the  trip  of  ninety-six  miles  from  Utica  to 
Montezuma  was  performed  in  a  scow  drawn  by  two  horses  and 
generally  required  nearly  two  days,  though  the  fare  was  only 
four  dollars;  the  voyage  up  the  Mississippi,  from  New  Orleans  to 
Cincinnati,  no  longer  took  ninety  to  one  hundred  days,  as  when 
the  "arks"  had  to  be  warped  up  the  current  by  ropes  fastened 
to  trees  on  the  bank:  but  the  average  steamboat  speed  was  hardly 
more  than  that  of  a  good  walker,  and  boilers  blew  up  and  boats 
hit  snags  and  sank  with  a  frequency  quite  disconcerting  to 
strangers;  newspapers  and  magazines  naturally  circulated  only 
close  to  their  place  of  publication — though  New  York  State  had 
ninety,  eight  being  dailies,  the  rest  weeklies  or  semi-weeklies. 
So,  without  railroad,  telegraph  or  telephone,  there  was  very 
slight  commercial  intercourse,  and  nothing  to  spread  quickly 
the  news  and  ideas,  the  simultaneous  discussion  of  which  is  the 
cement  of  a  modern  nation. 

In  spite  of  the  four  decades  during  which  we  had  been  evolving 
as  the  United  States  of  America,  there  was  strikingly  little  na- 
tional feeling  observable,  except  when  something  like  the  War 
of  1812  pulled  the  country  together. 

States'  rights,  and  state,  as  opposed  to  national,  feeling  had 
focussed  already  on  the  hotly  debated  subject  of  slavery;  and 
two  years  before  this  the  Missouri  Compromise  had  been  placed 
as  a  plaster  on  a  sore  which  was  later  to  fester  till  it  required  that 
bloody  capital  operation  of  the  Civil  War  to  ease  the  body 
politic.  * 

Far  up  on  the  Pacific  Coast,  the  Northwest  Company  (which 
had  taken  over  the  unsuccessful  colonization  enterprise  of  John 
Jacob  Astor)  had,  the  year  before,  passed  on  the  venture  in  its 
turn  to  the  Hudson's  Bay  Company;  and  the  American  Board  of 
Foreign  Missions  was  receiving  reports  of  the  condition  ot  the 
natives  there  which  resulted  a  few  years  later  in  the  sending  of 
missionaries — from  the  Sandwich  Islands  (!),  to  care  for  the 
bodies  and  souls  of  these  Indians. 

Indeed,  it  is  very  hard  for  a  modern  traveller  speeding  in  a 
sleeping  car  from  coast  to  coast  in  five  days,  or  whizzing  by  plane 
to  Chicago  in  six  or  eight  hours,  to  realize  how  vague  was  the 
sense  of  ownership  in  the  whole  region  west  of  the  AUeghenies. 
Indiana,   for  instance,   was  a  state,   but  its  four  counties  had 

*  A  good  deal  of  stir  was  caused  this  very  year  by  the  execution  in  Charles- 
ton of  thirty-five  slaves,  convicted  of  conspiracy-  against  their  masters  chiefly 
on  the  testimony  of  fellow  slaves,  not  under  oath.  This,  and  some  barbarous 
misuses  of  power  observed  by  travellers,  contributed  ammunition  for  the 
abolitionists. 


28   A  CENTURY  OF  BANKING  IN  NEW  YORK 

less  than  30,000  inhabitants.  Chicago  did  not  exist  *  and 
lUinois,  t  larger  than  England,  was  still  a  frontier  territory  just 
beginning  to  develop  towards  a  commonwealth.  Detroit  had, 
including  the  garrison  of  the  fort,  perhaps  a  thousand  people; 
St.  Louis  was  a  headquarters  for  trading,  exploring  and  fur 
hunting  parties  with  a  few  hundred  houses. 

Nor  was  there  always  real  unity  even  within  a  given  state  or 
city.  That  indefatigable  and  reverend  geographer,  Jedidiah 
Morse,  remarks  in  one  of  his  descriptions  of  New  York  in  1818: 

"The  English  language  is  generally  spoken  throughout  the 
state,  but  is  much  corrupted  by  the  Dutch  dialect,  which  is  still 
spoken  in  some  counties,  particularly  King's,  Ulster,  and  Albany. 
Dutch  schools  are  now  discontinued,  and  the  language  will  prob- 
ably soon  cease  to  be  used."  And  Stuart  in  1830  noticed  in  New 
Orleans  that  "the  American  and  French  populations  do  not 
even  yet  amalgamate  well  together;"  while  in  Chambersburg  he 
was  surprised,  "on  going  out  in  the  evening,  to  find  a  watchman, 
a  German,  calling  the  hours,  who  could  not  speak  a  word  of 
English." 

Charles  Fenno  Hoffman,  thirteen  years  after  this,  made  a 
tour  of  the  United  States  from  New  York,  embodying  his  experi- 
ences in  two  volumes  called  "A  Winter  in  the  West.  By  a  New 
Yorker."  Through  the  Pennsylvania  mountains  he  passed 
frequent  emigrants:  "A  covered  one-horse  wagon  generally 
contains  the  whole  worldly  substance  of  a  family  consisting  not 
infrequently  of  a  dozen  members.  The  tolls  are  so  high  along 
this  western  turnpike,  and  horses  are  comparatively  so  cheap  in 
the  region  whither  the  emigrant  is  bound,  that  he  rarely  pro- 
vides more  than  one  miserable  Rosinante  to  transport  his  whole 
family  to  the  far  west." 

That  there  was  a  considerable  tide  setting  westward,  how- 
ever, Spoffard  testified  as  early  as  1825:  there  were  1,000  stran- 
gers setting  the  little  village  of  BuffaloJ  agog,  and  a  stream  of 
500  people  was  passing  westward  each  day. 

Pittsburgh  was  the  third  most  important  town  in  the  Mis- 
sissippi valley,  supplying  the  whole  region  lor  2,000  miles  to 
New   Orleans   with   hardware,    machinery   and    cutlery,    mining 

*  In  1855  C.  F.  Hoffman  was  invited  to  a  public  ball  in  "one  of  the  few 
frame  buildings  yet  to  be  found  in  Chicago;  which  although  one  of  the  most 
ancient  French  trading  posts  on  the  Lakes,  can  only  date  its  growth  as  a 
village  since  the  Indian  war,  eighteen  months  since." 

t  The  Supreme  Court  of  Illinois  was  first  organized  in  1819. 

X  It  had  been  entirely  destroyed  by  the  British  in  1815,  but  after  the  close 
of  the  war  became  the  metropolis  of  the  rapidly  settling,  four-million-acre 
"Holland  Purchase,"  which  took  in  the  whole  end  of  New  York  State  west  of 
the  Genesee  River. 


THEWESTWARDTRENDOFBUSINESS         29 

soft  coal,  handling  five  million  feet  of  lumber  a  year,  sending  her 
glass  everywhere  from  Arkansas  to  Baltimore;  taking  bloom 
iron  at  St.  Louis  and  returning  it  as  rolled  iron  at  $38  a  ton. 

At  Chicago  the  garrison  officers  drove  up  to  the  door  of  Hoff- 
man's lodging  with  a  train  of  "carioles"  and  took  him  off  to 
see  a  pacing  match  on  the  ice;  seeing  a  wolf  travelling  along  the 
prairie  above  the  river,  within  range,  a  horseback  hunt  was 
arranged  for  the  next  day — and  probably  within  what  is  now  the 
city's  limits,  the  hunters  killed  a  gray  wolf  and  two  prairie 
wolves.  Near  Ottawa  (Illinois)  he  saw  the  oaks  within  gunshot 
of  the  porch  of  his  stopping  place  "so  loaded  with  grouse  (prairie 
hens)  that  they  showed  more  like  a  flock  of  pigeons  than  a  covey 
of  game  birds;"  and  in  all  this  region  men's  minds  were  still  full 
of  the  Indian  outbreak  of  1832,  when  the  Sacs  and  Foxes  butch- 
ered every  member  of  two  families  except  a  pair  of  girls. 

After  leaving  Praine  du  Chien,  he  crossed  the  Ouisconsin 
River  on  poles  and  loose  timber  thrown  out  upon  the  frail  ice, 
sliding  the  baggage  over  the  open  current  on  a  smooth  board. 
At  Galena  he  found  Colonel  H.,  an  aristocratic  New  York  ac- 
quaintance with  West  Point  education,  who,  clad  in  "leather 
shirt  and  drawers"  drove  hogs  to  market  or  teamed  a  load  of 
lead  into  town  with  an  ox-cart.  St.  Louis  still  showed  its  his- 
tory in  its  houses;  "in  one  section  you  will  find  it  built  up  entirely 
with  the  broad  steep-roofed  stone  edifices  of  the  French,  and  the 
Spaniards'  tall  stuccoed  dwelling  raising  its  tiers  of  open  corri- 
dors above  them,  like  a  once  showy  but  half-defaced  galleon  in 
a  fleet  of  battered  frigates;  while  another  will  present  you  only 
with  the  clipper-built  brick  houses  of  the  American  residents — 
light  as  a  Baltimore  schooner,  and  pert-looking  as  a  Connecticut 
smack."  And  men  in  the  bar-room  of  the  hotels  told  personal 
stories  of  scalping  Indians  and  leaving  them  to  die. 

Cincinnati  offered  the  traveller  "literary  soirees"  and  slaugh- 
ter-houses where  120,000  hogs  were  turned  into  pork  products 
annually — a  promise,  at  least,  of  future  greatness;  doubtless, 
she  also  justified  her  claim  to  be  "the  Athens  of  the  drama  be- 
yond the  Blue  Ridge"  by  theatrical  offerings  ranging  from  "The 
Forty  Thieves"  to  "Hamlet,"  and  continuing  the  interesting 
theatrical  tradition  since  1805,  in  the  line  of  which  came  Sol 
Smith  with  his  famous  feat  (in  "Pizarro")  of  representing,  all 
unaided : 

"High  Priest!  Volverdel  !  !  I  ! 

Almagrol  I  Guard!  !  !  !  !  ! 

Blind  Man!  !  !  The  Whole  of  the  Spanish 

Sentinel!  !!!  Armv!  !  !  !  !  !  !" 


30       A  CENTURY  OF  BANKING  IN  NEW  YORK 

In  Kentucky  he  found  elk  and  buffalo  on  a  great  country  estate 
which  he  visited;  he  stopped  at  White  Sulphur  Springs,  Virginia, 
"one  of  the  most  celebrated  watering  places  in  the  Union;  second 
alone  to  Saratoga  in  the  concourse  of  strangers  it  brings  together 
every  season,  and  even  rivalled  by  the  Lebanon  Springs  of  New- 
York  in  beauty  of  situation;"  but  the  guests  were  housed  in 
cabins  of  logs  or  boards,  and  there  seemed  a  "slovenliness  and 
want  of  refined  economy  in  many  of  the  details." 

Let  us  take  a  little  wider  sweep  for  a  moment. 

During  March  of  this  very  year  one  of  the  chief  subjects  of 
discussion  in  Congress  was  the  suppression  of  piracy  in  the  West 
Indies  and  on  the  Barbary  coast.  It  was  an  everyday  occurrence 
for  merchant  vessels  to  be  captured,  the  crews  murdered,  and 
the  cargoes  sold  openly  in  Cuban  ports;  and  it  was  reported  that 
the  famous  Lafitte  was  among  the  captains  operating  in  these 
waters  without  let  or  hindrance.  A  weekly  of  that  period  sum- 
marizes an  investigation  by  the  committee  on  Naval  Affairs: 

"The  Report  states,  that  the  system  of  plunder  in  the  West 
India  seas  is  truly  alarming,  and  imperiously  calls  for  the  prompt 
interposition  of  government;  that  every  mail  brings  such  ac- 
counts of  massacre  and  plunder,  by  the  vicious  and  depraved  of 
all  nations,  that,  if  not  winked  at  by  the  authorities  of  Cuba,  they 
are  not  restrained;  that  the  danger  of  smuggling  is  thereby  con- 
siderably increased  on  our  coast;  an  ample  force  is,  therefore, 
recommended  to  suppress  it;  that  the  force  actually  employed 
by  our  Government  is,  the  Franklin,  of  74  guns,  in  the  Pacific, 
for  the  protection  of  our  commerce  in  that  quarter;  that  the 
Constellation  frigate,  of  36  guns,  is  in  the  same  ocean,  but 
ordered  to  return  home  upon  the  arrival  of  the  Franklin;  that 
the  schooner  Dolphin,  of  12  guns,  accompanies  the  Franklin,  as 
absolutely  necessary  upon  so  long  a  voyage. 

"In  relation  to  the  instructions  for  this  service,  the  committee 
think  it  would  be  inconsistent  with  public  law  and  general  usage 
to  give  any  authority  to  destroy  pirates  and  piratical  vessels 
found  at  sea,  or  in  uninhabited  places. 

"The  Committee  are  of  opinion  that  it  would  be  dangerous 
and  productive  of  great  evil,  to  vest  in  the  commanders  of  our 
public  vessels  an  authority  to  treat  as  pirates,  and  punish  with- 
out trial,  even  such  persons  as  those  above  described.  It  is  not 
necessary  for  the  accomplishment  of  the  object  in  view  that 
such  an  authority  should  be  given,  and  it  is  essentially  due  to 
the  rights  of  all,  and  the  principles  of  'public  law,  and  the  gen- 
eral usages,'  that  the  consequences  and  punishment  of  piracy 
should  follow  only  a  legal  adjudication  of  the  fact. 


WORLD  UNREST  A  CENTURY  AGO       31 

"That  the  frigate  Constitution,  of  44  guns,  sloop  of  war  On- 
tario, of  18  guns,  and  schooner  Nonsuch,  of  10  guns,  are  cruising 
in  the  Mediterranean,  to  keep  the  Barbary  powers  in  awe  and 
protect  our  commerce  in  that  sea;  and  it  is  believed  that  a  less 
force  would  be  inadequate  for  these  objects. 

"That  the  sloop  of  war  Hornet,  of  18  guns,  the  brigs  Enter- 
prise and  Spark,  of  12  guns  each,  and  the  schooners  Porpoise, 
Grampus,  Shark  and  Alligator,  of  12  guns  each,  are  cruising  in 
the  West  India  seas  and  Gulf  of  Mexico,  for  the  protection  of 
trade,  the  suppression  of  piracy,  etc.;  and  that  the  gun  boats 
Nos.  158  and  168,  are  cruising  along  the  coasts  of  Georgia  and 
Florida,  for  the  same  purpose. 

"That  the  frigate  JIacedonian  is  now  equipping  at  Boston, 
and  will  soon  sail  on  a  cruise  for  the  same  object;  and  that  it 
will  be  necessary  to  keep  at  least  one  vessel  of  war,  either  a 
corvette  or  schooner,  on  the  coast  of  Africa,  as  the  most  efficient 
means  for  the  suppression  of  the  slave  trade. 

"The  committee  are  of  opinion  that  no  part  of  the  foregoing 
enumerated  force  could  be  withdrawn  from  the  service  in  which 
it  is  employed,  without  detriment  to  the  public  interest,  and  that 
the  forces  in  the  West  India  seas  and  Gulf  of  Mexico  are  inade- 
quate for  the  objects  specified  in  the  resolution  referred  to." 

New  York  had  its  mail  bandits,  requiring  the  aid  of  the  United 
States  marines,  in  1921;  and  newspaper  observers  found  a  whole 
fleet  of  motor-launch  law  breakers  at  the  edge  of  the  three-mile 
limit  in  the  Bahamas,  busily  engaged  in  conveying  bottled  and 
barrelled  cheer  to  the  metropolis  in  defiance  of  the  18th  Amend- 
ment. But  the  notion  of  open  piracy  in  the  nineteenth  century, 
requiring  Congressional  investigations,  would  certainly  make  one 
of  our  naval  officers  smile. 

A  few  months  later  the  United  States  and  Great  Britain  were 
receiving  from  the  Czar  of  all  the  Russias  his  Imperial  Decision 
in  the  dispute  between  them  as  to  the  true  construction  of  the 
first  article  of  that  Treaty  of  peace  and  amity  concluded  at 
Ghent  on  Christmas  Eve  of  1814.  Our  claim  was  for  indem- 
nification for  private  property,  especially  slaves,  carried  away 
by  the  British  forces  when  they  evacuated  American  territories; 
and  His  Imperial  Majesty  did  us  the  honor  to  constitute  and 
appoint  as  arbitrators  to  settle  this  little  financial  disagreement — 
"Charles  Robert  Count  Nesselrode,  His  Imperial  Majesty's 
Privy  Counsellor,  Member  of  the  Council  of  State,  Secretary 
of  State  directing  the  Imperial  Department  of  Foreign  Affairs, 
Chamberlain,  Knight  of  the  Order  of  Saint  Alexander  Nevsky, 
Grand  Cross  of  the  Order  of  Saint  Vladimir  of  the  first  class, 


52       ACENTURYOFBANKINGINNEWYORK 

Knight  of  that  of  the  White  Eagle  of  Poland,  Grand  Cross  of 
the  Order  of  St.  Stephen  of  Hungary,  of  the  Black  and  of  the 
Red  Eagle  of  Prussia,  of  the  Legion  of  Honour  of  France,  of 
Charles  HI  of  Spain,  of  St.  Ferdinand  and  of  Merit  of  Naples, 
of  the  Annunciation  of  Sardinia,  of  the  Polar  Star  of  Sweden,  of 
the  Elephant  of  Denmark,  of  the  Golden  Eagle  of  Wirtemburg 
of  Fidelity  of  Baden,  of  St.  Constantine  of  Parma,  and  of  Guelph 
of  Hanover; 

"John  Count  Capodistrias,  His  Imperial  Majesty's  Privy 
Counsellor,  and  Secretary  of  State,  Knight  of  the  Order  of  St. 
Alexander  Nevsky,  Grand  Cross  of  the  order  of  St.  Vladmir  of 
the  first  class.  Knight  of  that  of  the  White  Eagle  of  Poland, 
Grand  Cross  of  the  Order  of  St.  Stephen  of  Hungary,  of  the  Black 
and  of  the  Red  Eagle  of  Prussia,  of  the  Legion  of  Honour  of 
France,  of  Charles  HI  of  Spain,  of  St.  Ferdinand  and  of  Merit 
of  Naples,  of  St.  Maurice  and  of  St.  Lazarus  of  Sardinia,  of  the 
Elephant  of  Denmark,  of  Fidelity  and  of  the  Lion  of  Zahringen 
of  Baden,  Burgher  of  the  Canton  of  Vaud,  and  also  of  the  Canton 
and  of  the  Republic  of  Geneva" — 

who  decided,  sensibly  enough,  that  we  should  be  paid  for  any 
slaves  or  other  property  transferred  to  British  vessels  from 
territories  which  the  Treaty  allotted  to  us,  but  not  for  those 
from  other  regions,  and  proceeded  to  determine  the  exact  amount 
of  our  bill. 

In  England,  the  Prince  Regent  had  come  to  the  throne  as 
George  IV,  and  had  given  the  scandalmongers  of  the  world  a 
feast  by  putting  unfortunate  Queen  Caroline  on  trial  for  divorce. 
Castlereagh  had  just  killed  himself,  and  Canning  had  become 
Foreign  Secretary — his  task  being  somewhat  lightened  by  the 
death  of  Napoleon  at  St.  Helena  and  the  consequent  removal  of 
the  bogy  still  present  in  the  minds  of  many  who  considered  him 
the  monster  that  had  upset  the  orderly  world  they  knew.  As 
if  to  celebrate  this  return  of  sanity,  the  Bank  of  England  was 
proposing  to  resume  specie  payments,  to  the  vast  relief  of  the 
business  men  and  financiers  of  that  country  and  our  own,  since 
violent  panics  in  1816  and  1819  had  resulted  from  the  demoral- 
ized banking  situation.  The  step  was  postponed  because  of  a 
great  depression  in  business  in  1822,  but  was  finally  taken  three 
years  later. 

In  England,  as  on  the  Continent,  the  most  superficial  view  of 
this  decade  betrays  the  ferment  of  liberal  ideas.  William  Cob- 
bett  had  been  loudly  urging  his  followers  to  demand  sweeping 
parliamentary  reforms  and  agricultural  riots  had  led,  in  1816, 
to  the  suspension  of  the  Habeas  Corpus;  in  August  1819  troops 


I  T  S  E  F  F  E  C  T  O  N  AMERICAN  FINANCE  33 

had  to  charge  the  rioters  in  Manchester  and  let  out  a  gooti  deal 
of  hot  blood  upon  St.  Peter's  Fields.  There  were  mutterings 
in  France:  the  assassination  of  the  Due  de  Berri  betrayed  the 
deep-seated  hostility  to  the  restored  Bourbons;  nor  did  it  improve 
matters  when  a  French  army,  under  the  Duke  of  Angouleme, 
went  to  Spain  to  carry  out  the  dictates  of  the  reactionary  Con- 
gress at  Verona  and  put  down  the  revolutionary  movement  which 
threatened  King  Ferdinand's  absolute  rule. 

Italy,  too,  was  a  source  of  deep  anxiety  to  the  upholders  of 
the  established  order.  The  mutinies  and  revolutions  of  1820 
had  been  crushed  by  Austria,  assisted  by  the  fleets  of  Great 
Britain  and  France;  with  the  mere  change  from  a  King  Ferdi- 
nand to  a  King  Charles  Felix,  absolute  monarchy  was  restored 
for  a  while;  but  the  Great  Powers,  met  together  at  Laybach 
to  take  firm  measures  against  the  rabble,  heartily  approved  of 
such  measures  as  Metternich  had  forced  through  the  German 
Confederation's  Congress  of  Carlsbad  for  a  strict  censorship  of 
the  press  which  was  helping  to  inflame   these  lawless  radicals. 

Though  less  vocal,  Mahmud  II,  Sultan  of  Turkey,  doubtless 
felt  much  the  same  sense  of  outrage  when  the  Greek  revolution 
began.  The  year  we  are  considering  saw  the  proclamation  by 
the  National  Assembly  of  the  independence  of  Greece — after 
a  subjection  to  Turkey  which  had  begun  nearly  half  a  century 
before  America  was  discovered.  In  the  following  year  the  whole 
civiHzed  world  was  thrilled  by  the  exploit  of  that  Markos  Boz- 
zaris  with  whom  every  schoolboy  of  the  past  generation  became 
familiar;  and  Lord  Byron's  romantic  expedition,  and  death  at 
Missolonghi,  aroused  a  popular  fervor  everywhere  which  was  a 
material  factor  in  producing  the  alliance  of  England,  France 
and  Russia  that  destroyed  Turkish  domination  of  Greece  a  few 
years  later. 

Everywhere  one  turns  there  are  visible  some  beginnings  of 
this  awakening  national  consciousness.  Belgium  was  agitating 
for  that  independence  from  the  Netherlands  which  it  finally 
secured  in  1830;  the  very  rigors  of  the  repressive  actions  in 
Germany  reflect  what  was  going  on  underneath  and  what  was 
to  culminate  in  the  unsuccessful  revolutions  of  1848.  In  Nor- 
way the  Storthing  (though  forced  a  few  years  previously  at  the 
point  of  Swedish  bayonets  to  accept  the  decree  of  the  Congress 
of  Vienna  giving  Norway  to  Sweden)  abolished  all  titles  of 
nobility.  Little  Serbia  was  in  the  midst  of  her  long  struggle 
against  the  Turks,  begun  in  1804  by  Kara  George,  and  closed 
in  1830  when  the  Sultan  recognized  it  as  an  autonomous  Prov- 
ince with  Milos  Obrenovic  as  Prince  of  Serbia. 


34       A  C  E  N  T  U  R  Y  O  F  B  A  X  K  I  N  G  IN  N  E  W  YORK 

Portugal  had  a  full  fledged  revolution  at  Oporto  in  1820,  Dom 
John,  the  Prince  Regent,  having  run  away  with  all  his  court 
to  Rio  de  Janeiro  in  1808  when  Napoleon's  armies  invaded  the 
land.  King  John  hurried  back  and  pacified  the  Junta  with 
some  modifications  of  the  Constitution,  leaving  his  son  Dom 
Pedro  as  Regent  in  Brazil.  Whereupon,  in  September  1822, 
he  received  the  unwelcome  news  that  Brazil  had  constituted 
itself  an  independent  Empire  with  this  same  Dom  Pedro  as 
its  ruler.  It  was  undoubtedly  Hobson's  choice  for  the  young 
Prince;  this  was  a  bad  year  for  the  old  monarchies  in  South 
America.  The  patriot  army  in  the  Argentine  gained  a  decisive 
victory  over  their  Spanish  masters  in  1821  and  proclaimed  a 
republic;  Paraguay  had  succeeded  in  throwing  off  the  yoke 
ten  years  before,  but  Peru  announced  her  independence  in  July 
of  the  same  year.  Bolivia  began  the  final  struggle,  successful 
four  years  later,  and  Chile  was  working  out  the  details  of  the 
fact  proclaimed  by  its  patriots  in  1818,  though  not  formally 
recognized  by  Spain  for  quarter  of  a  century.  Simon  BoKvar 
had  just  combined  New  Granada  and  Venezuela  into  the  Re- 
public of  Colombia  and  overthrown  the  Spanish  Viceroy alty; 
Ecuador  came  into  this  union  during  this  exact  year.  The 
revolt  in  Central  America  too  was  in  full  swing  and  culminated 
in  the  formal  confederation  of  these  countries  only  two  years 
later;  Cuba  alone  refused  to  join  in  this  general  insurrectionary 
movement,  remaining  as  almost  the  last  memento  of  Spain's 
vast  empire  in  the  New  World. 

All  these  political  changes  were  of  course  but  the  outward 
manifestation  of  profound  changes  going  on  in  men's  minds — 
and  threatening  the  old  order  of  things  on  every  side.  We  shall 
see  some  special  manifestations  of  the  same  inner  movement  in 
the  United  States  which  had  a  very  direct  and  radical  effect  on 
the  banking  situation. 

This  internal  revolution  in  men's  ideas,  in  their  attitude 
towards  the  most  fundamental  matters  of  precedent  and  of  gov- 
ernment, seems  to  have  so  closely  accompanied  the  industrial 
and  mechanical  revolution  that  one  is  tempted  to  perceive  one 
as  springing  from  the  other. 

The  Eighteenth  Century  was  the  flowering  of  aristocracy. 
It  was  a  period  of  wits  and  beaux  and  beauties,  of  grace,  of  finish, 
of  refinement,  of  gay  trifling,  of  connoisseurship  of  art,  music, 
and  literature — among  the  rich,  titled,  leisure  class.  If  you 
would  see  the  other  side,  read  Defoe  or  any  of  the  realists  of 
the  period;  consider  the  horrors  of  the  French  Revolution,  and 
reflect  what  must  have  been  the  deeds  of  the  people's  natural 


GROWTH  OF  AMERICAN  TRADE  ABROAD      35 

leaders  to  produce  such  feelings  towards  them  in  the  people's 
hearts.  In  England  we  have  Pope  and  Sir  Joshua  and  Charles 
James  Fox,  helping  his  two  brothers  to  roll  up  £140,000  of  debts 
for  his  father.  Lord  Holland,  to  pay:  down  below,  for  a  single 
instance,  innocent  prisoners  detained  through  long  years  for 
non-payment  of  gaolers'  fees,  and  all  the  horrible  abuses,  naked- 
ness, underground  dungeons,  fdth  and  disease  of  English  gaols 
which  caused  John  Howard  to  devote  his  life  to  bettering  prison 
conditions.*  Across  the  Channel,  put  beside  that  world-that- 
smiles  of  Watteau,  Boucher,  Fragonard,  and  Eisen,  that  con- 
temporary buried  world-that-weeps  of  Hugo's  "Les  Miserables" 
or  Sue's  "Mysteries  of  Paris." 

Into  this  world  of  smiling  face  and  blood-stained  feet  came: 
first,  the  French  Revolution,  presently  Steam,  harnessed  to  the 
Machine, — which  had  lately  begun  to  substitute  the  factory  for 
the  individual  craftsmen,  a  change  that  was  to  make  the  very 
word  manufactures  a  misnomer,  and  to  produce  profoundly 
unsettling  effects  upon  commerce,  finance,  politics  and  society. 
The  first  was  a  fiery,  volcanic  eruption  lighting  up  for  all  the 
world  the  malebolgic  depths  beneath  this  pleasant  luxury  and 
gaiety.  The  second  made  millions  its  slaves,  but  it  taught 
them  something  of  their  wrongs  and  of  their  power.  For  it  will 
be  found,  by  the  most  cursory  study  of  the  past,  that  ab- 
solutism and  a  self-centred  court  aristocracy  are  plants  which 
do  not  flourish  beside  the  expanding  Industrial  life  that  follows 
men's  harnessing  of  nature's  forces  to  make  cheap  clothing, 
food,  and  all  of  material  civiHzation's  needs. 

The  downfall  of  a  degenerated  oppressive  upper  class  has 
always  come  from  the  rise  of  a  prosperous  middle  class — manu- 
facturers, merchants  and  the  hke.  Apparently  only  the  man 
primitive  enough  to  spend  his  whole  life  in  laborious  hard  drudg- 
ery, applied  to  all  the  necessary  everyday  matters  of  life,  can  be 
permanently  held  in  the  inferior  position  which  his  fathers  before 
him  were  content  to  accept  as  their  divinely  ordained  lot.  Put 
power  into  his  hands,  and  he  begins  to  think.  Then  comes  a 
bad  time  for  those  whose  too-comfortable  existence  is  due  to  the 
exertions  of  some  ancestor  instead  of  to  their  own. 

Wells,  in  his  "Outline  of  History,"  emphasizes  as  the  result 
of  this  Industrial  Revolution  the  hardening  into  opposing  classes 
of  employer  and  employed — insisting  that  the  new  engines  and 

*  By  an  odd  coincidence,  it  was  in  the  very  year — 1774 — that  Lord  Holland 
was  told  of  the  little  joke  his  sons  had  played  on  him,  to  the  tune  of  £  140,000 
squandered  In  gambling  and  dissipation,  that  Howard  appeared  before  the 
House  of  Commons  to  disclose  the  unspeakable  horrors  he  had  discovered  as 
High  Sheriff  of  Bedford  the  year  before. 


36       ACENTURYOFBANKING  IN  NEW  YORK 

machines  made  a  factory  too  vast  and  costly  for  the  average 
artisan  to  have  any  hope  of  setting  up  for  himself.  Certainly 
this  was  not  true  in  America;  in  those  early  days  practically 
anybody  capable  of  running  his  own  business  could  start  that 
business  as  one  employing  at  least  some  of  the  modern  improve- 
ments which  were  to  make  it  more  profitable.  And  that  this 
means  of  manufacturing  necessities  and  luxuries  more  largely 
and  more  cheaply  quickened  the  building  up  ot  a  wealthy  middle 
class  is  beyond  question. 

Anyhow,  it  is  a  striking  fact  (and  one  quite  intimately  con- 
nected with  the  special  subject  of  this  volume),  that  the  first 
quarter  of  the  Nineteenth  Century  saw  both  a  liberal  awakening 
and  a  perfect  outbreak  of  mechanical  power-appliances  in  basic 
industries. 

Though  forty  years'  growth  had  still  left  a  vast  body  of  the 
United  States  a  pioneer  region,  the  alert  enterprise  of  Americans 
had  been  quick  to  lay  hold  of  this  new  power  of  steam  and  ma- 
chines. Before  the  Revolution  Christopher  Colles  set  up  an 
experimental  stationary  engine  in  Philadelphia,  and  within 
twenty  years  "steam  power  came  into  rather  general  use  in  the 
largest  establishments  along  the  seaboard.''  It  was  used  in 
dredging  the  Delaware  and  Schuylkill  rivers,  and,  even  in  these 
early  days,  as  soon  as  a  Western  community  began  to  think  of 
manufactures,  some  up-to-date  man  introduced  the  new  idea. 
Lexington,  Kentucky,  had  six  of  these  primitive  engines  by 
1815,  there  were  a  score  in  Cincinnati  and  half  as  many  more  in 
Pittsburgh  by  the  time  we  are  considering. 

In  1812  Niles  was  writing: 

"The  progress  of  manufactures  is  astonishing.  The  world  has 
no  parallel  for  the  population  of  the  United  States  nor  can  it 
furnish  any  for  the  increase  of  our  fabrications.  .  .  .  Let  the 
present  double  duties  on  dry  goods  be  continued  three  years, 
and  there  will  be  a  dreary  wilderness  between  the  great  body  ot 
our  citizens  and  the  Egypt  we  fear.  Its  passes  will  be  guarded 
by  interest,  and  all  will  watch  for  spies  from  the  enemy's  camp, 
to  seize  and  expose  and  render  abortive  all  his  designs  of  reducing 
us  again  to  bondage,  compelling  us  to  make  bricks  without  straw 
— as  we  have  been  compelled  to  purchase  British  goods  while 
denied  that  commerce  that  best  enabled  us  to  pay  for  them." 

A  couple  of  years  later  the  same  authority  was  figuring  that 
we  imported  about  one-seventh  of  the  clothing  used  here,  and 
that  there  were  almost  200,000  spindles  at  work  on  cotton  in  the 
United  States,  producing  perhaps  $8,000,000  worth  of  cloth. 
He  noted  also  that  we  were  making  all  our  own  leather  fabrics. 


R  I  S  E  O  F  A  M  E  R  I  C  A  N  I  N  D  U  S  T  R  I  E  S  37 

an  astonishing  list  of  brass  and  iron  goods,  glass,  paints,  druggists' 
supplies  and  so  on. 

Albert  Gallatin,  too,  ten  years  earlier,  had  reported  to  Con- 
gress, among  the  industries  then  "carried  on  to  an  extent  that 
may  be  considered  adequate  to  the  consumption  of  the  United 
States;"  manufactures  of  wood  and  leather,  soap,  tallow  candles, 
vermacetti  oil  and  candles,  flax  seed  oil,  refined  sugar,  coarso 
earthenware,  snuff,  chocolate,  hair  powder  and  mustard.  While, 
among  those  furnishing  a  large  proportion  at  least  of  the  home 
supply  were  products  of  iron,  cotton,  woolen,  flax,  printing  types, 
paper,  books,  playing  cards,  spirituous  and  malt  liquors,  hemp, 
gunpowder,  window  glass,  jewellery,  clocks,  lead  products,  straw 
bonnets  and  hats  and  wax  candles. 

The  average  family  outside  of  the  large  cities  still  produced 
and  manufactured  its  own  clothing;  over  ten  million  yards  of 
woollen,  linen  and  cotton  cloth  were  made  by  hand  in  the  families 
of  New  York  State  alone  in  1820,  and  carpets  were  entirely  woven 
by  hand  until  1840  in  Philadelphia — always  the  centre  of  that 
industry.  Yet  it  is  quite  clear  that  under  the  stimulus  of  the 
protecting  tariffs,  our  infant  industries  were  waxing  at  a  rate 
quite  suflicient  to  prevent  any  alarm  as  to  their  future.  The 
report  for  this  same  year  credited  New  York,  for  instance,  with 
184  cotton  and  woollen  mills,  991  fulling  machines,  1233  carding 
machines,  and  so  on. 

A  trying  time  had  come  with  the  Peace  of  1815  so  eagerly 
awaited  by  the  country: 

"Pent-up  English  manufactures  were  delivered  in  our  markets 
in  such  large  quantities  as  to  threaten  the  life  of  many  new  enter- 
prises. Many  British  merchants  were  no  doubt  eager  to  glut 
the  American  market  so  as  to  'stifle  in  the  cradle  those  rising 
manufactures  in  the  United  States  which  the  war  had  forced  into 
existence  contrary  to  the  natural  course  of  things.'  Imports  into 
this  countrv,  which  had  been  relatively  small  from  1808  to  1813, 
mounted  to  $77,000,000  in  1812,  dropped  to  $22,000,000  in  1813 
and  to  $12,000,000  in  1814,  and  then  rose  suddenly  to  $113,- 
000,000  in  1815,  and  to  $147,000,000  in  1816,  the  largest  quanti- 
ties hitherto  imported  in  a  single  year.  Manufacturers  in  all 
parts  of  the  country  became  alarmed  and  petitioned  Congress 
for  protection  and  were  able  to  secure  the  passage  of  the  Tariff 
Act  of  1816." 

Yet  in  spite  of  these  temporary  set-backs,  the  manufacturing 
current  steadily  broadened  and  deepened  over  each  five-year 
period,  a  host  of  eager  minds  laying  hold  of  inventions  and  im- 
provements, native  or  foreign,  testing  them  out,  using  those  that 


38       A  CENTURY  OF  BANKING  IN  NEW  YORK 

worked,  changing  one  section  after  another  from  an  agricultural 
to  an  industrial  region. 

For  example,  Francis  C.  Lowell  and  Patrick  S.  Jackson  of  Bos- 
ton worked  out  in  1813,  from  Lowell's  recollection  of  what  he  had 
seen  in  English  cotton  mills,  a  little  experimental  plant  in  Wal- 
tham — claimed  to  have  been  the  first  cotton  factory  in  the  world 
performing  all  the  operations  from  lint  to  cloth  under  the  same 
roof.  In  1822  their  success  led  them  to  buy  a  larger  site  else- 
where, and  to  inaugurate  the  vast  congeries  of  manufacturing 
enterprises  which  make  Lowell  to-day  a  centre  of  the  industry. 

The  first  paper-making  machines  were  brought  over  from 
France  in  1820.  Mackintosh  in  Glasgow  succeeded  in  using 
rubber  for  waterproofing  in  1823;  Jonas  Chickering  produced  his 
first  piano  the  same  year.  The  first  Macquard  silk  loom  was 
brought  here  in  1824.  One  need  only  consider  these  few  in- 
stances, in  a  country  of  only  seven  million  people,  to  realize  what 
a  vital  matter  the  tariff  seemed  to  manufacturers,  merchants, 
bankers,  and  solid  business  men  generally. 

It  should  be  remembered,  however,  that  in  New  York,  as  in 
some  of  the  other  larger  cities,  an  extraordinary  proportion  of  the 
business  still  originated  from  cargoes  of  foreign  goods  sold  at 
auction  and  purchased  for  re-sale  by  the  merchants. 

The  magnitude  of  these  auctions  in  New  York  is  indicated  by 
a  report  showing  that  in  1818  the  43  auctioneers  sold  $15,578,- 
831.09  worth  of  goods — on  which  the  tax  paid  to  the  United 
States  was  $305,383.32.  It  is  an  interesting  fact  that  some  or  all 
of  the  money  thus  raised  went  into  the  Canal  fund  which  financed 
the  building  of  the  Erie  Canal.* 

What  this  system  meant  to  a  young  merchant  ;ust  starting  out 
is  strikingly  illustrated  in  the  reminiscences  of  Thomas  Eddy, 
lor  several  decades  one  of  the  foremost  business  men  and  philan- 

*  The  success  of  this  fund  made  it  unnecessary  for  the  State  for  instance  to 
accept  such  an  offer  as  that  chronicled  in  the  New  York  Columbian  in  April, 
1819:  "A  Company  of  Gentlemen,  of  known  capital,  have  offered  to  do  the 
whole  of  this  great  work  for  the  lease  of  the  Salt  Springs,  etc.  belonging  to  the 
State  for  50  years,  when  they  shall  revert  back  to  the  present  owners;  and 
never  to  sell  the  salt  at  the  works  above  the  present  price,  which  is  only  37  K 
cents  per  bushel."  Since  the  cost  of  the  Canal,  then  the  longest  in  the  world, 
was  $7,145,789.86  one  gets  an  idea  of  the  importance  of  this  salt  supply  at 
the  time.  "Hibernicus"  writing  in  1820  of  his  trip  to  Salina,  describes  the 
Salt  Springs  in  the  marshes  there,  and  says  that  the  United  States  then  con- 
sumed five  million  bushels,  of  which  three  million  were  imported  and  quarter 
of  the  rest  manufactured  at  Salina,  pointing  out,  too,  that  this  salt,  including 
a  duty  of  \2}4  cents,  could  be  delivered  at  Albany  via  the  Canal  for  about  25 
cents  a  bushel  (it  cost  in  New  York  40  to  50,  the  duty  on  the  imported  article 
being  20  cents) — and  declared  that  he  considers  "the  salt  manufacture  of 
Salina  the  most  important  establishment  in  the  United  States." 


'JT's 


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Artist,  Peter  Lacour 

(From  an  arigitial  engraving,  < 


of  three  known, 


Engraved  by  Ai. 
possession  of  Kennedy  i 


OS  Doolitlle,  i~go 
Co.) 


The  onlv   known   contemporary   picture  of  Washington's  inauguration.      The 
building,  which  encroached  upon  Wall  and  Nassau  Streets,  was  built  as  a  City 
Hall  in  1699  and  remodelled  for  the  Federal  Government  in  1788 


NEW    YORK'S    AUCTION-SALE    PERIOD         39 

thropists  of  Manhattan.  His  people  were  members  of  the  Society 
of  Friends  in  Philadelphia.  Upon  the  evacuation  of  that  city 
by  the  British,  young  Thomas  came  to  New  York.  He  arrived 
here  in  1779  with  $96  in  his  pocket,  very  imperfectly  educated, 
and  quite  ignorant  of  any  kind  of  business.  Here's  the  way  he 
got  his  start: 

"I  took  board  with  William  Backhouse,  in  the  house  now  occu- 
pied by  Daniel  McCormick  in  Wall  Street,  at  the  rate  of  eight 
dollars  per  week,  besides  having  to  pay  one  dollar  weekly  for 
washing;  Samuel  Elain,  late  of  Newport,  deceased,  John  I. 
Glover,  and  two  or  three  other  respectable  merchants,  boarded 
at  the  same  house;  becoming  acquainted  with  them  was  highly 
useful  to  me,  as  it  was  the  first  opportunity  I  ever  had  of  acquir- 
ing a  knowledge  of  commerce,  and  the  course  of  mercantile 
dealing.  I  knew  that  it  was  out  of  my  power  to  support  myself 
with  what  I  then  possessed,  and  that  I  must  soon  come  to  want, 
unless  I  could  succeed  in  business.  The  first  thing  to  which  my 
attention  was  turned,  was  daily  to  attend  auctions  at  the  Coffee 
House,  and  being  sensible  of  my  own  ignorance,  I  endeavoured 
by  every  means  in  my  power  to  acquire  information,  carefully 
inquiring  of  others  the  names  of  articles  exposed  for  public  sale, 
as  it  often  happened  that  I  was  not  even  acquainted  with  the 
names  of  many  of  them.  I  then  inquired  their  value,  and 
advised  with  some  persons  previous  to  purchasing;  sometimes, 
on  noticing  an  article  intended  to  be  sold  by  auction,  I  would 
procure  a  sample,  and  call  on  some  dealer  in  the  article,  and  get 
them  to  offer  me  a  fixed  price  on  my  furnishing  it;  in  this  way, 
by  first  ascertaining  where  I  could  dispose  of  the  goods,  I  would 
purchase,  provided  the  price  would  afford  me  a  profit.  On  this 
plan  I  have  found  a  purchaser  for  goods,  bought  and  delivered 
them,  and  received  the  money,  which  enabled  me  to  pay  the 
auctioneer  the  cost  of  them,  without  my  advancing  one  shilling. 
I  was  obliged  to  live  by  my  wits,  and  this  necessity  was  of  great 
use  to  me  afterwards.  Some  months  after  my  arrival  in  New 
York,  my  brother  Charles  arrived  from  Ireland,  and  brought  with 
him,  on  account  of  merchants  there,  provisions,  linens,  &c. 
shipped  from  Dublin,  Cork,  Belfast  and  other  ports.  He  re- 
turned to  Europe  in  1780,  previous  to  which  we  formed  a  copart- 
nership with  Benjamin  Svkes,  under  the  firm  of  Eddy^  Svkes, 
Co." 

We  get  another  side-light  on  the  magnitude  of  the  auction 
business  from  reading  the  list  of  City  Ordinances  regarding  these 
sales,  which  the  Strangers'  Guide  for  1817  lists  among  "Nui- 
sances"! 


40       A  C  E  N  T  U  R  Y  O  F  B  A  N  K  I  N  G  I  N  N  E  W    YORK 

"Sales  by  Auction. — No  goods  to  be  sold  on  the  streets  except  between 
9  o'clock  a.  m.  and  2  p.  m.;  penalty  10  dollars. 

"Goods  not  to  be  sold  in  the  streets  without  the  permission  of  the  occupant 
of  the  house,  store,  or  let,  before  which  the  goods  are  laid;  not  to  be  placed  on 
the  side  walk,  nor  occupy  more  than  a  third  part  in  width  of  the  cart  way,  or 
lane;  penalty  10  dollars. 

"Salted  beef  or  pork,  dried  or  pickled  fish,  blubber,  hides,  or  cotton  wool, 
not  to  be  exposed  for  sale  between  1st  June  and  1st  November;  penalty  50 
dollars. 

"Household  furniture  to  be  sold  only  at  Peck-slip,  between  Pearl  and  Water 
Street;  at  Fulton-street,  between  Water  and  Front-streets;  at  Bur  ling-slip, 
between  Pearl  and  Front-Streets;  at  Old-slip,  between  Water  and  Front 
Streets;  in  Broad-street,  between  Front  and  South-streets;  and  in  l^esey-street, 
between  Greenwich  and  Washington-streets;  penalty  10  dollars. 

"Carriages  and  animals  to  be  exposed  to  sale  in  Elm-street,  between  White- 
street  and  Canal-street;  penalty  10  dollars. 

"Every  article  exposed  to  sale  at  auction,  in  the  public  streets,  to  be  re- 
moved by  5  o'clock  P.  M.  of  the  day  of  selling;  penalty  10  dollars. 

"No  bellman,  cryer,  drum,  or  fife,  instrument  of  music,  or  any  other  show, 
signal,  or  flag,  to  be  used  at  any  place  of  sale  by  auction;  penalty  10  dollars. 

"All  dry  goods,  hardware,  wooden  or  tin  ware,  exposed  to  sale  by  auction, 
in  the  streets,  except  articles  of  household  furniture,  to  be  sold  wholesale,  and 
not  In  small  parcels  or  pieces;  penalty  10  dollars." 


Chapter  III 

INDIVIDUAL  NOTES  AS 
CURRENCY 

FlucluaHo/iJ-  in  Currency  lvalues — Depreciation  of  Conli- 

nenlai  Currency — Abuses  of  Our  Financial  System — 

the  Injustice  JF^orked  by  Depreciated  Notes — 

How  Unstable  Values  Hurt  Business — 

When    Banknotes    Sold    at     Cut 

Rates—  Paying  Bills  With 

Money    Below    Par 

PERHAPS  the  most  striking  condition  in  business  and  finance 
affecting  the  banks  of  this  period  was  the  chaotic  state  of 
our  currency. 

It  should  be  remembered  that  banking  in  America  always 
implied  a  right  and  practice  highly  at  variance  with  that  of  the 
great  foreign  banks — the  right  to  issue  paper  money  as  a  sub- 
stitute for  specie  currency.*  Gallatin  pointed  out  a  little  later 
that  these  bank  notes  had  become  "the  local  and  sole  currenc;^", 
in  the  various  places  where  they  were  made  payable,  for  nom- 
inally at  least  they  were  always  payable  on  demand  in  coin.f 

The  States,  of  course,  had  set  the  example  in  this.  In  1652 
the  Massachusetts  General  Court  worked  out  a  crude  sort  of 
clearing  house  of  bills,  balanced  up  by  the  constables  of  indi- 
vidual towns,  "for  the  prevention  of  the  charge  and  trouble  of 
transportation  of  the  rates  to  be  levyed,  to  the  treasurer  of  the 
county" — -taxes  being  balanced  by  bills  for  wages,  horses,  pro- 
visions, and  so  on.  Again  in  1790,  the  Colony  raised  £7,000  to 
pay  its  clamorous  soldiers,  returned  from  the  unsuccessful  ex- 
pedition against  Canada,  by  paper  promises  to  pay.  Carolina 
was  driven   to   the  same   expedient   a   decade  later;   next   came 

*  Bank  notes  were  current  in  China  as  early  as  800  A.D.  The  first  adapta- 
tion to  European  uses  was  when  Palmstruck  issued  them  from  his  govern- 
mental Riksbank  in  Sweden  in  1658. 

t  There  were  issues  called  Post-notes  sold  and  purchased  which  were  not 
payable  on  demand,  varied  in  value,  and  were  not  considered  a  part  of  the 
currency  proper. 

41 


42       ACENTURYOFBANKINGINNEWYORK 

Connecticut;  and  in  1709  New  York  adopted  the  same  means 
for  the  same  purpose. 

The  money  situation  was  compKcated  enough  even  before 
the  introduction  of  these  doubtful  pieces  of  paper;  there  were 
in  use  coins  of  Holland,  France,  Germany,  Spain,  England  and 
the  old  Massachusetts  coinage,  each  with  the  valuation  of  its 
respective  country  and  in  many  cases  each  differing  in  different 
Colonies.  For  example  pieces  of  eight,  stamped  six  S.  were 
worth  6s.  8  in  New  York,  7s.  8  in  New  Jersey,  4s.  6  in  Mary- 
land and  5s.  in  Virginia  and  Carolina. 

With  the  introduction  of  this  new  form  of  currency,  each 
colony  putting  out  denominations  and  conditions  after  its  own 
sweet  will,  the  daily  problem  of  purchasing  and  selling  became 
more  and  more  difficult.  These  first  issues  were,  to  be  sure, 
protected  with  much  care.  It  was  a  felony  without  benefit  of 
clergy  to  counterfeit  the  bills  of  Massachusetts.  * 
/  Anyone  who  refused  to  accept  New  York's  bills  of  1714  as 
legal  tender  in  the  payment  of  debts  on  a  par  with  gold  or  silver 
/forfeited  the  debt  and  was  perpetually  barred  from  its  recovery, 
i^oreover,  a  tax  on  plate  and  spirits  was  laid  to  retire  them — 
with  the  result  that  New  York's  bills  were  25  per  cent,  better 
in  New  England  than  the  ones  issued  there.  As  people  became 
more  and  more  habituated  to  the  issue  of  such  bills,  matters 
grew  steadily  worse,  though  New  York  was  generally  far  ahead 
of  her  neighbors  in  proper  financial  provisions  and  consequent 
credit  for  her  issues.  The  violent  fluctuation  of  values  is  in- 
dicated by  these  comparative  rates  of  exchange  on  £100  sterhng 
during  this  middle  period: 


1740 

1748 

New  England 

£    525 

£1,100 

New  York 

160 

190 

New  Jersey 

160 

180  and  190 

Pennsylvania 

170 

180 

Maryland 

200 

200 

North  Carolina 

1,400 

1,000 

South  Carolina 

800 

750 

Virginia 

120  and  125 

*  The  New  York  record  was:  In  1704,  such  "evil  disposed  Persons"  as 
counterfeited,  clipped,  forged,  filed  or  otherwise  lessened  or  debased  the  coin 
of  the  realm  were  liable  to  imprisonment  for  a  year  and  a  day,  and  the  loss  of 
all  goods  and  chattels.  When  the  evil  grew  worse  it  was  provided  in  1745 
that  such  counterfeiters  should  suffer  death  without  the  benefit  of  clergy,  as 
in  cases  of  felony.  The  same  penalty  was  in  1766  extended  to  imitatmg  the 
bills  of  credit  of  any  colony.  In  1788  the  privilege  of  benefit  of  clergy  was 
abolished  in  all  cases  of  felony,  and  the  death  penalty  for  forgery  and  counter- 
feiting was  re-affirmed.  A  law  of  1808  modified  this  to  imprisonment  for  life; 
and  a  year  later  this  was  still  further  softened  to  a  seven-year  term. 


DEPRECIATION    OF    CURRENCY  45 

Then  came  the  final  war  against  the  French  in  Canada,  re- 
quiring £416,000  in  paper  money  for  payments,  and  the  Revolu- 
tion with  the  flood  of  notes  by  the  Continental  Congress  and 
by  each  of  the  Confederated  Colonies. 

Here,  again.  New  York  was  conspicuous  by  the  moderation 
and  sanity  of  its  financing,  but  through  the  country  at  large 
there  was  a  ruinous  depreciation  thoroughly  unsettling  to  busi- 
ness large  and  small.  The  following  advertisement  was  prob- 
ably the  product  of  Tory  spleen,  but  later  on  it  was  much  too 
near  the  truth  for  comfort: 

1776.  Oct.  28.  Wanted,  by  a  gentleman  fond  of  curiosi- 
ties, who  is  shortly  going  to  England,  a  parcel  of  congress 
notes,  with  which  he  intends  to  paper  some  rooms.  Those 
who  wish  to  make  something  of  their  stock  in  that  com- 
modity, shall  if  they  are  clean  and  fit  for  the  purpose,  receive 
at  the  rate  of  one  guinea  per  thousand  for  all  they  can  bring 
before  the  expiration  of  the  present  month.  Inquire  of 
the  printer.  N.  B.  It  is  expected  that  they  will  be  much 
lower.     New  York  Gazette. 

As  if  the  situation  were  not  already  bad  enough.  Sir  Henry 
Clinton  allowed  himself  to  be  persuaded  to  adopt  some  of  the 
modern  methods  of  warfare  and  permitted  Continental  money 
to  be  counterfeited  and  sold  in  New  York.  Tom  Paine  has 
an  outburst  of  righteous  indignation  about  this  in  the  Crisis. 
Indeed  the  poetry  and  prose  of  Revolutionary  times  is  full  of 
references  to  this  everyday  phenomenon  of  money  which  would 
not  purchase  anything,  and  the  wits  found  in  it  a  never  failing 
subject  of  humor.  The  fourth  canto  of  Trumbull's  "McFingall" 
contains  a  full-length  portrait  of  a  ghastly  spectre  "  the  ghost  of 
Continental  Money"  bearing  upon  its  tattered  robes  the  device 
"the  faith  of  all  th'  United  States." 

Then,  as  now,  it  was  easier  for  poets  and  wits  to  see  the  hu- 
morous side  of  business  hardships  than  for  the  sober  merchant 
or  banker,  with  obligations  to  meet.  One  cannot  fail  to  feel 
sympathy  with  honest,  old  John  Blakey,  whose  pair  of  letters 
that  follow  take  one  right  back  into  the  personal  worries  of  a 
reputable  merchant  strugghng  with  the  situation: 

"Concord,  April  18,  1777 
"My  Esteemed  Friend,  &c: 

"I  am  almost  sick  of  this  world,  and  the  plane  coats  that  are 
in  it  (and  wish  I  had  a  good  title  to  a  better),  some  of  those  stif 
rumps  pretend  to  be  in  the  world,  and  not  off  it,  high  in  profes- 
sion, whose  practice  gives  them  the  lie;  they  are  some  of  the 
keenest  fellows  we  have  amongst  us,  and  to  a  discerning  eye  it 
is  evident  that  gain  is  their  God.      If  they  have  anything  to  sell. 


44       A  CENTURY  OF  BANKING  IN  NEW  YORK 

they  are  sure  to  ask  a  Continental  price  for  it,  and  then  make 
many  evasions  now  to  take  ye  money.  Notwithstanding  what 
I  have  said,  I  love  and  revere  an  honest  man,  let  his  profession 
in  religion  be  what  it  will.  I  have  taken  about  a  thousand 
pounds  of  Continental  and  resolve  money,  first  and  last,  three 
hundred  of  which  I  have  passed  since  I  have  been  in  Concord. 
I  believe  I  have  not  taken  twenty  shillings  in  any  other  money 
but  continental  and  resolve  this  twelve  months  or  more.  Yes- 
terday, Jacob  Keyser,  of  Germantown,  paid  me  £200  in  con- 
tinental money;  he  gave  the  widow  Warner  380  for  the  place 
he  mortgaged  to  me,  and  is  now  about  selling  it  for  800.  I 
have  a  mind  to  buy  a  place  myself,  but  the  money  is  so  depre- 
ciated, that  one  must  give  as  much  again  as  a  place  is  worth,  and 
it's  but  few  that  will  take  it  at  any  rate.  They  are  less  afraid 
of  old  Nick. 

"I  shall  endeavour  to  make  myself  as  easy  under  my  present 
circumstances  as  I  possibly  can.  I  well  remember  the  time 
when  I  was  not  worth  20s.  in  the  world;  if  I  should  live  to  see 
that  time  again,  I  desire  to  bless  God  that  I  have  not  been  a 
beggar  all  my  life  time.  If  the  money  I  have  should  die  in  my 
hands,  I  must  go  to  work  again,  and  if  I  can't  do  much,  I  must 
do  little.  I  gratefully  remain  for  the  many  kindnesses  I  received 
from  you  and  your  loving  consort,  during  a  series  of  years  in 
your  servis.  May  God's  choicest  blessing  be  your  reward.  My 
best  respect  to  Mrs  Paschall,  love  to  Polly,  and  the  rest  of  the 
family.      I  remain  with  the  utmost  respect,  sir, 

"Your  very  humble  servant, 

John  Blakey 

"N.B.  I  should  come  to  town  to  discharge  two  mortgages 
in  the  office,  but  John  works  almost  every  day  4  of  his  horses, 
the  5th  is  lame  and  like  to  be  so,  the  6th  and  last  is  a  coalt  of 
a  year  old,  not  fit  for  the  saddle." 

"Concord,  November  29th  1778 
"My  dear  Sir: 

"We  live  in  an  age,  and  revolution  of  the  world,  when  too 
many  of  its  inhabitants  have  neither  faith,  honour  nor  con- 
science, or  the  feeling  of  humanity  or  common  honesty.  The 
other  day  when  my  cousin  John  was  at  your  house,  he  told  me 
the  widow  Jones  was  there  inquiring  after  me,  in  order  I  suppose 
to  settle  with  me  in  a  continental  way,  that  is,  to  give  me  for  a 
hundred    pounds   what    is    not    worth    twenty.      The   money    has 


ABUSESOFOURFINANCIALSYSTEM  45 

been  on  interest  six  years  and  almost  seven  months  and  but  one 
year's   interest   paid.      The   principal   of  a    hundred    pounds    in 

continental  money  at  five  to  one  is £500,  00  00 

the  interest  for  5  years  and  7  months  is        ....       167,   10  00 

£667,   10  00 

"I  am  not  fond  of  it  at  any  rate,  as  it  is  of  such  a  depreciating 
nature.  If  she  has  a  mind  to  pay  me  in  hard  money,  it  comes 
to  £133,  10.  I  don't  intend  to  take  any  pay  that  is  not  equiva- 
lent to  it;  please  to  tell  her  so  the  first  opportunity,  and  I  shall 
take  it  as  a  great  favour.  *  *  *  The  conditions  in  her  husbands 
bonds  says  I  shall  be  paid  without  fraud;  that  is  all  I  desire. 

"Sometime  ago  when  I  had  the  honour  and  happiness  to  live 
in  your  family,  Mrs.  Jones  came  to  me  and  acquainted  me  she 
had  buried  her  husband,  had  lost  a  young  negro  wench,  was  left 
with  six  children  and  bursted  into  tears,  prop'd  I  would  not  be 
hard  with  her,  and  I  should  be  —  HonesLly  Paid.  I  told  her 
she  must  not  cry,  nor  break  her  heart,  I  had  never  sued  any  body, 
that  I  was  not  going  to  begin  then,  if  she  could  not  pay  me  then, 
I  should  endeavour  to  do  without  it.  If  I  had  less  feeling  for 
other  people,  and  more  for  myself,  it  would  perhaps  been  better 
for  me  this  day.  Had  I  gone  to  Philadelphia  last  summer  when 
the  English  was  there,  and  sold  her  house  for  hard  money,  and 
paid  myself  out  of  it,  I  doubt  not  but  she  whould  have  said,  I 
was  a  gungry  fellow  that  had  us'd  her  badly,  but  if  I  know  my 
own  heart,  I  should  rather  lose  all  the  money  than  do  an  ill 
thing  to  save  it.  My  dear  friend,  I  wish  you  the  recovery  of 
your  just  debts,  to  your  sattisfaction,  but  least,  I  should  tire 
your  patience  and  my  pen,  I  shall  conclude  with  subscribing 
myself  your  and  Mrs.  Paschall's  unalterable  friend,  and  humble 
servant, 

John  Blakey. 

"N.B.  Love  to  my  little  Polly  and  all  inquiring  friends. — 
When  a  mortgage  is  paid  off,  it  is  required  of  the  mortgagee  to 
give  a  receit  in  the  margin  of  the  recorded  deed  in  the  office, 
and  say  receiv'd  full  satisfaction  without  fraud,  defalcation,  or 
abatement.  How  can  I  do  this,  when  I  am  not  paid  its  valua- 
tion or  sum  total? 

"Yours,  &c." 

Even  after  the  Continental  currency  was  retirecl  and  some  of 
the  grotesque  features  of  its  depreciation  disappeared,  business 
and  finance  in  the  United  States  was  confronted  with  the  same 


46       ACENTURYOFBANKINGINNEWYORK 

problem — due  to  the  fact  already  mentioned,  that  our  banking 
system  was  based  on  that  of  England  and  differed  from  those 
of  all  the  Continental  countries  in  giving  this  right  of  issuing 
bills  supposed  to  pass  currently  for  money. 

How  this  was  abused  in  the  outlying  communities  is  indicated 
in  a  report  of  January  1822  covering  the  New  England  banks: 

Seven  banks  in  Boston  with  capital  of  $6,500,000 

had  outstanding        $1,231,381—  18^"% 

15  near  Boston  with  capital  of  $2,400,000,  had 

outstanding $1,033,860—  43% 

7  distant  banks  with  capital  of  only  $950,000, 

had  outstanding $1,246,214—131% 

No  wonder  that  wise  old  Albert  Gallatin  remarked  shortly 
afterwards  in  one  of  his  sane  summaries  of  the  financial  situation: 

"The  present  situation  of  the  banking  system  has  proved 
but  too  conclusively  the  general  inclination  to  Increase  immod- 
erately the  banking  capital  and  the  number  of  banks;  and  also 
the  general  tendency  of  all  the  banks  to  extend  their  loans  and 
discounts  beyond  what  prudence  and  their  primary  duty  would 
dictate;  and  it  is  believed  that  this  defect  Is  Inherent  to  all 
Joint  Stock  Banking  Companies." 

Of  course,  when  one  considers  the  complete  ignorance  of 
finance  In  this  country,  *  and  the  fact  that  we  were  building  up 
new  and  unsettled  regions  with  incredible  rapidity,  these  errors 
are  little  to  be  wondered  at.  Moreover,  our  superior  English 
cousins  had  really  shown  us  the  way  towards  this  confusion. 
The  British  Government,  In  1797,  had  broken  a  precedent  cover- 
ing a  century  which  saw  many  terrific  wars,  and  had  suspended 
specie  payments — for  more  than  twenty  years.  "The  effect  In 
"^  America  has  been  to  familiarize  the  idea  that  a  continued  sus- 
pension might  become  the  ordinary  state  of  things,  and  that 
banks  might  fail  without  becoming  bankrupts." 

But  what  our  people  failed  to  realize  was  the  stabilizing  effect 
of  the  Bank  of  England's  control  over  the  whole  system  in  Great 
Britain.  We  saw  only  that  even  this  mighty  Institution's  notes 
were  steadily  declining  from  their  parity  with  gold  and  silver, 
V  until  they  were  worth  twenty  percent,  less  than  their  nominal 

value.  But  these  notes  alone  were  legal  tender;  all  other  banks 
of  issue.  Including  the  English  private  bankers  and  the  Scotch 
joint  stock  companies,  were  still  obliged  upon  demand  to  re- 
deem their  own  Issues  in  Bank  of  England  notes  (or,  what 
amounted   to  the  same  thing,  drafts  on  London).      "Whatever 

*  And  we  were  not  at  all  alone  in  this:  it  was  in  Ireland  that  a  mob  made  a  bon- 
fire of  a  great  pile  of  notes  issued  by  an  unpopular  banker,  crying  out  "The 
bank  will  surely  break  now"! 


DEPRECIATION    WORKED    INJUSTICE         47 

the  depreciation  might  be,  whatever  evils  might  be  caused  by 
its  fluctuation,  still  that  depreciation  was,  at  the  same  time  the 
same  throughout  every  district  of  Great  Britain  and  of  Ireland: 
it  affected  in  a  direct  manner  all  foreign  exchanges  and  trans- 
actions: it  had  no  immediate  and  direct  effect  on  domestic  ex- 
changes." 

Here,  on  the  contrary,  we  had  a  score  of  independent  legisla- 
tures authorizing  all  sorts  of  ill-secured  issues — producing  de- 
preciated notes  whose  values  were  different  "at  the  same  time  in 
the  different  States,  in  different  districts  of  the  same  State,  and 
occasionally  in  the  different  banks  of  the  same  district."  A 
banker,  or  even  a  merchant,  had  to  consult  a  daily  changing 
schedule  of  values  as  complicated  as  a  modern  tariff  list.  At  this 
very  time  it  took  $180  in  notes  of  the  Kentucky  Bank  to  pur- 
chase $100  of  specie. 

"The  effect  on  the  moral  feeling  of  the  community,"  observes 
the  old  banker,  "has  been  most  lamentable." 

"When  banks  suspend  specie  payments,  their  debtors  have  a 
right  to  discharge  the  debt  in  the  depreciated  paper  of  those 
institutions.  But,  because  the  banks  offer  to  pay  their  own 
debts  with  the  same  paper,  it  is  not  perceived  whence  the  right 
accrues  to  individuals  to  pursue  the  same  course  towards  each 
other.  They  have  not  the  legal  right,  since,  in  case  of  a  suit, 
the  debt  can  only  be  discharged  in  the  legal  coin  of  the  country: 
nothing  but  gold  or  silver  is  by  the  constitution  a  legal  tender. 
Morally,  every  debtor  is  still  bound  to  pay  his  creditors,  the 
suspended  banks  only  excepted,  in  coin,  or  at  least  in  the  de- 
preciated currency  at  its  market  price  in  gold  or  silver.  It 
happens,  however,  that  the  great  mass  of  merchants,  who  reside 
in  the  same  place,  being  at  the  same  time  debtors  and  creditors, 
find  it  more  convenient  still  to  pay  each  other  by  the  transfer  of 
bank  deposits,  or  to  take  and  pay  the  bank  paper  at  its  nominal 
value.  This,  whilst  confined  to  those  who  have  a  common 
interest  in  pursuing  that  course,  may  not  be  improper,  and  is 
convenient.  But  it  is  utterly  unjust  toward  those  who  are 
creditors  at  home  and  debtors  abroad,  towards  all  those  who 
have  only  debts  to  collect  and  none  to  pay,  or  who,  if  they  have 
payments  to  make  as  consumers,  are  obliged  to  purchase  at 
enhanced  prices.  The  loss  falls,  heavily  and  most  unjustly,  on 
those  who  live  on  wages,  which  do  not  advance  with  the  enhanced 
prices  of  articles  of  consumption,  but  which,  on  the  contrary, 
generally  fall  during  a  period  of  universal  derangement. 

"The  injustice  is  still  greater  between  those  different  cities 
and  States  where  the  depreciation  is  not  the  same.      When  the 


48       A  CENTURYOF  BANKING  IN  NEW  YORK 

parties  have  failed  or  are  unable  at  once  to  meet  their  engage- 
ments, amicable  arrangements  must  take  place,  and  the  creditors, 
in  such  cases,  are  satisfied  to  receive  what  the  debtor  can  pay. 
But  those  debtors,  residing  in  States  or  places  where  the  local 
currency  is  most  depreciated,  who  can  pay,  now  begin  to  think 
that,  because  they  pay  and  are  paid  at  home  with  that  currency, 
they  are  absolved  from  the  obligation  to  pay  in  any  other  way 
their  creditors  who  reside  in  other  places  or  States.  It  amounts 
to  this;  you  must  receive  this  depreciated  paper  at  par,  or  you 
may  institute  a  suit,  and  the  creditor,  who  knows  the  expenses 
and  delays  of  the  law,  and  who  must  realize  his  active  debts  in 
order  to  meet  his  own  engagements,  is  compelled  to  submit.  In 
process  of  time,  the  people  generally  acquiesce;  the  banks  seem 
to  forget  altogether  in  what  consists  their  primary  duty,  and, 
under  pretence  of  alleviating  the  distress,  consult  only  their  own 
convenience.  The  same  feeling  at  last  penetrates  into  the  legis- 
lative halls;  and  the  State  legislatures,  which  at  first  had  appeared 
disposed  to  enforce  a  prompt  return  of  the  banks  to  their  duty, 
yield  and  authorize,  sometimes  even  encourage,  an  almost 
indefinite  continuance  of  the  suspension. 

"It  would  be  painful  to  pursue  the  subject  any  farther,  and  to 
advert  to  the  recklessness,  gross  neglect,  inconceivable  mis- 
management, amounting  to  a  breach  of  trust,  to  the  disgraceful 
and  heretofore  unheard-of  frauds,  which  have  occasionally 
occurred,  or  to  that  which  is  perhaps  still  worse,  the  apathy  or 
lenity  with  which  those  enormities  are  viewed. 

"It  may  with  truth  be  affirmed,  that  the  present  situation  of 
the  currency  of  the  United  States  is  worse  than  that  of  any  other 
country.  The  value  even  of  the  irredeemable  paper  money  of 
Russia  has,  during  the  last  forty  years,  been  more  uniform,  and 
in  its  fluctuations,  the  tendency  has  been  to  improve  and  not  to 
deteriorate  that  value.  No  hesitation  is  felt  in  saying  that, 
whatever  may  be  the  presumed  advantages  of  a  moderate  use  of 
N^a  paper  currency,  convertible  into  specie  on  demand,  to  have  no 
issue  of  paper  would  be  far  preferable  to  the  present  state  of 
things." 

Just  to  increase  the  joyous  and  haphazard  casualness  of  finan- 
cial transactions,  our  coinage,  too,  demanded  a  mathematical 
calculation  to  determine  its  true  value.  England's  standard  of 
value  was  based  on  gold,  ours  on  silver;  hence  one  had  to  know 
the  market  price  of  silver  per  ounce  in  the  actual  currency  of 
England  in  order  to  pay  a  bill  there.  The  legal  proportion  was: 
in  England,  one  ounce  of  gold  to  15  9/124ths  of  silver;  in  France, 
^.  1  to  15}4  ounces;  in  this  country,  1  to  15.    Nominally,  our  dollar 


HOW  UNSTABLE  VALUES  HURT  BUSINESS     49 

was  equivalent  to  4s.  6d.  sterling  so  that  $444.44  should  have 
been  equivalent  in  pure  silver  to  £100  standard.  But  the  Ameri- 
can dollar,  which  the  Mint  regulation  declared  to  be  I7d.  8  grs., 
was  of  a  metal  so  much  less  pure  than  that  used  abroad  that  it 
actually  had  8>^  grains  less  of  real  silver,  losing  here  2)44-  Then 
the  actual  weight  of  the  dollars  in  general  circulation  was  2 
grains  short  of  the  theoretical;  so,  when  the  market  value  of 
silver  was  equal  to  its  legal  parity  with  gold,  there  was  a 
5  per-cent.  premium  on  exchange  here  besides  the  cost  of  remit- 
tance. 

In  addition,  since  comparatively  httle  silver  was  coined  (it 
was  legal  tender  only  for  sums  not  exceeding  40s.)  there  was 
a  regular  market  for  it  as  bullion,  and  the  price  fluctuated  in 
accordance  with  its  fineness  and  by  the  supply  and  demand  at 
the  time. 

In  the  period  we  are  considering,  therefore,  the  premium  on 
exchange  probably  averaged  as  high  as  10  per  cent,  and  was 
often  much  more. 

Such  a  state  of  affairs  would  be  a  severe  handicap,  even  in  a 
community  where  business  men  had  been  trained  for  generations 
in  the  principles  and  practice  of  financial  matters,  but  Eleazar 
Lord  (at  this  time  President  of  the  Manhattan  Insurance  Com- 
pany and  later  head  of  the  Erie  Railroad)  stated  the  case  quite 
mildly  in  his  very  intelligent  treatise  on  "Credit,  Currency  and 
Banking"  when  he  dryly  remarked: 

"At  present,  the  proportion,  even  of  merchants  and  bankers, 
who  knew  anything  of  our  laws  respecting  our  own  and  foreign 
coins,  or  of  the  degrees  of  alloy  in  those  coins,  or  who  could  deter- 
mine the  true  power  of  exchange  between  this  and  any  other 
country,  is,  probably,  not  very  great." 

Imagine  a  pioneer  "banker,"  growing  up  with  the  newly 
settled  community  in  a  backwoods  region,  struggling  with  these 
recondite  matters — amid  people  whose  main  idea  was  that  there 
had  to  be  plenty  of  money  in  order  that  each  of  them  might  have 
plenty  of  it,  and  that  banks  were  to  be  suspected  because  they 
were  concentrations  and  issuers  of  money — and  some  high  lights 
of  the  true  picture  of  those  times  will  begin  to  appear. 

Not  only  did  we  have  the  same  inevitable  phenomenon  of 
rising  prices  which  disconcerted  England  during  the  latter  years 
of  the  Napoleonic  wars,  but  the  utter  instabihty  of  ya^Jyes  was 
a  clog  on  business  between  different  sections,  and  often  worked 
the  severest  hardships. 

Much  of  the  ammunition  of  the  supporters  of  a  National 
Bank  was  drawn  from  this  source.     A  Congressional  report  thus 


x7' 


50       ACENTURYOFBANKINGINNEWYORK 

summarized  the  situation  some  years  after  the  date  we  are  con- 
sidering: 

"The  price  current  appended  to  this  report  will  exhibit  a 
scale  of  depreciation  in  the  local  currency,  ranging,  through 
various  degrees,  to  twenty,  and  even  twenty-five  percent.  Among 
the  principal  eastern  cities,  Washington  and  Baltimore  were 
the  points  at  which  the  depreciation  was  the  greatest.  The 
paper  of  the  banks  in  these  places  was  from  twenty  to  twenty- 
two  percent,  below  par." 

At  Philadelphia,  the  depreciation  was  considerably  less, 
though,  even  there  it  was  from  seventeen  to  eighteen  percent. 
In  New  York  and  Charleston,  it  was  from  seven  to  ten  percent. 
But  in  the  interior  of  the  country,  where  banks  were  established, 
the  depreciation  was  even  greater  than  in  Washington  and  Bal- 
timore. In  the  western  part  of  Pennsylvania,  and  particularly 
at  Pittsburgh,  it  was  twenty-five  percent. 

These  statements,  however,  of  the  relative  depreciation  of 
bank  paper,  at  various  places,  as  compared  with  specie,  give  a 
very  inadequate  idea  of  the  enormous  evil  inflicted  upon  the 
community  by  the  excessive  issues  of  bank  paper. 

"A  very  serious  evil  already  hinted  at,  which  grew  out  of  the 
relative  depreciation  of  bank  paper,  at  the  different  points  of 
importation,  was  its  inevitable  tendency  to  draw  all  the  im- 
pprtations  of  foreign  merchandise  to  the  cities  where  the  depre- 
ciation was  the  greatest,  and  divert  them  from  those  where  the 
currency  was  comparatively  sound.  If  the  Bank  of  the  United 
States  had  not  been  established,  and  the  Government  had  been 
left  without  any  alternative  but  to  receive  the  depreciated  local 
currency,  it  is  difficult  to  imagine  the  extent  to  which  the  eva- 
sion of  the  revenue  laws  would  have  been  carried.  Every  State 
would  have  had  an  interest  to  encourage  the  excessive  issues 
of  its  banks,  and  increase  the  degradation  of  its  currency,  with 
a  view  to  attract  foreign  commerce. 

"Even  in  the  condition  which  the  currency  had  reached  in 
1816,  Boston,  New  York  and  Charleston,  would  have  found  it 
advantageous  to  derive  the  supplies  of  foreign  merchandise 
through  Baltimore;  and  commerce  would,  undoubtedly,  have 
taken  that  direction,  had  not  the  currency  been  corrected.  To 
avoid  this  injurious  diversion  of  foreign  imports,  Massachusetts, 
New  York  and  South  Carolina,  would  have  been  driven,  by  all 
motives  of  self-defence  and  self-interest,  to  degrade  their  re- 
spective currencies  at  least  to  a  par  with  the  currency  of  Balti- 
more; thus  a  rivalry  in  the  career  of  depreciation  would  have 
sprung  up,  to  which  no  limit  can  be  assigned.      As  the  tendency 


WHEN  BANKNOTES  SOLD  AT  CUT  RATES      51 

of  this  state  of  things  would  have  been  tojcause  the  largest  ppij: 
tion  of  the  revenue  to  be  collected  at  a  few  places,  and  in  the 
most  depreciated  of  the  local  currenc3\  it  would  have  followed 
that  a  very  small  part  of  the  revenue  would  have  been  disbursed 
at  the  points  where  it  was  collected.  The  Government,  conse- 
quently, would  have  been  compelled  to  sustain  a  heavy  loss 
upon  the  transfer  of  its  funds  to  the  points  of  expenditure.  The 
annual  loss  which  would  have  resulted  from  these  causes  alone 
cannot  be  estimated  at  a  less  sum  than  two  millions  oj  dollars. 

"But  the  principal  loss  which  resulted  from  the  relative  de- 
preciation of  bank  paper  at  different  places,  and  its  want  of 
general  credit,  was  that  sustained  by  the  community  in  the  great 
operations  of  commercial  exchange.  The  extent  of  these  opera- 
tions, annually,  may  be  sajely  estimated  at  sixti/  millions  oj  dol- 
lars. Upon  this  sum  the  loss  sustained  by  the  merchants,  and 
planters,  and  farmers,  and  manufacturers,  was  not,  probably,  less 
than  an  average  of  ten  percent.,  being  the  excess  oj  the  rale  oj  ex 
change  between  its  natural  rale,  in  a  sound  slate  oj  the  currency,  and 
beyond  the  rate  to  which  it  has  been  actually  reduced  by  the  opera- 
tions oj  the  Bank  oj  the  United  States. 

"It  will  be  thus  perceived,  that  an  annual  tax  of  six  millions 
of  dollars  was  levied  from  the  industrious  and  productive  classes 
by  the  large  moneyed  capitalists  in  our  commercial  cities,  who 
were  engaged  in  the  business  of  brokerage." 

Announcements  like  the  following  were  fairly  common  in  the 

newspapers  at  this  time: 

"Uncurrent  bank  notes.  Notes  of  the  banks  in  this  State  and  the 
other  States  in  the  Union  purchased  at  the  lowest  rates  at  Allen's 
Lottery  and  Exchange  Office,  122  Broadway,  opposite  the  City  Hotel." 

Another  shortly  after  indicates  the  movement  of  specie  and 
bullion  out  of  the  country  which  reduced  the  amount  in  the 
United  States  by  nearly  $9,000,000  in  1821-1829: 

"October  25,  1822.  Doubloons  wanted.  Apply  to  Levi  Coit,  621 
Broadway,  marble  houses." 

The  report  goes  on:  "It  is  impossible  to  form  anything  like 
an  accurate  estimate  of  the  injuries  and  losses  sustained  by  the 
community,  in  various  ways,  b\^  the  disorders  and  fluctuations 
of  the  currency.  In  the  period  which  intervened  between  the 
expiration  of  the  old  bank  charter,  and  the  establishment  of  the 
present  bank.  But  some  tolerable  notion  may  be  formed  of 
the  losses  sustained  by  the  Government  in  its  fiscal  operation 
during  the  war. 

"The  Committee  have  given  this  part  of  the  subject  an  at- 
tentive and  careful  examination;  and  they  cannot  estimate  the 


52       ACENTURYOFBANKINGINNEWYORK 

pecuniary  losses  of  the  Government,  sustained  exclusively  for 
the  want  of  a  sound  currency  and  an  efficient  system  of  finance, 
at  a  sum  less  than  Jorty-six  millions  oj  dollars.  If  they  shall 
make  this  apparent,  the  House  will  have  something  like  a  stand- 
ard for  estimating  the  individual  losses  of  the  community." 

During  the  suspension  of  specie  payments  by  the  banks  from 
1814  to  1817,  the  Corporation  of  New  York  attempted  to  meet 
the  scarcity  of  specie  in  small  change  by  putting  out  $100,000 
worth  of  6>^-,  \2y2-,  25-and  50-cent  bills.  These  were  accepted 
everywhere  in  the  city,  but  they  proved  to  be  insufficient  to  meet 
the  public  needs,  so  that  it  was  a  common  practice  with  many 
tradesmen  to  issue  their  own  bills.  Even  these  informal  prom- 
ises to  pay  had  a  far  better  standing  than  the  notes  of  the  coun- 
try banks,  some  of  them  little  more  than  names,  which  came  into 
New  York  in  great  quantities  just  about  this  time. 

One  gets  an  illuminating  glimpse  of  some  of  the  financial 
practices  of  those  days  In  DeVoe's  record  that  some  of  these 
institutions  "were  every  few  weeks  or  months  stopping  specie 
payments  or  closing  for  a  period;  then,  with  their  agents,  buying 
up  their  bills  for  25  or  50  cents  on  a  dollar,  while  others  stopped 
entirely,  defrauding  thousands  of  poor  mechanics  and  others." 

These  practices  reached  such  a  pitch  that  in  June  of  1819  a 
mass  meeting  of  butchers  was  held  in  the  old  Fly  Market, 
which,  after  animated  discussion  and  retailing  individual  expe- 
riences, resolved:  "That  after  the  30th  instant,  they  will  receive 
no  country  bank  notes  that  are  below  par  in  New  York." 

Elsewhere  the  conditions  were  far  worse,  especially  before  the 
Second  United  States  Bank  helped  somewhat  to  stabilize  mat- 
ters. A  writer  who  had  held  the  office  of  tax-collector  up  the 
State  declared  that  frequently  a  person  receiving  a  dollar  bill  in 
the  morning  would  do  his  best  to  get  rid  of  it  before  noon.  "For 
the  purposes  of  small  change  individuals  issued  their  own  bills 
from  2  to  87>^  cents — the  possession  of  a  piece  of  coin,  say  a 
6-,  25-  or  50-cent  piece,  was  almost  a  curiosity;  and  such  was  the 
want  of  confidence  in  what  passed  Jor  money  that  a  person  could 
scarcely  travel  from  one  town  to  another  with  the  same  bills." 

This  official  had  orders  from  the  Secretary  of  the  Treasury  to 
accept  no  bills  for  tax  payments,  save  those  which  were  current 
and  would  be  received  in  deposit  at  the  New  York  banks;  "I 
have  frequently  known  a  poor  man,  who  kept  a  small  grocery  or 
tavern  for  the  support  of  himself  and  family  on  paying  from  $15 
to  $25  for  a  licence,  to  be  obliged  to  pay  a  discount  of  5  to  15  per- 
cent, on  what  he  had  received  as  money  at  par  in  order  to  furnish 
me  with  such  monev  as  I  could  receive." 


PAYING  BILLS  WITH  MONEY  BELOW  PAR      53 

The  banks  themselves  set  the  example  in  this  general  distrust 
of  the  common  circulating  medium.  The  twenty  different 
branches  of  the  Bank  of  the  United  States  itself  were  not  required 
by  law  to  redeem  each  other's  bills,  and  certainly  during  one 
period  there  were  bills  of  Branch  Banks  which  were  not  accepted 
at  par  by  other  branches. 

The  situation  in  Boston  was  very  clearly  set  forth  in  a  pam- 
phlet by  an  editor  of  one  of  the  newspapers  there  in  1826.  Though 
the  paper  of  out-of-town  banks  was  accepted  as  perfectly  good 
in  every  other  kind  of  transaction,  the  Boston  banks  had  con- 
sistently refused  to  accept  it.  One  merchant  who  had  a  large 
country  trade  testified  that  it  had  cost  him  in  a  single  year  $1800 
for  mere  exchange  of  current  money,  received  at  par  in  the  course 
of  his  business,  into  Boston  money  which  his  local  banks  would 
accept. 

This  naturally  kept  in  circulation  a  highly  disproportionate 
amount  of  these  out-of-town  bills,  and  established  a  vicious 
circle.  The  three  Boston  banks  in  1809,  with  a  capital  of 
$3,800,000,  had  outstanding  $646,221  of  bills;  five  other  banks 
in  the  State,  with  a  combined  capital  of  $700,000  had  $797,863 
out.  Again  in  1819,  when  the  ratio  of  circulation  to  capital 
among  the  Boston  institutions  was  approximately  one  to  seven, 
eight  main  banks  had  shovelled  out  fifty  percent,  more  than 
their  capital  in  notes. 

It  is  not  at  all  surprising  to  note  that  several  of  these  banks- 
exhibited  as  security  for  heavy  loans  pledges  of  their  own  stock, 
and  that  all  the  five  banks  first  mentioned  and  several  of  the  latter 
group  presently  failed.  Interestingly  enough,  when  an  attempt 
was  made  to  reform  one  main  cause  of  this  system,  and  eight 
banks  agreed  to  give  these  out-of-town  bills  the  same  credit 
granted  to  each  other,  calhng  themselves  the  AlUed  Banks,  there 
was  a  tremendous  outcry  against  this  unholy  "Holy  Alliance"  of 
moneyed  interests! 


^J^- 


Chapter  IV 
THE  BANKER  OF  1820 

Ho^^  the  1822  Magnate  Lived — Bank  Scandals  a  Century  Ago- 
Recreatlond  of  the  OLd-tlnie   Banker — HU  Ajjociation 
JFith  the  Arts — The  Banker's  Social  Obligations — 
The  Old  Merchant- Bankers — Letters  of  John 
Crodby  Brown — American  Finance  During 
the  jr^arof  1812 — The  Banker's  C> 
Duties  in  Old  New  York — Salar 
and  Rents — Banking  Hours 
in  1822 

rHE  working  conditions  and  habit  of  thought  of  the  financier 
of  those  days  would  seem  archaic  enough  to  the  men  who 
now  spend  their  Hves  in  our  maelstrom  of  colossal  finan- 
cial enterprises.  The  "big  men"  nowadays  come  daily  to  Man- 
hattan on  a  "Bankers'  Special"  from  Southampton,  or  a  club 
car  from  Southern  Connecticut,  or  motor  in,  in  comfortable 
limousines,  from  anywhere  within  a  circuit  of  forty  miles;  they 
even  swing  down  from  their  homes  up  the  Hudson,  or  the  Long 
Island  or  New  Jersey  shore,  in  big  private  yachts  at  railroad 
speed. 

In  those  days  a  large  number  of  the  magnates  strolled  from 
their  homes  to  their  offices — naturally  enough,  when  Wall  Street 
itself  had  private  houses,  boarding  houses  and  hotels  (not  to 
mention  a  church!),  and  when  the  usual  residential  section  of  the 
city  would  hardly  extend  above  Warren  Street. 

In  fact,  conditions  were  not  infrequently  more  primitive  still: 
Nathaniel  Prime,  the  first  real  private  banker  in  New  York  (and 
founder  of  the  later  very  famous  Wall  Street  banking  house  of 
Prime,  Ward  and  Sands)  had  his  counting-house  in  his  residence, 
the  historic  No.  1,  Broadway.*  Even  down  into  the  '40s  and 
'50s  "everybody  walked  to  and  from  business,"  as  Felix  Oldboy 
declared,  "except  those  who  lived  in  the  outskirts  of  Greenwich 

*  In  Philadelphia  "distinguished  and  well-to-do  merchants"  had  their 
large  and  handsome  homes,  full  of  imported  furniture,  on  Water  Street,  with 
counting-house  or  store  beneath,  and  living  apartments  above. 

54 


I 


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n 

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Hovk 

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i 

/•>()»/  the  collection  oj  Charles  F.  Graff,  .V.  1'. 

SPECLMENS    OF   NOTES 

Issued  by  the  hanks  during  tlie  early  part  of  the  19th  century.    Engni 
William  Rollinson 


5db 


HOVVTHE1822MAGNATELIVED  55 

Village  and  Chelsea,  who  came  by  stages,  or  a  few  invalids  and 
octogenarians.  It  told  against  a  man  to  pamper  himself  with 
sixpenny  rides  in  an  omnibus." 

In  fact,  this  daily  promenade  was  for  a  generation  a  social 
function  where  all  the  distinguished  figures  of  the  city  could  be 
seen  joining  the  tide  that  stepped  briskly,  yet  with  dignity,  down 
to  work  in  the  morning,  and  which  at  rather  an  early  hour  saun- 
tered back  up  Broadway  to  club  house,  home  or  political  head- 
quarters. 

If  the  important  men  did  not  walk,  they  drove  down  in  a  high- 
wheeled  gig  behind  a  fast-stepping  horse — for  there  was  a  prodi- 
gious amount  of  interest  in  fine  horses  and  trotting  races.  In  the 
Maverick  view  of  Wall  Street  in  1834  a  very  prominent  feature  is 
no  less  than  seven  riders  mounted  either  on  sturdy  cobs  or  mettle- 
some thoroughbreds;  the  same  view  displays  two  four-horse 
sleighs  careering  across  and  down  the  street  which  now  is  solidly 
filled  with  pedestrian  humanity  for  a  large  part  of  each  working 
day.*  As  a  final  touch,  too,  one  sled  is  backing  up  against  the 
sidewalk  to  deliver  a  load  of  cordwood  for  heating  purposes,  and 
a  man  at  the  corner  of  Wall  and  Broadway  is  sawing  up  four-foot 
lengths  into  firewood;  while  another  feature  not  shown  was  the 
horde  of  begrimed  chimney  sweeps,  in  leather  breeches,  who 
went  about  seeking  soot  to  remove. 

If  we  can  trust  the  eyes  of  the  artists  then,  these  gentlemen 
had  a  dignity  of  carriage  and  an  atmosphere  of  leisure  entirely 
corresponding  to  what  they  have  expressed  in  diaries  and  letters — 
and  completely  expressive  of  the  essential  difference  between 
those  times  and  our  own  somewhat  tense  and  hectic  business 
attitude.  Yet  they  seem  naive  enough  at  times  to  our  own  sell- 
conscious  generation. 

It  was  quite  the  thing  for  a  rich  man  to  have  a  country  place 
where  he  raised  cattle,  poultry,  flowers  and  other  agricultural 
products  which  he  sent  in  to  the  shows  of  the  New  York  County 
Agricultural  Society  and  part  of  which  was  sold;  and  there  was 
at  times  the  most  intense  rivalry  among  them,  especially,  it 
seems,  in  the  matter  of  prize  cattle  for  "Fat  Beef.' 

In  March,  1821,  a  Mr.  Philip  Fink,  of  Orange  County,  dis- 
covering that  the  sale  of  his  exhibits  to  the  butchers  of  Washing- 
ton Market  was  materially  affected  through  his  thirty-two  steers 
having  taken  only  the  second  premium,  whereas  the  first  pre- 
mium steers  of  Mr.  Ebenezer  Stevens  had  aroused  great  excite- 

*  In  1800  there  were  said  to  be  only  seventeen  persons  in  New  York  who 
kept  private  carriages;  but  there  had  been  a  great  extension  of  wealth  and 
luxuries  even  in  these  first  two  decades. 


56       A  CENTURY  OF  BANKING  IN  NEW  YORK 

ment  in  the  Fly  Market,  publishes  a  card  in  the  local  paper 
announcing  that  he  is  going  to  expose  for  sale  these  thirty-two 
head  of  cattle  and  requests  his  friends  to  view  them  "from  2  to  6 
o'clock  p.  m.  at  Slaughter  Houses  166,  172  and  174  Mott  Street, 
where  he  will  be  ready  to  attend  them."  He  continues  by  issuing 
a  defiance  to  his  successful  competitor: 

"P.  Fink  hereby  offers  Mr.  Ebenezer  Stevens,  of  Dutch- 
ess County,  a  bet  of  1,000  dollars,  on  the  production  of  20 
head  of  the  largest  and  best  cattle  at  the  next  March  fair  in 
New  York.  The  cattle  to  be  raised  and  fatted  in  the  State  of 
New  York,  and  to  be  kept  at  least  eight  months  on  our 
respective  farms." 

Two  days  after: 

"Mr.  Ebenezer  Stevens  begs  leave  to  inform  Mr.  P.  Fink, 
that  he  is  no  gambler,  but  does  not  apprehend  any  difficulty 
in  beating  him  at  any  future  time,  as  he  has  done  in  his 
twenty  premium  cattle;  besides,  he  does  not  believe  that  the 
New  York  County  Agricultural  Society  was  established 
for  the  encouragement  of  that  art,  and  he  further  begs  leave 
to  say,  that  if  Mr.  P.  Fink  thinks  that  his  rage  will  influence 
any  wise  man  in  his  favor  and  by  that  means  insure  him  a 
market  for  his  opposition  cattle,  he  may  perhaps  find  hirnself 
mistaken.  Another  thing  Mr.  Stevens  thinks,  that  if  he 
had  acted  towards  Mr.  Fink  as  Mr.  Fink  has  done  towards 
him,  he  would  have  expected  to  have  been  excluded  by  the  ' 

Society  from  offering  cattle  again  for  any  premium. 

"E.  Stevens." 

Presently  there  was  a  procession  of  sixty  carts  "accompanied 
with  music  and  flags  and  streamers"  which  conveyed  these  fat 
cattle  through  the  streets  to  the  market — "the  finest  and  largest 
display  of  the  kind  that  ever  took  place  in  this  city";  and  it  was 
duly  chronicled  that  Mr.  Fink's  cattle  had  weighed  185>^  lbs. 
"rough  fat"  each,  while  those  of  Mr.  Stevens  were  182 >^  lbs. 
each.  So  there  was  a  great  celebration  among  the  Fink-ites, 
the  various  stalls  and  meat  being  "beautifully  dressed"  and 
"the  market  for  it  satisfactory;"  finally,  to  close  the  affair,  the 
prisoners  in  the  debtors'  prison  came  out  with  an  acknowledg- 
ment of  "a  donation  of  excellent  steaks  from  P.  Fink,  Esquire, 
of  Washington  Market.  They  also  offer  sincere  thanks  to  Jonas 
Humbert,  Esquire  {Baker),  for  repeated  supplies  of  bread;  he 
that  gli>eth  to  the  poor  lendeth  to  the  Lord." 

From  that  time  on  there  were  frequent  exhibitions  and  pa- 
rades of  fat  cattle  with  appropriate  display  of  the  star  spangled 
banner  and  premiums  of  silver  pitchers,  some  of  them,  as  Mr. 
DeVoe  narrates,  "got  up  in  the  most  imposing  as  well  as  the 
most  expensive  manner."  (Ebenezer  Stevens  was,  of  course, 
a  well-known  army  officer,  a  prominent  merchant,  and  a  mem- 
ber of  society) . 


B  A  N  K  S  C  A  N  D  A  L  S  A  C  E  N  T  U  R  Y  A  G  O  57 

That  the  magnate's  "lady"  used  her  time  similarly  is  shown 
by  the  list  of  premiums  for  the  best  butter  brought  to  Fulton 
Market  this  very  year, — when  Mrs.  Morris,  of  Morrisania,  was 
awarded  the  first  prize,  a  silver  pitcher,  valued  at  $15.  In  ad- 
dition, the  wealthy  women  were  prominent  in  the  Lydia  So- 
ciety, the  Dorcas,  the  New  York  Auxiliary  Female  Bible  Society, 
the  Society  for  the  Promotion  of  Industry  among  the  Poor,  the 
Female  Cent  Societies  (each  Presbyterian  member  contributing 
a  cent  a  day  towards  the  education  of  a  divinity  student),  the 
Association  for  the  Relief  of  Respectable  Aged  Indigent  Females 
— and  other  similar  highly  superior  charities  with  resounding 
titles. 

For,  with  all  the  fine  qualities  which  make  us  love  the  folk 
of  this  generation  even  while  we  smile  superiorly  at  some  of 
their  manifestations,  ■  it  should  be  clearly  understood  that  the 
upper  class  accepted  without  the  least  protest  the  decree  of 
Providence  which  had  constituted  them  upper;  a  modern  soap- 
box orator  would  have  been  looked  upon  and  treated  much  as 
an  Indian  brave  on  the  warpath.  And  there  was  a  comfortable 
basic  assurance  that  since  America  was  the  land  of  equal  oppor- 
tunity, and  even  the  vast  forests  were  full  of  that  opportunity — 
why,  it  was  a  man's  own  fault  if  he  were  unsuccessful,  and  those 
who  had  amassed  wealth  were  well  entitled  to  all  the  respectful 
admiration  their  fortunes  and  influence  could  command. 

Anything  else  would  have  been  like  a  quaking  of  social  founda- 
tions to  these  solid  business  men  (sometimes,  I  fear,  smug — 
though  there  were  plenty  of  magnificently  human  figures  among 
them).  To  be  sure,  there  had  been,  within  the  memory  of  all, 
a  thing  called  the  French  Revolution;  but  that  was  an  excitable 
Gallic  nation  revolting  against  effete  kings  and  a  vicious  aris- 
tocracy; it  might  become  right  to  revolt — they  themselves  had 
proved  it  was  by  doing  it;  but  they  had  performed  the  opera- 
tion decently  and  with  Anglo-Saxon  restraint. 

Our  banker  ancestor  was  probably  reading  James  Fenimore 
Cooper's  novels,  "Precaution"  and  "The  Spy,"  if  he  read  novels 
at  all;  and  almost  certainly  Washington  Irving's  "Sketch  Book" 
and  the  ;ust-issued  "Bracebridge  Hall,  or  the  Humourists." 
Without  any  doubt  he  would  have  shortly  Governor  Chnton's 
Message  to  the  Legislature,  and  would  have  also  very  strong 
views  as  to  the  Governor's  recommendations  regarding  franchise 
and  taxes,  canals,  and  the  attempt  to  bring  canal  tolls  into  the 
coasting  trade  controlled  by  the  United  States.  The  delight 
taken  in  gossipy  and  lampoony  humor  would  probably  too  have 
made  him   familiar  with   Gulian   C.    Verplanck's   onslaught    on 


58       A  CENTURY  OF  BANKING  IN  NEW  YORK 

Clinton  in  his  rhymed  account  of  "The  State  Triumvirate: 
A  Pohtical  Tale  and  The  Epistles  of  Brevet-Major  Pindar 
Puff,"  which  set  the  town  laughing  in  1819.* 

With  particular  glee  or  rage,  according  to  his  party,  our 
banker  would  note  the  anonymous  writer's  barbed  references 
to  the  Bank  of  America  scandal,  where  the  anti-Clintonians 
charged  that  bank  shares  were  sold  at  very  large  premiums 
without  the  advance  of  a  single  instalment  payment  by  the  lucky 
insiders.  Personal  journalism  was  still  personal  enough:  it  was 
only  a  few  years  before  that  the  editor  and  proprietor  of  the 
New  York  Morning  Post  and  Morning  Star  laid  before  the  world 
the  inside  facts  about  a  certain  supper  at  Dyde's  Hotel  which  had 
set  poUtics  by  the  ears:  he  did  not  only  intimate,  but  charged 
and  produced  "evidence,"  that  the  Burr  party  had  come  to 
Clinton's  support  because  of  a  httle  arrangement  by  which  the 
Manhattan  Bank  lent  a  distinguished  Burr-ite  $18,000  on  his 
notes,  as  well  as  that  the  Governor  had  taken  most  violent 
liberties  with  the  truth. 

Again,  in  January  of  this  year  we  are  considering,  Jacob 
Barker  who  was  interested  in  the  newly-chartered  North  River 
Bank,  was  tried  for  challenging  David  Rogers,  one  of  the  di- 
rectors, to  fight  a  duel;  and  Mr.  Rogers's  testimony  was  not  only 
to  the  effect  that  his  opponent's  anger  was  due  to  his  unsuc- 
cessful effort  to  start  an  opposition  movement,  but  more  than 
hinted  that  Mr.  Barker  was  a  thief  anyway! 

He  would  have  read  with  pride,  too,  the  sketch  of  the  resources 
of  New  York  published  by  young  John  A.  Dix,  presently  to 
start  his  political  career  of  Secretary  of  State,  United  States 
Senator,  War  Governor,  and  so  on — showing  that  the  14  State 
banks,  the  U.S.  Bank,  the  11  Marine  Insurance  Companies, 
the  33  concerns  doing  fire  insurance,  the  new  Savings  Bank  and 
"several  other  incorporations"  footed  up  a  total  amount  of 
stocks  exceeding  $24,000,000,  or  four  times  as  much  as  in  1800, 
while  the  whole  United  States,  even  with  the  outburst  of  new 
banks  of  fictitious  exaggerated  capitahzation,  had  only  $150,- 
000,000;  that  the  business  done  on  the  Erie  Canal  was  nearly 
seven  times  as  great  in  1826  as  in  1823;  or  the  latest  valuation 
report  showing  that  property  in  the  city  and  county  had  swelled 

*  "Major  Puff"  particularly  paid  his  respects  to  the  Governor  for  the 
passaee  in  the  latter's  discourse  in  which  he  "elegantly  and  perspicuously" 
described  the  New  York  Historical  Society  as  having  a  "rare,  invaluable 
and  extensive  collection  of  books,  pamphlets,  newspapers,  and  so  forth  worth 
at  least  $10,000;"  and  dismissed  the  learned  societies  with  the  encomium: 
"Thev  are  institutions  which  want  nothing  but  more  encouragement  from. 
the  public,  and  more  attention  from  the  members,  to  become  useful." 


RECREATIONS  OF  THE  OLD-TIME  BANKER  59 

to  the  prodigious  total  of  $71,285,141;  and  many  other  pleasant 
statistics  proving  that  his  city  of  New  York,  "having  its  origin 
in  commercial  interests"  had  swept  steadily  on  to  opulence  and 
greatness;  though  he,  being  a  conservative  person,  probably 
took  as  spread-eagleism  Mr.  Dix's  peroration  that  "there  is  no 
instance  on  record,  ancient  or  modern,  of  so  rapid  a  growth 
as  this  city  has  had  since  its  liberation  from  the  embarrassments 
of  Colonial  servitude;  and  it  is  confidently  believed  that  its 
growth  will  continue  undiminished  until  it  transcends  the  bounds 
of  every  commercial  city  in  Europe."  Not  much  of  the  flap- 
doodle of  that  braggart  period  would  be  so  well  justified  at  the 
end  of  a  hundred  years  as  that  particular  prophecy. 

He  went  to  church  regularly  on  Sunday  (in  fact,  it  is  declared, 
three  times),  this  banker  of  ours,  walking  as  he  did  to  business; 
in  the  afternoon,  as  well  as  on  holidays  and  summer  evenings, 
he  was  apt  to  drive  back  into  the  country  to  Cato's,  Burnham's, 
Rogers',  Rose  Hill  Tavern  or  some  favorite  resort  on  the  Hud- 
son or  the  Sound,  Mount  Vernon  being  not  at  all  out  of  the 
range.* 

Apparently  a  large  part  of  the  pleasure  in  these  excursions 
consisted  in  having  a  speedy  trotter,  and  one  of  the  irresistible 
entertainments  (to  all  except  the  strictest  sectarians  and  the 
Friends)  was  a  horse  race — as  witness  the  surprising  statement 
of  the  English  traveller  who  found  twenty  thousand  visitors, 
largely  Virginians,  crowding  up  to  New  York  for  a  race  between 
two  celebrated  horses. 

Some  indication  has  already  been  given  of  what  seems  to  us 
a  rather  childish  quality  in  the  formal  amusements  of  the  time. 
It  was  not  at  all  beneath  the  dignity  of  these  distinguished  gen- 
tlemen to  walk  down  to  Catharine  Market  and  watch  "Ned," 
Martin  Ryerson's  little  negro  slave,  and  "Bobolink  Bob,"  and 
"Jack,"  and  other  noted  negro  dancers,  who  would  flock  over 
from  Long  Island  with  leave  for  holidays,  especially  on  "Pink- 
ster day"  (Easter).  These  cheerful  blacks  would  come  in 
skiffs  loaded  with  yellowleg  snipe,  ducks,  fish,  clams,  oysters, 
berries  and  herbs,  selling  them  for  what  they  would  bring;  then, 

*  "I  made,  on  horseback,"  says  "an  English  Farmer"  in  1820,  "the  tour 
of  New  York  Island,  about  ten  miles  in  length  and  two  in  breadth,  on  one 
side  is  the  noble  Hudson,  or  great  North  River,  and  on  the  other  the  East 
River  and  Hell-gate,  and  the  beautiful  villages  of  Manhattan,  Haarlem 
and  Greenwich.  All  the  road  from  the  city  to  the  extremity  of,  and  beyond 
the  isle  is  adorned  on  both  sides  with  the  country  seats  and  pleasure-grounds 
of  rich  citizens,  who,  like  those  of  London  every  morning  and  evening  drive 
to  and  fro  in  great  numbers.  .  .  .  The  houses  on  the  roads,  thus  leading 
through  the  isle  to  the  city,  have  each  from  five  to  ten  acres  of  green  pasture, 
park  or  pleasure-gardens." 


60       ACENTURYOFBANKINGINNEWYORK 

with  three  days'  leave,  they  would  hire  out  to  some  enterprising 
butcher  to  dance  jigs,  breakdowns,  and  otherwise  keep  the  cus- 
tomers in  good  humor — not  failing  to  pass  around  the  hat.  If 
there  wasn't  any  money,  they  would  dance  for  a  mess  of  eels. 
These  fellows,  of  course,  could  make  their  own  music,  "patting 
Juba,"  and  had  the  natural  birthright  of  dance  and  song  which 
gave  such  color  to  plantation  life  in  the  South.  Even  the 
staidest  city  magnates  deHghted  in  these  first  public  exhibitions 
of  negro  dancing,  and  in  the  jokes  and  comical  dialect  of  the 
grinning  darkies. 

He  probably  shared  with  his  contemporaries  that  fondness 
for  childish  practical  jokes  which  impresses  a  modern  reader 
in  looking  over  the  vaunted  humor  of  the  eighteenth  and  early 
nineteenth  centuries.  Just  at  this  time,  for  example,  everybody 
was  smiling  over  a  most  elaborate  hoax  gotten  out  by  an  old 
carpenter,  "Lozier,"  and  his  uncle  John,  who  spread  the  news 
among  the  butchers  and  hangers-on  at  Mulberry  and  Spring 
Streets  that  Manhattan  Island  was  getting  too  heavy  on  the 
Battery  end,  and  that  therefore  it  was  to  be  sawed  off  and  the 
lower  section  turned  down. 

Daily  the  country  visitors  heard  the  practical  details  of  this 
plan  discussed;  whether  Long  Island  must  be  moved;  if  the 
Bay  and  Harbor  were  large  enough  to  turn  around  Manhattan 
in,  and  so  on.  After  some  months,  "Lozier"  w-as  actually 
engaging  mechanics  and  laborers  to  build  barracks  and  construct 
sweeps  250  feet  in  length;  an  enterprising  blacksmith,  despite 
the  incredulity  of  his  wife,  was  pulling  wires  to  get  the  job  of 
making  the  ironwork  for  this  apparatus.  The  whole  thing  cul- 
minated when  "Lozier,"  no  longer  able  to  stave  off  pressing  ap- 
plicants by  talk,  appointed  a  rendezvous  for  one  section  of  the 
working  army  at  the  "Forks  of  the  Broadway  and  the  Bowery;" 
and  the  other  at  No.  1,  Bowery,  corner  of  Spring  Street,  where 
they  were  to  drive  up  an  equal  army  of  live  hogs  and  other 
provisions.  Of  course,  there  was  almost  a  riot  when  every- 
body appeared  except  "Lozier"  and  the  hogs. 

The  same  lofty  superiority  of  the  Manhattanite  attitude 
towards  the  surrounding  regions,  which  is  said  to  be  observable 
to-day,  was  so  titillated,  that  the  whole  town  discussed  the 
credulity  of  these  gullible  country  folk  during  the  weeks  that 
the  practical  joker  had  to  remain  concealed. 

While  even  the  dignitaries  did  not  consider  it  beneath  them 
to  see  such  prodigies  as  the  "learned  elephants"  and  other 
prodigies  announced  through  the  newspapers,  the  better-class 
stage   attractions   would    make    our    own    amusement    columns 


HISASSOCIATIONWITHTHEARTS  61 

seem  cheap  enough.  It  was  still  necessary,  apparently,  for  a 
manager  to  assure  the  fashionable  public  of  his  "attraction" — 
in  this  case  Mrs.  Meline — that  "the  respectability  of  this  Lady 
both  in  deportment  and  talents,  will,  no  doubt,  give  general 
satisfaction;"  but  even  Italian  opera,  with  its  dangerous  foreign 
songstresses,  was  on  the  way.  It  came,  presently,  through  the 
efforts  of  Dominick  Lynch  (whose  son  represented  his  interests 
as  director  of  the  North  River  Insurance  Co.  and  of  the  Branch 
Bank  of  the  United  States),  "the  acknowledged  head  of  the 
fashionable  festive  board,  a  gentleman  of  the  ton,  and  a  melodist 
of  great  powers  and  of  exquisite  taste."  He  induced  Stephen 
Price,  manager  of  the  Park,  to  make  the  venture,  and  on  October 
29,  1825,  Rossini's  "Barber  of  Seville"  was  sung,  the  great 
Garcia  and  his  daughter  Maria  (afterwards  the  famous  Mme. 
Malibran)  and  the  basso  Angrisoni  taking  the  leading  roles, 
while  Lorenza  da  Ponte,  librettist  of  "Don  Giovanni"  and  "The 
Marriage  of  Figaro,"  acted  as  master  of  ceremonies. 

"The  indomitable  energy  of  Garcia,"  says  rapt  Dr.  Francis, 
"aided  by  his  melodious  strains  and  his  exhaustless  powers,  the 
bewitching  talents  of  his  daughter,  the  Signorina  Garcia,  with 
her  artistic  faculties  as  an  actress,  and  her  flights  of  inspirations, 
the  novelty  of  her  conception,  and  her  captivating  person,  proved 
that  a  galaxy  of  genius  in  a  novel  vocation  unknown  to  the  New 
World,  demanded  now  its  patronage." 

It  got  it  from  that  time  on.  In  1833  the  Italian  Opera  House 
was  built,  at  the  northwest  corner  of  Church  and  Leonard 
streets,  six  "proprietors"  subscribing  each  $6,000  and  each  own- 
ing a  private  box  and  half  a  dozen  free  seats  in  the  second  tier. 
Our  wealthy  fashionables  had  discovered  the  public  entertain- 
ment which  they  were  to  stamp  as  peculiarly  their  own,  and 
which  was  to  develop  through  the  years  until  it  blossomed  into 
the  be-;ewelled  splendor  of  the  golden  horseshoe  at  the  Metro- 
politan. 

Edmund  Kean  was  ;ust  terminating  his  first  American  engage- 
ment in  the  summer  of  1821,  after  thrilHng  New  York  audiences 
with  the  prodigious  range  of  his  genius  in  his  favorite  parts, 
from  Richard,  Lear  and  Othello  to  Sir  Giles  Overreach.  George 
Frederic  Cooke  had  displayed  the  plenitude  of  his  ripe  powers 
before  unprecedented  audiences  in  the  Park  Theatre  from  1810 
to  1812— and  his  funeral  in  September  of  the  latter  year  was  an 
imposing  public  spectacle,  "the  reverend  clergy,  the  physicians, 
the  members  of  the  Bar,  officers  of  the  army  and  navy,  the  lite- 
rati and  men  of  science,  members  of  the  dramatic  corps  and  a 
large  concourse  of  citizens"  moving  in  the  procession. 


62       ACENTURYOFBANKINGINNEWYORK 

Our  "lucky  friend  was  later  to  see  Macready,  perhaps  to  witness 
the  quarrel  between  him  and  Edwin  Forrest  which  produced  the 
memorable  riot.  We  have  already  witnessed  the  famous  come- 
dian Charles  Mathews  arriving  here,  and  being  debarked  with 
much  the  same  difficulty  attending  the  landing  of  a  nervous  horse. 

One  of  our  illustrations  shows  the  kind  of  audience  which 
turned  out  to  witness  his  triumph  at  the  Park  in  Moncrieffe's 
farce  of  "Monsieur  Tonson."  This  painting  of  John  Searle's 
represents  a  scene  on  the  opening  night  of  November  7,  when 
cold  weather  had  permitted  New  York  to  return  to  its  business, 
homes  and  amusements;  Mathews  is  on  the  stage  as  "Monsieur 
Morbleau,"  and  Miss  Johnston  as  "Madame  Bellgarde."* 
Through  an  inspiration  of  Thomas  W.  C.  Moore,  forty-five 
years  later  (who  prepared  a  key  to  the  painting  then  owned  by 
Mrs.  William  Bayard),  we  know  the  names  of  some  eighty  odd 
of  the  representative  New  Yorkers  whom  the  artist  portrayed 
as  witnessing  this  important  appearance.  They  are  all  here. 
Bayards,  and  Coldens  and  de  Peysters  and  Livingstons,  Cru- 
gers.  Van  Wycks,  Clintons,  Beekmans,  Lenoxes,  Brevoorts  and 
the  rest;  not  to  mention  the  prodigious  Doctor  Mitchell,  Doctor 
Hosack,  Doctor  Francis,  James  K.  Paulding,  Mrs.  Daniel  Web- 
ster and  many  another  of  the  outstanding  figures  in  the  financial 
and  social  life  of  the  period. 

He  was  also  witnessing  no  less  a  person  than  Junius  Brutus 
Booth,  who  had  made  his  appearance  in  New  York  October  5, 
1821,  in  the  ;ust-rebuilt  Park  Theatre,  and  in  Baltimore  on 
November  2,  creating  a  sensation  as  Richard  III  (and  drawing 
a  house  of  $383).  To  be  sure.  Booth  had  already  produced  a 
great  impression  at  Covent  Garden  in  London,  though  the  over- 
shadowing reputation  of  Kean  in  "Lear"  at  Drury  Lane  made 
the  joint  effort  of  Booth,  Kemble  and  Macready  a  failure — and 
the  former  used  to  relate,  with  humor,  that  the  benefit  which  \yas 
part  of  his  remuneration  had  brought  him  a  deficit  of  £80  which 
he  had  to  pay. 

There  were,  too,  youthful  prodigies  of  the  stage  in  those  days: 
like  the  juvenile  Master  George  Frederick  Smith,  who^  tore 
passion  to  tatters  at  the  age  of  ten  as  the  "Young  Norval"  and 

*  "Mr.  Mathews.  We  last  night  paid  our  dollar  to  witness  this  gentle- 
man's far-famed  exhibitions,  and  confess  that  we  do  not  regret  the  time  or 
the  money  spent  on  the  occasion  .  .  .  Mr.  M.  played  Goldfinch,  in  the  '  Road 
to  Ruin,'  a  character,  we  believe,  that  has  no  existence  in  this  country,  but, 
as  we  are  informed,  very  common  in  the  fashionable  part  of  London  called 
the  west  end  of  the  town.  .  .  .  The  farce  of  'Monsieur  Tonson'  was  per- 
formed for  the  first  time,  in  which  Mr.  Mathews  supported  the  principal 
character  with  great  eclat."     Commercial  Advertiser. 


THEBANKER'SSOCIALOBLIGATIONS         63 

"Octavlan"  and  was  exploited  as  the  American  Roscius.  A 
more  enduring  prodigy  who  came  along  just  then  was  sixteen- 
year-old  Edwin  Forrest,  not  turned  from  his  notable  career  by 
his  initial  failure  in  his  native  city  of  Philadelphia. 

Patriotically  he  would  have  patronized  some  of  the  native 
attempts  to  furnish  American  drama:  M.  M.  Noah's  "She  Would 
be  a  Soldier,"  perhaps,  "Wall  Street;  or  Ten  Minutes  before 
Three  O'clock,"  or  John  Burk's  "Bunker  Hill,"  or  one  of  William 
Dunlap's  many  dramas  and  comedies. 

Chatham  Garden,  a  pleasant  retreat  on  the  north  side  of 
Chatham  Street,  between  Duane  and  Pearl,  and  running  through 
to  Augustus  Street,  was  to  this  period  what  Niblo's  was  to  a 
later.  It  was  run  by  a  French  gentlemen,  Henry  Barriere,  and 
the  city's  beauty  and  fashion  flocked  here  to  concerts  and  light 
dramatic  entertainments  by  Mrs.  Meline,  Mrs.  Dorion,  Mrs. 
Garner  and  Alexander  Simpson — an  irresistible  favorite  in  a 
comic  song. 

Our  banker  also  probably  belonged  to  the  Athenaeum  Society, 
the  Literary  and  Philosophical  Society,  and  the  few  other  learned 
associations,  listening  occasionally  on  winter  evenings  to  such  a 
discourse  as  that  on  "The  Application  of  Chemistry  to  Agricul- 
ture" delivered  by  a  distinguished  professor,  who,  after  dis- 
coursing with  pleasing  frankness  upon  "the  talent,  the  informa- 
tion and  refined  taste  to  be  found  in  this  highly  gifted  city," 
went  on  to  inform  his  audience  that  "unceasing  compositions 
and  decompositions  vivify  the  surface  of  the  globe;"  who  dipped 
into  literature,  broke  into  poetical  similes,  drew  illustrations 
from  the  classics,  referred  to  those  luckless  young  men  of  fortune 
who  had  lost  the  wise  guidance  of  their  parents  and  consequently 
were  not  prepared  to  use  the  dangerous  blessing  of  wealth  wisely 
and  virtuously,  worked  up  to  a  culminating  suggestion  that  the 
opulent  country  gentleman  should  have  beside  him  in  his  rural 
retreat  an  expert  in  the  physical  sciences  (modestly  not  named) 
— but  in  the  course  of  a  half-hour's  talk  did  not  present  one 
single  practical  fact  of  the  vast  subject  of  his  lecture. 

At  the  annual  fairs  of  the  American  Institute  he  helped  to 
award  premiums  for  the  best  native  manufactures  silks,  cottons, 
woollens,  ironmongery,  oil  cloths,  pottery,  glass,  plated  and 
silver  ware,  hats,  boots,  pianos  and  cabinet  work,  even  paintings 
and  sculpture;  Browere  was  thus  honored  one  year  for  a  "full 
length  Plaister  Casting  of  a  boy  kneeling,"  Gad  Ely  for  plain 
and  Ornamental  Penmanship,  Miss  Louise  Hewlett  for  Silk 
Cocoons  and  Sewing  Silk,  Mrs.  Joshua  Stow  for  several  pounds 
of  fine  Linen  Thread  spun  by  her  in  her  69th  year,  Mrs.  Stevens, 


64       A  CENTURY  OF  BANKING  IN  NEW  YORK 

corner   of  Broadway   and   Pearl-street,   for  a   Wliite  Ouilt,   and 
so  on. 

Just  at  this  time,  also,  the  men  of  means  here  were  devoting  a 
good  deal  of  their  leisure  to  starting  the  first  organized  philan- 
thropic societies. 
,  Our  first  Savings  Bank  was  inaugurated  as  a  definite  effort 
to  lessen  the  alarming  tide  of  pauperism;  for  the  almshouse  cost 
our  citizens  about  a  dollar  apiece  a  year,  and  the  report  from 
Philadelphia  showed  even  more  per  capita  spent  there;  and  our 
progenitor  surely  read  with  approval  (if  he  did  not  write  him- 
self) the  report  of  the  Society  for  the  Prevention  of  Pauperism, 
showing  that  this  expenditure  had  doubled  in  ten  years,  that  the 
public  buildings  for  the  poor  had  cost  a  million  dollars,  that  in 
winter  nearly  a  tenth  of  the  whole  number  of  citizens  received 
help,  and  that  the  whole  system  of  offering  support,  even  to 
voluntary  idlers,  was  perfectly  calculated  to  produce  a  more  and 
more  rapid  increase  of  the  load. 

Altogether  this  composite  predecessor  was,  despite  his  naivete 
in  certain  particulars,  an  exceedingly  shrewd,  capable,  hard- 
working citizen — as  may  be  easily  seen  from  a  few  magnificent 
specimens  who  have  long  outlived  the  biblical  span — like  Mr. 
John  A.  Stewart,  still  coming  in  three  times  a  week,  at  the  age 
C  of  ninety-nine,  to  the  Trust  Company  he  founded.  He  still  did 
his  business  personally,  so  that  his  individual  character  impressed 
a  definite  stamp  on  all  his  financial  transactions  and  relations. 
In  discussing  these  early  days  with  men  who  remember  conditions 
as  they  were  in  the  forties  and  fifties,  there  seem  to  be  few  changes 
so  radical  as  the  lessening  of  this  personal  relation  between  the 
banker  and  his  clients.  Some  of  these  gentlemen  of  the  old 
school  do  not  hesitate  to  comment  upon  what  they  term  the 
"department  store"  features  which  have  crept  into  banking, 
the  change  from  a  semi-profession  to  a  straight  business,  the 
substitution  of  a  huge  corporation  for  an  individual.  He  w^ill 
mention  such  incidents  as  the  tale  of  John  Mason,  president  of 
the  Chemical  in  the  '30's,  who  one  day  met  a  journahst  whose 
work  he  admired  going  out  of  the  bank. 

"I  hope  the  world  goes  well  with  you,"  said  the  old  banker- 
merchant.     "What  brings  you  to  the  bank?" 

"I  have  ;ust  been  an  unsuccessful  applicant  for  a  discount," 
said  the  other. 

"That  should  not  be.  Times  are  hard,  to  be  sure,  but  they 
ought  to  try  to  accommodate  you.  Is  the  amount  you  require  a 
large  one,  and  do  you  wish  to  employ  it  in  your  business?" 

"I  do,  sir." 


THEOLDMERCHANT-BANKERS  65 

"Then  you  shall  have  it.  If  the  Bank  cannot  accommodate 
you,  I  will  do  it  out  of  my  own  private  funds.      Walk  in,  sir." 

The  ;ournalist  got  his  money. 

The  late  John  Crosby  Brown,  too,  was  an  admirable  repre- 
sentative of  this  fine  type  of  the  old  merchant  banker;  a  volume 
which  he  issued  some  time  back  on  the  history  of  his  firm  for  a 
hundred  years  (correcting  the  last  proof  on  the  very  day  of  his 
death  at  the  age  of  seventy-one)  has  a  number  of  letters  which, 
though  written  during  the  Second  War  with  England,  give  a 
most  illuminating  picture  of  the  matters  which  engaged  a  bank- 
er's attention  during  this  pre-railroad  period. 

Here,  for  instance,  are  some  business  communications  from 
American  members  of  the  business  to  their  partner  relatives 
abroad.* 

"Baltimore,  24  Mar.,  1812. 
"Mr.  Geo.  Brown. 

"Dear  George:  I  am  in  receipt  of  your  favours  up  to  No.  6  dated 
10  Jan'y*  and  think  it's  as  well  you  did  not  invest  more  money 
in  goods.  The  opening  of  the  Intercourse  seems  as  doubtful  as 
ever.  The  majority  of  the  people  say  unless  the  orders  in  Coun- 
cil are  off,  we  must  have  War.  For  my  part,  I  think  it  impos- 
sible our  Government  can  be  so  mad  as  to  declare  War  until 
they  are  prepared  to  make  it.  It's  impossible  to  give  you  any 
decided  opinion  what  is  likely  to  be  the  result  of  the  present 
order  of  things.  You  would  be  surprised  to  find  the  ship  Armata 
arriving  in  Lpool  our  property.  She  must  be  a  very  cheap  Ship 
if  we  have  peace.  If  the  orders  in  Council  should  be  off,  so  that 
a  good  f.  [freight]  is  got  back  to  this  country,  she  will  cost  us 
very  little.  If  she  should  even  return  in  ballast  her  outward  f. 
will  reduce  her  price  to  about  $21,000.  John  left  letters  in  N 
York  to  be  forwarded,  directing  her,  if  the  orders  in  Council 
were  not  off,  to  return  with  all  possible  dispatch  to  Hampton 
Roads,  and  to  send  up  to  Norfolk  to  Wood  &  Hastings  where 
we  would  have  orders  waiting  for  her  where  to  proceed.  Since 
then  immense  shipments  of  flour  and  corn  have  gone  from  this 
port  to  Spain  and  Portugal  which  has  scarcely  left  a  ship  in  port 
for  charter.  I  think  the  chances  of  getting  a  good  f.  from  this 
port  immediately  on  arrival  so  good  that  you  had  better  direct 
Captain  Leeds  if  the  wind  answers  to  proceed  up  here  without 
stopping.  Should  the  wind  not  answer  then  there  would  be  no 
great  loss  of  time.  He  may  stop  and  send  up  to  Norfolk.  I 
hope,  however,  unless  there  is  a  prospect  of  a  return  f.  that  she 

*  From  "A  Hundred  Years  of  Merchant  Banking,"  by  John  Crosby  Brown, 
New  York,  1909. 


66   A  CENTURY  OF  BANKING  IN  NEW  YORK 

will  have  sailed  before  you  receive  this.  With  respect  to  your 
remaining  in  Europe  until  we  see  what's  to  be  clone,  can  form  a 
better  judgment  some  time  hence.  In  the  meantime,  if  you 
can  be  conveniently  spared  fm.  Lpool,  I  think  it  would  be  well  to 
go  over  about  June  to  see  your  friends  in  Ireland  and  to  return  to 
Liverpool  in  July  or  in  August  to  be  ready  to  embrace  any  view 
of  business  that  may  offer,  either  by  opening  the  Intercourse  or 
otherwise.  William  will  probably  leave  this  for  England  in  May 
or  June  so  that  you  will  meet  him  on  your  return  to  Lpool. 


"Alex.  Brown  &  Sons." 

"Baltimore,  7  April,  1812. 
"Dear  George:  " 

"William  has  wrote  you  by  this  conveyance  that  an  Embargo 
has  been  laid  for  90  days.  Some  think  it  will  be  followed  by 
War.  Many,  however,  are  of  the  opinion  that  the  Non-importa- 
tion law  will  be  repealed  to  give  the  Americans  an  opportunity 
of  getting  home  their  funds.  I  cannot  help  having  considerable 
hopes  this  will  be  the  course  that  will  be  taken  previous  to  hos- 
tilities, even  if  they  should  be  determined  on.  I  still  think  it 
impossible  our  Executive  can  have  any  serious  intention  of  going 
to  War  with  England,  in  the  unprepared  state  of  this  country, 
and  particularly  so,  as  we  are  equally  ill  treated  by  France  as 
respects  capturing  and  burning  American  ships.  If  the  Non- 
importation act  is  removed,  the  orders  for  coarse  goods  suitable 
for  this  fall  trade  will  be  immense  and  they  will  get  up  rapidly 
in  England.  I  should  think  it  a  safe  and  good  speculation  for 
you  on  rec.  of  this  to  have  Three  or  Four  Thousand  Pounds 
invested  in  those  articles.  If  the  intercourse  should  be  opened 
when  that  news  reaches  England,  it  will  be  impossible  to  procure 
the  goods,  so  many  will  be  wanted.    .    .    . 

"Your  aff.  Father, 

"A.  Brown. 

"P.  S.  There  is  to  be  a  meeting  this  evening  to  petition  Con- 
gress to  take  off  the  Non  importation  law." 

"Baltimore,  18th  April,  1812. 
"Mr.  William  Brown  (Mr  William  A.  Brown,  of  Liverpool). 

"Dear  Sir:  I  do  not  find  there  is  any  difficulty  in  getting  little 
things  ashore  here,  alto  there  appears  to  be  in  New  York.      M. 


LETTERSOFJOHNCROSBY  BROWN  67 

Bings  therefore  wishes  you  to  send  him  per  Rising  Sun — One 
End  of  ps  s.p.  fine  London  cloth,  black — One  do  Best  Quality 
Pantaloon  Stuff,  Ten  Dozen  Ale,  Ten  Dozen  Porter,  Three 
Cheeses,  Three  Kegs  Herrings,  One  Crate  Blue  and  White  Staf- 
fordshire Ware,  Dishes,  Plates,  Basons,  Chambers,  &c. — for 
M.  Bings'  own  use  of  the  best,  and  one  of  common  Ware  for 
Ship's  use.  If  anything  opens  the  Intercourse,  send  double 
quantity  of  all  but  the  two  first  mentioned  articles  but  don't  run 
the  risk  of  getting  the  Ship  seized.  George  might  send  Mr 
Smith's  gold  scales,  and  my  Mother's  table  cloths,  and  she  wants 
also  2>2  doz.  of  napkins  to  match  them.  Am  sorry  you  forgot 
to  send  Mr  Appleton's  seeds.  Enclosed  you  have  £150  Stg. 
which  place  to  the  cr  of  Brown  D.  Hollins.  The  News  from 
Washington  to  the  most  knowing  Federal  and  Democratic 
characters  yesterday  and  to-day  is,  that  the  Executive  are 
pledged  to  France  to  go  to  War  with  England,  and  that  the 
measure  if  fully  determined  on  and  is  shortly  to  be  brought 
forward.  The  most  sanguine  in  their  expectations  of  the  re- 
moval of  the  Non  importation  act  have  now  lost  all  hope,  and  it 
is  even  doubtful  whether  it  is  brought  forward  again.  Monday, 
the  20th  was  the  day  fixed.  Probably  the  packet  may  not  go 
until  after  that  and  may  have  later  news  upon  the  subject. 
George  had  better  not  make  any  purchases  in  expectation  of  the 
renewal  of  the  Intercourse,  but  remain  in  Lpool  until  my  arrival. 
We  shall  then  know  better  what  new  projects  of  business  it  will 
be  advisable  to  pursue. 

"Don't  by  any  means  touch  Exchequer  Bills  of  any  kind  of 
Government  security.  A  War  with  this  country  would  depre- 
ciate anything  of  that  kind  prodigiously.  If  you  cannot  get  as 
much  private  paper  from  E.  R.  &  Co.  with  which  there  cannot 
be  any  risk,  you  must  leave  it  with  our  Bankers.  I  cannot  con- 
ceive for  a  moment  there  can  be  the  smallest  risk  with  them,  and 
the  object  whether  we  get  4  or  5%  until  I  arrive  is  of  no  impor- 
tance. The  primary  object  is  safety.  If  you  have  loaned  a  part 
of  Her  (?)  Montgomery  &  Co.  it  is  well,  as  it  divides  the  risk  if 
any.  Should  War  take  place,  it's  probable  we  shall  have  in- 
structions to  place  by  some  means  a  large  amount  of  the  funds  in 
our  hands  in  a  neutral  country  if  such  is  to  be  found,  that  the 
owners  may  get  it  here,  but  nothing  specifick  can  be  said  upon 
this  subject  until  we  see  further. 

"Yours, 

"Wm.  Brown." 


68       ACENTURYOF  BANKING  IN  NEW  YORK 

"Baltimore,  29  Dec.  1812. 
"Mr  George  Brown. 

"Dear  George:  Yours  and  Wms.  Letters  with  the  several 
enclosures  per  George  Washington  came  safe  to  hand  and  am 
truly  sorry  to  find  Wm.  A.  has  acted  in  such  a  manner  as  to 
induce  Wm.  to  dissolve  the  partnership,  but  I  do  not  see  how 
he  could  do  otherwise.  It  would  be  such  a  weight  on  his  mind 
to  have  a  partner  in  whom  he  had  not  full  confidence.  Your 
Uncle  John's  letters  surprise  me  and  are  very  unwarranted  and 
very  unbecoming.  Still  it  will  give  me  a  great  pleasure  if  the 
dissolution  can  be  accomplished  without  making  a  family  quar- 
rel, which  of  all  quarrels  is  the  most  distressing.  I  have  written 
to  Wm.  by  a  cartel  on  the  point  of  sailing  from  New  York  and 
a  copy  goes  by  this  conveyance,  which  I  would  have  enclosed 
you  open,  had  I  been  certain  of  your  being  in  Lisbon,  but  I 
think  it's  possible  you  may  be  on  your  way  home  as  it  would 
be  useless  Jno.  and  you  both  staying.  I  think  it  was  very  well 
your  going  by  Lisbon  and  procuring  all  the  information  you  can 
as  to  the  mode  of  managing  a  neutral  trade.  We  can  give  very 
little  information  on  the  subject  here.  What  occurred  to  me 
has  been  written  to  John  directed  to  the  care  of  Mr  James 
Creighton  at  L  Bulkely  &  Sons.  I  shall  direct  this  letter  as  you 
desire  to  Gold  Brothers  &  Co.  I  have  also  written  John  directed 
to  Creighton.  If  John  should  not  be  in  Lisbon,  get  his  letters 
and  open  them.  A  law  has  at  length  passed  Congress  relieving 
the  merchants  from  their  bond  for  all  goods  bought  in  England 
before  the  official  declaration  of  War  was  known  there,  provided 
they  were  shipped  between  the  23  June  and  15th  Sept.  last, 
bona  fide  American  property.  This  will  we  think  embrace  all 
the  goods  we  had  out.  I  am  fully  convinced  this  Government 
are  greatly  disappointed  in  the  success  of  their  War  measures. 
It  is  now  certain  there  will  be  a  majority  in  next  Congress  for 
Peace  (if  not  of  Federalists).  This  circumstance  will  make  them 
very  anxious  to  meet  the  views  of  the  British  as  soon  as  possible 
in  making  an  honorable  adjustment,  provided  the  British  still 
continue  willing  to  meet  them.  Congress  are  afraid  to  lay  the 
direct  Taxes,  and  I  do  not  think  they  can  borrow  money  unless 
they  give  more  than  6  pet.  which  would  be  unpopular.  Thus 
circumstanced,  many  well  informed  people  think  a  peace  in 
the  course  of  the  spring  extremely  probable.  This  should  make 
any  circuitous  voyage  be  undertaken  with  great  caution.  In- 
deed I  am  clearly  of  opinion  before  any  thing  material  is  done, 
you  ought  after  getting  all  the  information  you  can  get,  to 
come   home   and   if  the   War    continues    consult    and    arrange 


FINANCEIN\VAROF1812  69 

matters  with  your  friends  here,  as,  (if)  settlement  is  Lisbon 
should  be  thought  advisable,  you  will  be  able  to  carry  out  with 
you  the  views  and  arrangements  that  may  be  necessary,  much 
better  than  by  letter.  If  the  Armata  gets  safe  to  Lisbon  and 
home  again,  not  being  insured,  we  cannot  make  less  than  60 
or  70  Thousand  Dollars  by  this  year's  trade.  Circumstanced 
as  we  now  are,  it  would  be  wrong  for  us  to  run  the  risk  of  com- 
mencing any  establishment  or  trade  that  could  not  be  carried 
on  without  hazard. 

"Believe  me,  dear  George, 

"Your  affectionate  father, 

"Alex.  Brown." 


"Baltimore,  2  April,  1813. 


"Mr  Wm.  Brown. 
"Dear  Wm.: 


"A  report  is  in  circulation  that  Gallatin  is  going  as  a  nego- 
tiator to  Russia  to  treat  with  Great  Britain  for  Peace.  If  so, 
we  may  still  hope  that  desirable  event  may  be  at  no  great  dis- 
tance, which  induced  us  to  make  a  speculation  in  Exchange  in 
conjunction  with  P.  E.  Thomas  &  George  in  the  enclosed  bill 
George  Tyson  on  Cropper  Benson  &  Co.  £10,000,  Six  Thousand 
of  which  place  to  our  credit  and  Four  to  their  credit.  2d  of 
both  those  bills  will  go  by  the  Francis  Freeling  Cartels.  We 
have  already  advised  that  all  letters  coming  and  going  by  Car- 
tels are  opened.  D.  A.  Smith  is  going  to  Phila.  We  shall  give 
him  some  bills  if  he  can  get  a  good  Exchange  to  take  advantage 
of  it.  We  have  received  your  letter  of  23  Jan'y  by  way  of  Lisbon 
accompanied  by  a  postscript  from  John  of  27  February.  We 
hope  the  next  account  will  bring  us  an  account  of  everything 
we  are  concerned  in  being  sold  at  the  then  prices.  We  cannot 
think  this  War  will  continue  long.  Mr.  E.  Riggs  is  now  in 
town  and  will  be  extremely  glad  to  hear  of  the  sale  of  all  his 
Tobacco  in  your  hands  at  the  prices  you  mention  in  your  last 
to  him  dated  early  in  Jan'y.  He  requests  us  to  say  that  he 
would  be  well  pleased  to  hear  of  sale  at  even  less.  We  are  all 
well  and  your  little  daughter  enjoys  uninterrupted  good  health 
and  spirits, 

"Believe  us,  dear  William, 

"Yours  affectionately, 

"Alex.  Brown  &  Sons." 


70       A  CENTURY  OF  BANKING  IN  NEW  YORK 

"Baltimore,  8th  September,  1813. 
"Mr  John  Brown. 

"Dear  Brother:  I  am  in  receipt  of  your  esteemed  favor  of 
the  24th  of  May  and  rejoice  most  sincerely  that  my  letter  had 
in  some  measure  the  effect  of  opening  a  door  to  a  reconcilia- 
tion between  you  and  William.  I  hope  and  trust  it  may  be  a 
source  of  happy  end,  for  of  all  disputes  those  between  relations 
are  generally  carried  on  with  the  greatest  acrimony  and  interest 
the  public  no  further  than  to  amuse  them.  On  the  subject 
of  exchange,  it  fluctuates  according  to  the  public  expectations 
of  peace.  On  Admiral  Warren's  mission  to  this  country  in 
November  last  Exchange  got  up  to  10  to  11  percent,  discount. 
On  the  failure  of  that  negotiation  it  declined  again  to  about 
the  price  you  mention.  Immediately,  however,  on  its  being 
known  that  our  Government  had  accepted  the  Russian  Media- 
tion and  were  about  sending  Commissioners  there  to  negotiate. 
It  got  up  again  early  in  April.  We  sold  £12,000  to  the  Govern- 
ment at  13  percent,  discount,  and  they  have  lately  been  buying 
largely  at  14  which  is  now  considered  the  current  price.  Peace 
we  think  would  advance  it  considerably  and  the  continuance  of 
the  war  and  our  present  prohibitory  system  of  British  goods 
would  have  a  contrary  effect.  Am  I  to  understand  from  your 
letter  that  you  wish  the  £1,000  loaned  to  Brother  Stewart  to 
be  repaid  and  remitted?  If  so  he  will  no  doubt  comply,  although 
you  may  readily  suppose  he  cannot  yet  have  made  so  much  as 
will  enable  him  to  repay  these  loans  and  continue  to  carry  on 
his  business  as  it  requires  a  considerable  capital  to  do  it  to  ad- 
vantage. I  loaned  him  £3,000  sterling  exclusive  of  the  loan 
from  you.  In  a  little  time  I  hope  he  will  be  able  to  begin  re- 
ducing it  by  degrees  without  impairing  his  means  of  carrying 
on  the  business.  Referring  you  to  the  Thomas  letters  of  19th 
of  June  and  10th  of  August  which  have  been  inclosed  to  Liver- 
pool for  reasons  which  will  explain  themselves,  believe  me,  &c., 

"  (Signed)   A.  Brown." 

Our  friend  probably  belonged  to  one  of  the  Ancient  and 
Honorable  Masonic  Societies,  either  the  Royal  Arch  or  the  Free 
and  Accepted  Masons  or  Knight  Templars:  a  httle  unpublished 
diary  in  a  pocket  almanac  of  the  period  belonging  to  a  member 
of  the  financial  fraternity  tells  of  his  swing  around  the  circle 
of  Lodges  on  Long  Island;  he  being  a  Worshipful  Grand  Master 
or  Grand  Deacon  or  something  grand,  spent  a  week  in  journey- 
ing down  to  Smithtown,  through  Suffolk  County  to  Riverhead 


^i 


^  o 

-is 

is 


C    03 


FINANCEINWAROF1812  71 

and  Sag  Harbor  and  working  his  way  back  through  Hempstead 
to  bring  the  country  brethren  in  touch  with  the  Central  Order. 

It  was  also  the  thing  to  be  enrolled  in  a  Militia  Regiment, 
the  Horse  Artillery  being  quite  as  much  a  social  club  as  some 
squadrons  have  been  in  our  day. 

If  a  fire  broke  out,  it  was  not  only  the  younger  generation  who 
rushed  to  the  excitement;  dignity  and  leisure  disappeared  be- 
fore the  necessity  of  taking  one's  place  in  one's  particular  com- 
pany of  the  volunteer  fire  organization — the  forty  companies 
of  which,  with  their  hand-drawn  hose  and  hook-and-ladder 
outfits  were  our  only  protection  until  the  whole  volunteer  service 
was  abolished  and  the  Metropolitan  Fire  Department  created 
in  1865.  The  clumsy  hand-pump  engines  and  their  excitable, 
half-organized  workers  were  not  extremely  effective  in  putting 
out  fires — as  was  only  too  evident  a  few  years  later.  But  over 
a  period  of  half  a  century  it  was  at  first  a  social  and  then  a  polit- 
ical distinction  to  belong  to  certain  companies:  the  rivalry  over 
Hberty  poles,  water  throwing  contests,  speed  of  getting  out 
apparatus  (and  even  fist  fights  between  respective  champions) 
were  so  intense  that  when  a  chief  engineer  of  the  department 
was  removed  in  the  '30's,  apparently  for  political  reasons,  the 
whole  force  quit  work  in  the  midst  of  fighting  a  fire,  and  could 
only  be  induced  to  start  again  when  their  hero  himself  appeared 
and  assured  them  the  rumor  was  an  error. 

Though  he  frowned  on  extravagances  for  himself,  this  old 
financier  devoted  what  seems  to  us  rather  a  formidable  amount 
of  attention  to  good  eating  and  good  — and  plentiful — drinking. 
He  was  apt  to  know  exactly  where  to  go  in  the  particular  mar- 
ket he  preferred  to  get  the  choicest  game  and  shell  fish  and 
country  produce.  When  the  crop  of  soft  clams  reached  per- 
fection, his  sea-food  dealer  would  send  him  word  and  he  would 
sally  down  on  the  first  opportunity  to  partake  of  a  delectable 
mess  of  steamed  clams  at  one  of  the  little  market  restaurants 
where  alone,  as  the  real  epicure  knew,  such  dehcacies  were  to 
be  had  in  their  proper  freshness  and  succulence.* 

And  as  for  drinking — look  over  the  list  of  duties  paid  at  any 
of  the  ports  on  the  Atlantic  seaboard  during  this  half  century 
and  you  will  come  to  the  conclusion  that  the  main  activity  of 
importers  in  those  days  was  due  to  a  feverish  anxiety  lest  the 
country  should  perish  of  thirst.      The  number  of  puncheons  of 

*  Up  to  twenty  years  ago  there  was  such  a  sea-food  eating  place  at  Fulton 
Market,  where  a  few  old-time  New  Yorkers  of  this  school  made  regular  pil- 
grimages upon  being  notified  that  the  hour  had  arrived,  as  some  of  them 
had  done  for  over  half  a  century. 


72       ACENTURYOFBANKINGINNEWYORK 

rum  from  the  West  Indies  and  pipes  of  gin  from  Holland  and 
barrels  and  cases  of  brandy  and  wines  from  Bordeaux,  divided 
into  the  number  of  inhabitants,  would  seem  to  indicate  that 
every  man,  woman  and  child  in  the  United  States  did  his  duty 
in  this  respect. 

Gossippy  Walter  Barrett  gives  an  entertaining  list  of  the 
various  liquid  appeals  to  the  palate  which  were  considered  neces- 
sary about  this  time: 

"Wines: — Madeira,  Sherry,  Tenneriffe,  Lisbon,  Malaga, 
Fayal,  Port,  Claret.    No  Champagne  was  ever  advertised. 

"Brandy: — Cognac,  Spanish,  Cette,  Peach,  Country. 

"Cordials: — York  Rum,  All  Fours,  Stoughton  Bitters, 
Metheglin,  Cherry  Bounce,  Cherry  Brandy,  Raspberry, 
Liquor  d'Or,  Creme  de  Caffe,  Anizette,  Pennyroyal,  Baum, 
Wintergreen,  Mint,  Aqua  Mirables,  No^'eau,  Rosa  Solis, 
Mount  Pelieur,  Rattifia,  Citron,  Cinnamon,  Ladies  Comfort, 
Usquebaugh,  Orange,  Life  of  Man  double  distilled.  Life 
of  Man  single  distilled.  Peppermint  double  and  single  dis- 
tilled. 

"Spirits: — Jamaica,  Antigua,  St.  Croix,  W.  I.  Island,  N. 
England. 

"Gin: — Holland,  York  Anchor,  Country,  Old  Irish  Whis- 
key, Old  Shrub,  Cider  Spirits,  Alcohol,  Highwines,  Spirits  of 
Wine. 

"And  iron  liquor  for  leather  dressers'  use." 

Nor  were  they  content  with  variety  and  quantity  alone; 
even  such  a  truly  devout  old  Scotch  Presbyterian  merchant  as 
John  Johnston  left  in  his  attic,  after  his  demise,  "huge  demi- 
johns and  magnums  of  Madeira  and  other  wines  which  had 
been  sent  on  the  long  sea  voyage  to  India  and  back,  some  of 
them  twice,  to  improve  their  flavor,  each  container  being  care- 
fully labelled  with  these  details." 

Nearly  all  of  these  essential  supplies  were  imported,  and  their 
sale  was  a  most  important  factor  in  the  fortunes  which  the  mer- 
chants of  those  days  were  building  up,  though  at  least  two  well- 
knovi'n  New  Yorkers,  Stephen  Jumel  and  John  Juvel,  had  es- 
tabhshed  themselves  here  as  dealers  in  the  wines  and  spirits 
of  their  native  France.  There  was,  however,  a  local  distillery 
of  cordials,  which  was  quite  successful,  though  the  product  was 
considered  inferior  to  the  foreign  article  by  connoisseurs.* 

It  would  be  a  great  mistake  to  conclude  from  these  facts  that 
the  substantial  men  of  the  time  were  in  any  way  given  to  drunk- 
enness. The  testimony  of  James  Stuart,  who  spent  a  couple  of 
years  travelling  all  over  the  United  States  m  the  early  '30's  is 

*  Oddly  enough  this  patriotic  venture  was  established  by  an  ex-tailor  who 
married  the  sister  of  the  richest  man  in  the  United  States — and  acquiring 
from  her  the  secrets  of  the  business  left  by  her  first  husband,  a  German  dis- 
tiller, opened  a  similar  business  and  flourished  exceedingly. 


BANKER'S    CIVIC    DUTIES  73 

very  striking;  in  commenting  on  some  ardent  temperance  out- 
bursts which  began  about  then,  he  notes  that  in  three  months' 
travelhng  about  the  only  intoxicated  person  he  had  seen  was 
an  Oneida  Indian,  and  that  in  three  years  of  meeting  all  sorts 
and  conditions  of  people  here  he  had  not  seen  a  dozen  people 
"the  worse  for  liquor." 

There  is  plenty  of  evidence,  of  course,  that  the  young  blades 
were  apt  to  become  over-patriotic  around  July  4th,  to  the  vast 
detriment  of  sober  citizens'  windows,  and,  as  would  naturally 
be  the  case,  such  a  gentleman  traveller  probably  saw  little  of 
the  places  where  the  harm  was  really  done — the  same  sort  of 
places,  by  the  way,  which  finally  brought  prohibition  a  hundred 
years  later. 

New  York  had  a  couple  of  thousand  grog  shops,  many  of  them 
dives  of  the  worst  description,  where  enough  vile  liquor  could 
be  obtained  for  three  or  four  cents  to  get  drunk,  since  the  stand- 
ard price  for  this  grade  of  stuff  was  a  quarter  cent  a  glass.  The 
earliest  reports  of  the  Society  for  the  Prevention  of  Pauperism 
recommended,  as  an  essential  feature  of  the  campaign,  the  clos- 
ing of  all  "tippling  shops."  Since,  however,  these  worthy, 
and  entirely  sincere,  gentlemen  would  have  been  completely 
outraged  at  the  mere  suggestion  of  setting  an  example  by  sup- 
pressing their  own  well-stocked  cellars,  this  recommendation 
was  not  particularly  effective. 

Our  banker  had  probably  an  office  on  Wall  Street — perhaps 
a  former  residence — for  which  he  would  pay  from  one  to  two 
thousand  dollars  a  year  rent.  His  own  salary,  if  he  was  President 
or  Cashier,  would  not  have  been  over  three  or  four  thousand  dol- 
lars a  year,  though  naturally  this  did  not  tell  the  whole  story  as 
to  his  income. 

In  fact,  these  recorded  salaries  would  have  been  entirely  inade- 
quate in  view  of  the  rents  often  paid  for  residence  in  the  housing 
shortage.  An  unfurnished  house  in  Greenwich  Street,  "not  at 
all  a  large  one,"  cost  John  Johnston  $125  a  month,  and  he  wrote 
his  father  in  1827:  "We  have  now  four  children  of  our  own  alive 
and  one  adopted,  which  fills  our  parlour  very  well."  When  a 
young  relative  spent  the  night  he  slept  with  his  boy  cousin  "m 
a  little  trundle  bed  drawn  out  from  under  Aunt  Johnston's  bed, 
which  was  in  the  second  story  front  room. 

In  his  hours  of  work,  he  had  not  yet  forgotten  certain  natural 
divisions  of  the  day.  Most  merchants  were  in  their  places  of 
business  by  eight  in  the  morning,  and  the  initial  announcement  of 
the  Farmer's  Fire  Insurance  and  Loan  Company  (the  earliest 
recorded  announcement,  by  the  way,  of  a  company  offering  to 


74       A  CENTURY  OF  BANKING  IN  NEW  YORK 

execute  the  trusts  formerly  assigned  to  individuals)  states  that 
the  new  concern  is  open  for  business  at  34  Wall  Street  "from 
9  o'clock  a.  m.  to  sunset." 

The  dinner  hour  must  have  been  early  enough,  since  the  City 
Theatre  advertises  its  comic  opera  "Rosina"  ("Box  50  cents. 
Pit  "hiy^  and  Gallery  25")  "Doors  open  at  half  past  5  and  per- 
formance to  commence  at  half  past  6  o'clock  precisely." 

At  three  o'clock.  Wall  Street  would  be  for  a  few  minutes 
crowded  with  solid  brokers  and  merchants;  young  sparks  eager 
to  escape  from  bonds,  ledgers  and  bills  of  lading  and  exchange  to 
the  fashionable  rout  in  the  Broadway  promenade;  a  whole  tribe 
of  shady  "bill-shavers"  and  other  kites  existing  on  the  offal  dis- 
carded by  their  betters;  and  an  occasional  country  or  foreign 
sight-seer.  The  "accommodations"  or  private  equipages,  or 
their  own  feet  would  soon  carry  them  off— and  presently  the 
financial  centre  would  become  "as  gloomy  and  deserted  as  though 
it  had  recently  been  visited  by  the  yellow  fever." 

During  the  migration  to  Greenwich  because  of  the  yellow 
fever,  the  regular  banking  hours  seem  to  have  been  changed, 
since  the  announcements  specify  from  ten  o'clock  to  one,  and 
from  three  o'clock  to  five.  Where  the  morning  working  hours 
were  from  eight  or  nine  till  twelve,  it  was  customary  for  the  mer- 
chant and  his  clerks  to  shut  up  the  shop  and  go  off  home  to 
dinner — rarely  over  half  a  mile  away. 

The  responsible  financier  might  vary  his  labors,  as  versatile 
Philip  Hone  did,  by  riding  out  on  horseback  to  Bloomingdale 
Asylum  to  inspect  conditions  and  accounts;  returning  to  spend 
the  afternoon  at  a  meeting  of  the  philanthropic  Bank  for  Sav- 
ings; thence  to  a  meeting  of  the  Trinity  Vestry  or  the  Mercantile 
Library  Association — with  a  possible  bank  directors'  meeting  at 
home,  at  seven  in  the  evening  (to  discuss  perhaps  what  premium 
their  bank  should  offer  on  the  State  loan  of  a  million  dollars  in 
six  percents.)  or  a  fancy  ball  at  the  Brugieres  or  Schermerhorns, 
or  to  see  Wallack  in  "Julius  Caesar" — relating,  between  acts,  how 
he  had  passed  on  Broadway  the  celebrated  Indian  Chief,  Red 
Jacket,  and  the  equally  famous  ancient  Harvey  Birch,  the  orig- 
inal of  Cooper's  "Spy." 


■^J^- 


Chapter  V 
imO  JFAS  WHO  IN  FINANCE 

The  PrcdeceMors  of  Nc<,'^  York'j  JIUrLonaireo' — The  JT'eallhi/ 

Men  of  the  Dutch  PerioJ-—  The  Capltat'uts  of  the  EncjLiM? 

PerioJ^The    Rich   Aleii    of  1822—'" Biography   of 

IT^ealthy  Citizens"  of  18^7-^0 

'N  the  year  1840  a  number  of  leading  New  York  merchants 
n    the    course    of   calculations    connected    with    business," 
made  a  joint  list  of  the  available  capital  employed  by  the 
men  they  knew. 

This  was  probably  to  some  extent  the  outcome  of  the  disastrous 
experiences  of  1837.  New  businesses  and  banks  had  been  spring- 
ing up  in  many  sections  that  had  lately  been  pioneer  settlements; 
it  took  weeks  to  communicate  with  some  of  these  distant  towns, 
and  a  business  man,  in  times  of  stress,  might  be  accepting  the. 
paper  of  a  merchant  who  had  actually  failed.  It  was  believed 
that  the  extreme  severity  of  the  collapse  in  1837  was  caused  by 
the  difficulty  of  securing  accurate  and  prompt  information  as  to 
credits,  assignments  and  failures;  and  the  first  mercantile  agency 
in  New  York,  four  years  later,  grew  directly  from  the  discussion 
of  this  need.  Undoubtedly  the  same  conditions  and  the  talk 
concerning  them  led  to  the  pooling  of  the  information  on  which 
this  unique  memorandum  was  based. 

As  the  list  was  added  to,  it  grew  to  such  size  and  was  referred 
to  so  frequently  that  its  authors  decided  to  print  enough  copies 
for  the  original  contributions,  and  it  was  placed  for  this  purpose 
in  charge  of  Moses  Y.  Beach,  Editor  of  the  Sun. 

A  small  edition  was  struck  off — a  little  pamphlet  of  seven  or 
eight  pages,  giving  merely  names  and  amounts.  It  was,  however, 
the  first  thing  of  the  sort  to  be  put  into  type,  and  the  only 
available  authority  on  perhaps  the  most  interesting  subject  in 
the  world  to  business  men,  for  it  answered  questions  about  which 
everybody  speculated  or  whispered,  and  its  appeal  was  personal 
and  social  as  well  as  commercial. 

Every  copy  was  at  once  snapped  up  by  the  originators  and  their 
friends,  and  everybody  else  wanted  one.  So  urgent  did  the  de- 
mand become  that  the  publisher,  after  making  some  corrections 

75 


76       ACENTURYOFBANKINGINNEWYORK 

and  additions,  put  the  forms  to  press  a  second  time.  It  was 
reprinted  twice  more  in  the  next  couple  of  years,  not  a  copy  of 
any  edition  remaining  unsold.  Then  in  December,  1844,  a  fifth 
edition  was  put  out,  greatly  enlarged,  under  the  title,  "Wealth 
and  Biography  of  the  Wealthy  Citizens  of  New  York  City;  Com- 
prising an  Alphabetical  Arrangement  of  Persons  Estimated  to 
be  Worth  $100,000  and  Upwards,  with  the  Sums  Appended  to 
Each  Name;  Being  Useful  to  Banks,  Merchants  and  Others." 

It  now  had  ten  times  the  matter  in  the  original  pamphlet, 
with  the  new  feature  of  brief  genealogical  and  historical  or  bio- 
graphical returns  of  some  of  the  more  remarkable  men  and 
families  in  this  community  into  Avhose  hands  "wealth  has  con- 
centrated." The  editor  proclaimed  his  endeavor  "to  do  equal 
and  exact  justice  to  the  parties,  and  have  deemed  that  we  have 
been  rendering  an  especial  service  to  those,  more  particularly, 
who  by  honest  and  laborious  industry  have  raised  themselves 
from  the  obscure  and  humble  walks  of  Kfe,  to  great  wealth  and 
consideration." 

This  absorbing  publication  was  an  instant  success.  It  con- 
tained everybody  who  had  money,  from  a  retired  Jew  tobac- 
conist and  "a  respectable  Irish  gent,"  to  John  Jacob  Astor  with 
his  twenty-five  millions  and  Peter  P.  Stuyvesant,  with  a  tenth 
as  much  but  the  social  position  of  the  grandson  of  the  redoubta- 
ble Dutch  Governor-General.  And  it  narrated  just  how  the  dol- 
lars were  piled  up  in  a  manner  intimate,  racy,  and  sometimes 
verging  on  the  Impudent. 

It  had  to  be  reprinted  in  a  month.  Before  the  end  of  the  next 
year  it  had  reached  the  tenth  edition;  the  issue  of  1855,  when  it 
had  grown  to  80  pages,  was  the  thirteenth.  By  this  time,  how- 
ever, the  mercantile  agency  founded  by  Lewis  Tappan,  editor 
of  the  Journal  of  Commerce,  in  1841,  and  Bradstreet's  system 
of  commercial  reporting  and  financial  credit  rating  (Inaugurated 
In  1849),  had  begun  to  manifest  their  value;  and  the  day  of  the 
entertaining  "Wealth  and  Biography"  pamphlets  passed. 

Its  success  had,  however,  caused  the  idea  to  be  copied  in  other 
cities.  A  member  of  the  Philadelphia  bar  in  1845  applied  the 
scheme  to  that  city,  lowering  the  admission  price  to  $50,000. 
Ela  in  Boston  got  out  the  following  year;  "Our  First  Men:  A 
Calendar  of  Wealth,  Fashion  and  Gentility,"  with  the  original 
$100,000  requisite  for  admission.  And  Brooklyn,  not  to  be 
outdone,  contributed  in  1847,  "The  Wealthy  Men  and  Women  of 
Brooklyn  and  Willlamsburgh,  Embracing  a  Complete  List  of  All 
Whose  Estimated  Possessions  (in  Real  and  Personal  Property) 
Amount  to  the  Sum  of  Ten  Thousand  Dollars  and  Upwards." 


NEWYORK'SRICHMEN  77 

There  may  have  been  others;  these,  with  some  hundreds  of 
pages  of  tax  Hsts  and  lists  of  bankrupts,  were  bound  up  into  a 
fat,  blue  cloth  volume,  titled  (in  gold,  naturally)  "The  Blue 
Book  of  our  Monied  Aristocracyf";  and  a  reading  of  these 
annotated  lists  seemed  to  illuminate  so  brightly  the  bygone 
personalities  and  conditions  which  made  our  banking  history, 
that  the  pamphlet  of  1845  is  given  here  in  facsimile,  and  it  is 
supplemented  as  far  as  possible  with  some  lists  of  the  men  whose 
possessions  made  banks  possible  at  various  periods. 

The    Dutch    Period 

On  October  11,  1654,  Governor  Stuyvesant  and  his  Council  at 
Fort  Amsterdam  called  for  a  voluntary  subscription  to  pay  the 
cost  of  repairing  the  defences  and  of  the  necessary  expenses  of 
government.  The  consequent  "summoning  by  the  Court  Mes- 
senger" brought  forward  the  first  definite  grouping  of  Manhat- 
tan's rich  men. 

It  should  be  remembered  that  there  were  at  this  time  just 
twenty  holders  of  the  Great  Burgher  Right  for  all  its  six  classes; 
members  of  the  Government,  burgomasters  and  schepens,  minis- 
ters of  the  Gospel,  commissioned  officers,  all  who  applied  and 
paid  50  florins,  all  descendants  in  the  male  line  of  the  foregoing; 
even  the  small  Burgher  Right  had  been  granted  to  but  204. 
Quite  a  number  of  these  twenty  Great  Citizens  did  not  appear 
among  the  contributors  listed: 


The   Honble   Lord   Petrus 

Cornelis  van  Ruyven,    Secre- 

Stuyvesant offers  for  his  share 

tary, 

30 

fl.  50  above  the  most,  being  fl. 

150 

Lieut.  Pieter  Wolferts   van 

{a  florin  amounted  to  40  cts.) 

CouWENHOVEN,  voluntary. 

100 

Herr    Cornelis    van    Tien- 

Lieut.  Daniel  Litschoe, 

50 

HOVEN  offers. 

100 

Ensign    John    Pr    Verbrugge 

Allard  Anthony, 

100 

offers  with  others;  requests  to 

Oloff  Stevenson,  (this  was  Van 

be  assessed;  taxed  at. 

100 

Cortlandt), 

50 

Cornelis  Steenvvyck,  Item, 

100 

OH.  Nevins,    (not  wealthy). 

50 

JoosT  VAN  Beeck,  taxed  at. 

50 

OH.  d'Peyster, 

50 

Skipper  Jan  J.  Bestevaer  and 

^ACOB    StRYCKER, 

30 

brother,  voluntary. 

150 

fAN    VeRIGE, 

30 

Govert  Lookermans,       \ 

100 

Jacob  Kip,  Secretary, 

20 

Pieter  Corns,  van  Veen  ) 

60 

Capt.    Martin   Krygier   taxed 

Pieter  Jacobs,  Burg.,       (  * 

80 

at. 

50 

Jacobus  Backer,               / 

100 

Capt.    Paul    Leenderts    van 

Rymer  Rycken,                 \ 

60 

DIE  Grift, 

60 

Abram  Nichels,                 / 

70 

DoM    Megapolensis,    volun- 

tary, 

50 

*are  willing;  request  to  be  assessed. 

Samuel  Drisius,  Item, 

50 

Therejore  are  taxed  each  at 

t  The  author's  copy  of  the  absorbing  work  is  stamped  on  the  title  page; 
"Property  of  Jas.  G.  Bennett,  Herald  Building." 


78       A  CENTURY  OF  BANKING  IN  NEW  YORK 
Of  the  others  taxed,  on  Oct.  12,  the  following  are  the  heaviest: 


Hend'k  Jansen  van  Vin  taxed  at 

Jacob  Moerman,  Item, 

CoRNELis  ScHUT,  voluntary,  50 
taxed  at 

Three  skippers,  Ptr  Emilius  of 
the  Speckled  Cow,  Ptrd'Wat- 
ERHOUT  of  the  one  N.  Amster- 
dam, and  Unnamed  Skipper 
of  the  White  Horse  were  each 
taxed 


100 


150 


Abram    la    Cuia   is   voluntarilv 

taxed  at  "    100 

Joseph  de  Coster,  Item,  100 

David  Frerie,  Item,  100 

Salvader  Dandrado,  Item,  100 

Jacob  Cawyn,  Item,  100 

Mr.    Thomas   Willett,    volun- 
tary, 60 
Jacob  van  Couwenhoven,  vol- 
untarv,                                                 100 


Many  of  these  were  well-known  figures  in  our  early  annals: 


Anthony,  AUard* 

Was  one  of  the  leading  men  in 
New  Amsterdam;  a  lawyer  who 
at  various  times  served  the  city 
as  Burgomaster,  City  Treasurer 
and  Schont.  W^hen  the  voluntary 
tax  of  1654  was  levied  for  city  de- 
fences, Anthony  subscribed  100 
fl.  He  left  New  Amsterdam  and 
identified  himself  with  the  Mass- 
achusetts Colony  at  Plymouth. 
In  1656  he  married  Henrica  Wes- 
sels   of  Utrecht. 

Bayard,  Nicholas 

Came  from  Holland  to  New  Neth- 
erland  with  Stuyvesant,  his  Uncle. 
In  1666  he  married  Judith  Verlett 
who  had  suffered  imprisonment  as 
a  witch  in  Hartford,  Conn.  He 
was  a  brewer;  by  1676  he  had 
acquired  a  small  fortune  of  £1500. 
Under  the  Dutch  regime  he  held 
several  public  offices;  in  politics 
Bayard  was  a  bitter  opponent  of 
Leisler.  He  was  tried  for  treason 
under  Gov.  Bellomont,  and  sen- 
tenced to  death,  but  the  sentence 
was  reversed  by  the  English  courts. 
He  died  in  1711.  His  residence 
was  in  Stone  Street,  near  Hanover 
Square. 

Bayard,  Balthazer 

Taxed  £3.  2.  6.  in  1676  on  £500. 
Married  Marretza  Lockermans. 
He  was  a  brewer  and  a  man  of  as 
fine  character  as  his  brother. 

Bayard,  Peter 

Brother  of  Balthazar  and  Nicholas. 
Married  Blandina  Kierstede.  Bay- 
ard was  a  Ship  Captain. 

Bickers,  Aaltje 

Died  before  1664.  The  curators 
of  his  estate  lent  the  city  1500  11. 
in  1664. 


Boon,  Francis 

In  1664  he  loaned  the  city  400  11. 

CousSEAU,  Jacques 

Cousseau  was  a  Huguenot  mer- 
chant who  came  to  New  Amster- 
dam in  1658.  He  was  evidently  a 
man  of  means,  for  he  soon  became 
associated  with  Cornelis  Steen- 
wyck,  one  of  the  wealthiest  men 
of  the  times,  in  trading  to  the 
West  Indies  and  France.  In  1664 
he  loaned  the  city  1000  fl.  for  re- 
pairing defences.  He  died  some 
time  before  1682. 

Bout,  Jan  Eberzen 

In  1664  he  loaned  the  city  500  fl. 
In  1674  he  was  not  listed  as  a 
wealthy  man. 

Cregier,  Martin 

Was  a  captain.  In  1654  he  was 
taxed  50  fl.,  and  in  1664  loaned 
the  city  100  fl. 

De  Forest,  Isaack 

A  brewer,  and  for  some  time  a 
magistrate.  The  De  Forest  family 
does  not  seem  to  have  been  very 
rich  in  the  early  days;  no  member 
is  listed  in  1674  among  the  wealth- 
iest families.  In  1664,  however, 
Isaac   loaned   the   city   250   fl. 

DE  MarsCHALCK,  William 

Loaned  the  citv  800  fl.  in  1664. 
Not  listed  in  1674. 

De  Haert,  Matthys 

The  De  Haerts  were  among  the 
wealthy  citizens  of  New  Amster- 
dam; Balthazar  De  Haert  was  one 
of  the  leading  citizens  who  aided 
the  city  by  lending  money  for 
repairing  defences  in  1664.  He 
gave  250  fl.  Matthys  was  included 
among  the  "best  and  most  affluent 
inhabitants"  in  1674  his  propertv 
being  valued  at   12.000  fl.,    while 


*  For  further  data  on  Allard  Anthony,  see  preceding  page. 


WEALTHY    MEN    OF    DUTCH    PERIOD 


79 


Balthazar  De  Haert's  house  was 
deemed  to  be  worth  2,000  fl. 
The  "Widdow  Matthias  Dehart' 
in  1676  was  worth  £1200,  while  a 
Daniel  De  Haert  was  taxed  £5. 
15s.  on  property  assessed  at  £600. 
De  Meyer,  Nicolaes 

In  the  earliest  records  De  Meyer 
is  called  "Nicolaes  Van  Holsteyn." 
He  came  about  1655  froni  Ham- 
burg, in  Schleswig  Holstein,  and 
was  a  baker  by  trade.  In  the  city 
of  New  Amsterdam  he  served  as 
Schepen,  and  under  English  rule 
in  New  York  as  Alderman  and 
Mayor.  He  possessed  considerable 
real  estate.  His  name  does  not 
occur  in  the  list  of  citizens  who 
aided  the  city  in  1664  by  lending 
money  to  repair  the  fortifications, 
yet  be  Meyer  must  have  been 
wealthy  at  the  time,  for  ten  years 
later  he  was  worth  50,000  fl.,  only 
one  man  in  the  city  (Frederick 
Philipsen)  being  rated  as  wealthier 
than  he.  In  1655  he  married 
Lydia  Van  Dyck;  after  her  death 
he  married  Sarah,  widow  of  John 
Wicksteen.  He  died  in  1690. 
De  Peyster,  Johannes 

The  founder  of  the  De  Peyster 
family.  For  the  city's  defences  he 
was  taxed  50  fl.  in  1654.  He 
loaned  no  money  to  the  city  in 
1664  for  repairing  defences,  but 
he  was  worth  15,000  fl.  in  1674. 
Under  the  Dutch,  De  Peyster 
served  as  Burgomaster  and  Schep- 
en, and  when  the  city  fell  to  the 
English,  he  officiated  as  Alderman 
and  Deputy  Mayor. 
Ebbingh,  Jeronimus 

He  married  Johanna  De  Laet  in 
1659.  When  the  city  borrowed 
monev  in  1664,  to  repair  its  de- 
fences. Ebbingh  loaned  200  fl. 
He  is  listed  in  1674,  with  a  fortune 
of  30,000  fl.  ($12,000);  two  years 
later,  his  property  was  valued  at 
£1,000. 

ExTON,  Thomas 

One  of  the  British  officers  engaged 
in  the  conquest  of  New  Amster- 
dam; died  in  1668.  His  will  gave 
seven  beavers  to  buy  wine  for  the 
officers  and  gentlemen  accompany- 
ing his  corpse  to  the  grave;  gave 
his  shirt  to  Matthias  Nichols  (a 
lawyer) ;  some  silver  to  Mrs.  Nichols, 


and  a  good  seal  ring  to  Richard 
Nichols;  to  Richard  Haymer  his 
two  goats  in  the  fort,  and  to 
Richard  Charlton  (for  writing  his 
will),  four  pieces  of  eight. 
Hall,  Thomas 

An  Englishman  who  was  taken 
prisoner  by  the  Dutch,  and  who, 
on  his  release,  took  up  his  per- 
manent residence  in  New  York. 
He  was  the  proprietor  of  a  farm 
near  the  present  Beekman  Street, 
which  was  afterwards  purchased 
by  William  Beekman.  He  filled 
various  public  offices.  He  died  in 
1670. 
Heiji,  Jacob  (Haey) 

A  prosperous  Dutchman  in  the 
city  of  New  Amsterdam  as  early 
as  1658.  He  had  a  plantation  on 
Long  Island,  and  in  New  Amster- 
dam he  owned  several  pieces  of 
real  estate.  He  had  been  a  trader 
in  Curacao  and  Santa  Cruz,  but 
was  in  New  Amsterdam  before 
1648.  Not  listed  in  1674. 
Herrman,  Augustine 

Came  to  America  as  agent  for 
firm  of  Peter  Gabry  &  Sons, 
Amsterdam,  in  1635.  He  was 
largest  and  most  propserous  mer- 
chant of  New  Amsterdam  in  1650; 
he  had  a  warehouse  on  the  Strand 
(Pearl  Street)  and  dealt  in  furs, 
tobacco,  wines,  and  slaves;  he  was 
also  a  banker  and  lawyer.  For 
making  a  survey  of  the  colonies 
of  Maryland  and  Virginia  he  was 
rewarded  by  Lord  Baltimore  by  a 
grant  of  from  24,000  to  40,000 
acres  in  Maryland,  where  he  estab- 
lished a  manor. 
Kierstede,  Doctor  Hans 

The  chief  physician  of  his  time; 
one  of  the  early  settlers.  He  built 
the  first  habitation  on  the  present 
corner  of  Pearl  and  Whitehall 
Streets,  where  he  lived  until  his 
death  in  1666. 
Kip,  Hendrick  Hendricksen 

Kip  was  founder  of  the  family  in 
America,  coming  to  New  Nether- 
land  before  1643.  He  was  a  tailor 
by  trade.  In  1664  Kip  loaned  the 
city  for  repairing  defences,  100  fl. 
He  was  one  of  the  most  prosperous 
citizens  of  his  period. 
Kip,  Jacobus 

Came    to    America    before    1643. 


80 


A  CENTURY  OF  BANKING  IN  NEW  YORK 


Was  first  clerk  of  City  of  New 
Amsterdam,  later  he  became  re- 
ceiver and  book-keeper  of  city's 
revenues.  He  married  Maria, 
daughter  of  Johannes  de  la  Mon- 
tagne.  Owned  property  on  present 
36,  38,  40  and  42  Broad  Street, 
which  remained  in  the  family  until 
1794;  he  also  owned  other  real 
estate.  When  the  voluntary  tax 
for  the  city  defences  was  made  in 
1654,  Jacobus  Kip  gave  20  fl.;  in 
1664  he  loaned  the  city  100  fl.  for 
repairing  its  defences.  In  1674  he 
was  credited  with  a  fortune  of 
4,000  fl. 
Lkvy,  Asser 

One  of  the  first  Tews  who  settled 
in  New  Amsterdam.  He  was  a 
butcher  by  trade,  but  was  also  a 
general  dealer,  and  he  loaned 
money.  Levy  came  forward  with 
a  loan  of  100  11.  to  the  city  in 
1664  for  repairing  its  defences. 
In  1674  he  was  estimated  to  be 
worth  2,500  fl.;  two  years  later  he 
was  obliged  to  pay  an  assessment 
of  £2.  10s.  on  property  valued  at 
£400. 

LOOCKERMANS,  Govert 

The  first  regular  packet  captain 
on  the  North  River,  a  man  of 
great  wealth  and  distinction. 
Taxed  100  fl.  in  1654;  in  1664  he 
loaned  the  city  500  fl. 
Philipse,  Frederick 

An  emigrant  from  Holland,  com- 
ing to  New  Netherland  as  a  young 
man.  He  married,  first,  Margar- 
etta  Hardenbrook,  widow  of  Peter 
Rudolphus,  a  rich  fur  merchant, 
and  by  this  marriage  he  laid  the 
foundation  of  the  largest  fortune 
acquired  by  any  man  at  that  time. 
He  married,  second,  Catharena 
Van  Cortlandt,  widow  of  John 
Dervall,  a  rich  English  merchant, 
and  the  pair  became  possessors  of 
almost  unbounded  wealth.  Mr. 
Philipse  became  patentee  of  a 
manor  on  the  Hudson,  embracing 
a  large  portion  of  the  present 
Westchester  County.  He  erected 
a  manor  house  where  he  and  his 
wife  spent  the  rest  of  their  days  in 
the  felicity  which  wealth  and  social 
position  can  give.  In  1674  his 
fortune  was  estimated  at  80,000  fl. 
In  1676  his  assessment  was  £81. 
18.  9.  on  property  valued  at 
£13,000. 


ROMBOUTS,  Francois 

Came  to  New  Netherland  in  1654 
as  supercargo  of  a  merchant  vessel, 
and  meeting  with  misfortunes  that 
prevented  his  return,  settled  in 
America.  He  became  successful 
in  business  and  was  a  magistrate 
for  some  years.  He  was  Mayor  in 
1679.  He  resided  on  the  west  side 
of  Broadway,  below  Rector  Street, 
on  property  formerly  occupied  by 
Paulus  Peendersen  Vandiegrist, 
embracing  a  large  house  and 
garden.    He  died  in   1691. 

Rycken,  Rymer 

Taxed  60  fl.  in  1654;  in  1664  he 
loaned  the  cHy  200  fl.  Not  men- 
tioned in  1674. 

ScHUT,  Cornelis 

A  wealthy  Amsterdam  merchant 
who  lived  in  New  Amsterdam  but 
a  short  time.  He  returned  to 
Holland  before  July  1656.  Sub- 
scribed 50  fl.,  but  this  was  deemed 
insufficient  for  one  of  his  means 
and  the  authorities  raised  the  tax 
to  100  fl. 

Stein,  Hans 

In  1664  he  loaned  the  city  300  fl. 
In  1674  he  was  not  listed  among 
the  wealthy  citizens. 

Strycker, 

In  1654  his  assessment  was  30  fl. 
In  1664  he  loaned  the  city  150  fl. 
In  1674  he  was  not  listed  among 
the  wealthy  citizens. 

Stuyvesant,  Peter 

Governor  Stuyvesant  subscribed 
150  fl.  voluntary  tax,  in  1654,  be- 
ing "fl.  50  above  most,"  and  for 
repairing  the  defences  in  1664  he 
loaned  1000  fl._  The  Stuyvesants 
are  not  listed  in  1674  among  the 
wealthy  citizens,  probably  because 
they  lived  outside  the  city,  on 
the  Bowery 

Van  Borsum,  Eghbert 

In  1664  he  loaned  the  city  100  fl. 
for  defences.  In  1674  Cornelis 
Van  Borsum's  fortune  amounted 
to  8,000  fl.  In  1676  he  was  taxed 
£5.  on  property  assessed  at  £800. 

Van  Brugh,  Johannes 

Van  Brugh  began  his  career  as  a 
merchant  under  Dutch  rule;  under 
the  English  he  served  as  a  member 
of  the  Common  Council.  A  "Carl 
Van  Brugge"  loaned  the  city  100 
fl.  in  1664;  in  1654  "Ensign  John 
Pr.  Verbrugge"  was  taxed  100  fl. 
for    the    same    purpose.     He    was 


WEALTHY    MEN    OF    DUTCH    PERIOD 


81 


listed  in  1674,  at  14,000  fl.;  in 
English  money  this  amounted,  in 
1676,  to  £900,  upon  which  he 
was  taxed  £5.12.6.  In  1658  Van 
Brugh  married  Catherine  Roelofs. 
Van  Cortlandt,  Oloff  Stevenson 
Van  Cortlandt  came  to  New 
Netherland  in  1638.  In  1642  he 
married  Anneken  Loockermans. 
Under  the  Dutch  he  held  many 
offices,  including  that  of  City 
Treasurer.  He  soon  acquired  ex- 
tensive property,  including  a  brew- 
ery. In  the  voluntary  tax  he  gave 
50  fl.  His  fortune  "^in  1674  was 
estimated  at  45,000  fl.,  and  in 
1676  he  was  taxed  £18.1 5s.  on 
property  assessed  at  £5,000.  He 
died  in  1683. 
Vanderdonck,  Adrian 

The  most  distinguished  man  of 
letters  in  the  Province.  He  was 
the  author  of  a  description  of  New 
Netherland  as  it  was  in  1650. 
Died  in  1655. 
Vander  Grift,  Paulus  Leenderzen 
Was  one  of  the  leading  men  in. 
New  Amsterdam;  as  a  burgomaster 
he  was  in  high  favor  with  the 
authorities.  In  the  "Representa- 
tion of  New  Netherland,'  written 
in  1649,  the  following  caustic  com- 
ment was  made  regarding  him: 
"Though  Paulus  L.  Lenaertssen 
has  small  wages,  he  has  built  a 
better  dwelling-house  here  than 
anybody  else.  How  this  has 
happened  is  mysterious  to  us.' 
For  the  voluntary  assessment  to 
repair  defences  in  1654,  Vander 
Grift  subscribed  60  fl.,  and  in 
1664  he  loaned  the  city  2000  fl. 
for  the  same  purpose.  In  1670, 
after  the  English  occupation, 
Vander  Grift  returned  to  Holland. 
Vandespeagle,  Lawrence  (Vander- 
speigle) 

Was  a  baker.  In  1664  he  loaned 
the  city  100  fl.  In  1676  his  fortune 
amounted  to  £800,  and  his  name 
is  listed  in  1674  among  the  best 
and  wealthiest  citizens.  A  daughter 
of  Vandespelgle  married  Rip  Van 
Dam,  one  of  the  most  prominent 
men  of  the  city. 
Vander  Vin,  Hendrick  Jansen 
Vander  Vin  came  to  New  Nether- 
land in  1651;  he  was  a  talented 
man  and  was  an  accountant  in  the 

*  See  page  77. 


service  of  the  West  India  Co.  In 
1657  and. 1659  he  was  a  Schepen 
of  the  city,  and  was  churcli  warden 
in  1658.  In  1662  he  purchased 
property  at  Harlem,  where  later 
he  was  made  Secretary  of  the 
village.  He  was  taxed  60  fl.,  in 
1654  for  city  defences. 
Van  Ruyven,  Cornells 

He  was  sent  to  America  by  the 
West  India  Co.  as  provincial 
secretary  in  1653;  he  remained  as 
such  until  the  surrender  to  the 
English  in  1664.  He  married  the 
daughter  of  Dominie  Megapolen- 
sls.  He  built  a  fine  house  on 
Broadway.  In  1674  returned  to 
Holland.  Was  a  prominent  citizen 
for  twenty  years.  His  voluntary 
ta.x  for  defences  was  30  fl. 
Van  Steenwyck,  Cornells 

Steenwyck  appears  to  have  settled 
in  New  Amsterdam  about  1651, 
and  In  spite  of  disagreements  with 
Governor  Stuyvesant  (which  are 
duly  recorded  in  the  early  records 
of  the  city),  he  succeeded  in  ac- 
cumulating one  of  the  largest 
fortunes  possessed  by  any  of  the 
early  Dutchmen.  In  the  voluntary 
tax,  Steenwyck  gave  100  fl.;  in 
1663  he  loaned  Stuyvesant  12,000 
guilders  (about  $4,800)  in  wampum 
upon  a  draft  of  the  West  India  Co. 
At  this  time  he  was  one  of  the 
leading  merchants,  handling  slaves, 
salt  and  other  commodities.  When 
New  Amsterdam  fell  into  the  hands 
of  the  English,  Steenwyck  becarne 
a  member  of  the  Colonial  Council; 
and  was  Mayor  of  the  city  from 
1661  to  1670.  He  lived  as  lu.xurl- 
ously  as  any  man  in  the  province. 
His  estate  in  1674  was  valued  at 
50,000  fl.  ($20,000).  A  portrait  of 
Steenwyck  hangs  in  the  New  York 
Historical  Society.  An  inventory 
of  his  estate  in  1686  gives  value  as 
£15,841. 
Van  Tienhoven,  Cornells* 

Secretary  of  the  Province;  writers 
give  a  very  disagreeable  account 
of  his  character.  He  owned  some 
valuable  real  estate,  including  a 
farm  between  the  present  Maiden 
Lane  and  Ann  Street.  Van  Tien- 
hoven disappeared  very  suddenly 
in  1656.  In  the  voluntary  assess- 
ment gave   100  fl. 


82 


A  CENTURYOF  BANKING  IN  NEW  YORK 


Waldron,  Resolved 

Was  in  New  Amsterdam  before 
1655.  Served  as  Under  Schont, 
Constable,  and  Overseer;  died  in 
Harlem,  leaving  a  good  estate  of 
lands,  slaves  and  farm  stock.  If 
not  one  of  the  richest,  he  was  at 
least  one  of  the  best  known  of  the 
early    settlers    in    New    York. 

Van  CouwENHOVEN,  Jacob  Wolfertsen 
One  of  the  very  first  settlers  and 
a  man  of  great  distinction;  died 
in  1670.  He  was  a  son  of  Wolfert 
Gerritsen,  also  one  of  the  first 
settlers,  and  carried  on  a  brewing 
establishment  on  the  corner  of 
Pearl  and  Broad  Streets. 


Florins 
1,000 
200 


Van  Tright,  Gerrit 

He  loaned  the  city,  in  1664,  800  11. 

His    name    is    not    mentioned    in 

1674  among  the  wealthy  citizens. 
Verplanck,  Guleyn 

A  gay  figure.     He  was  a  merchant 

in   New  Amsterdam,   having  been 

formerly    a    clerk    of    Allard    An- 
thony's.    He    married    Hendrickje 

Wessels  in  1668.    Verplanck  served 

the  city  as  Schepen  in   1673,   and 

later,    under   English    government, 

was  an  Alderman.    In  1674  "Gelyn 

Verplanck"  was  listed  among  the 

wealthy    men    of  the   city    with   a 

fortune  of  5000  fl.    He  was  taxed 

£3.2.6.  on  £500  in  1676. 

Again,  ten  years  later,  we  get  a  banking  list,  at  the  time 
when  New  Amsterdam  borrowed  money  from  its  burghers  "to 
strengthen  the  place  with  a  stone  wall  on  the  land  side  and 
palisadoes  along  the  river  front."  The  men  who  subscribed  to 
this  first  bond  issue  were: 

Florins 
Paulus  Leenderzen  van  der 

Grift,  2000 

Dirck  Janzen,  100 

Antony  de  Milt,  100 

Hendrick  Kip,  the  elder,  100 

Albert  Couneirck,  100 

Jan  Janzen  van  Brestee,  150 

Evert  Duyckengle,  100 

Tomas  Francen,  100 

Jan  Hendrickzen  van  Bommel,    100 
Jacob  Strycker,  150 

Cornelis  Aarzen,  100 

Gerrit  Fullewever,  100 

Hendrick  van  der  Water,  100 

Guliam  d'Honneur,  200 

AssER  Levy,  100 

IsAACK  de  Forrest,  250 

Aegidius  Luyck,  200 

Joannes  Dirckzen  Meyer,  200 

Paulus  Richard,  one  Cargo,         500 

AmBROSIUS  de  WEERHEiM,  100 

Claas  Bordingh,  100 

Jonas  Barteltzen,  100 

Arien  Van  Laar,  150 
Franz  Janzen  van  Hooghten,    100 

Abel  Hardenbroeck,  100 

Daniel  Verveelen,  200 

Alexander  Stertaer,  100 

WiLLEM     Abraham     van  der 

Borden,  100 
Denys  Isaackzen  van  Hart- 
welt,  100 
Jurrien  Blanck,  100 
Pieter  Jacobzen  Marius,  100 
Eghbert  Memderzen,  100 


Jacques  Cousseau, 
Reinout  Reinoutsen, 

Jacob  Kip,  100 

Gerrit  van  Treght,  400 

Willem  de  Marschalck,  800 

Jeronimus  Ebbinck,  200 

Francois  Boon,  400 

Balthazar  de  Haart,  250 

Reinier  Rycken,  200 

Hendrick  Willemzen,  baker,  250 

Jacob  Teienizen  Kay,  250 

Freryck  Flipzen,  (Phillipsen),  200 

Jacob  Leisler,  250 

Coenraat  ten  Wyck,  200 

Roeloef  Roelofzen,  100 

Hans  Stein,  300 

Hendrick  Obe,  300 

Matthews  de  Vos,  200 

Reiner  Willemzen,  baker,  100 

Bartholdus  Maan,  100 

Lauwerens,  Van  der  Spygel,  100 

Claas  Lock,  200 

C.  I.  Verbraack  100 
Derck  Van  der  Clyf,  as  agent  of 

Sieur  Arent  Jansen  Moesman,  300 

Carel  van  Brugge,  100 

MiGHiEL  Tadens,  100 

Tomas  Lamberzen,  200 

Tomas  Lauwerens,  100 

Jan  Eberzen  Bout,  300 

Jan  Schryver,  200 

Stoffel  Van  Laar  200 
Freryck  Gysberzen  van    den 

Bergh,  250 

Claas  Gangelofzen  Visser,  250 


WEALTHY    MEN    OF    DUTCH    PERIOD 


83 


Florins 

Andries  Rees,  100 

Jan  Joosten,  100 

Lucas  Andriezen,  100 

Claas  Janzen,  baker,  150 

Sybrant  Janzen  Galma,  100 
Jan    Gerrizen    van    Buyten- 

huyzen,  100 

Eghbert  van  Bursum,  100 

Huge  Barenzen  Clein,  100 

PiETER  Janzen  Schell,  100 

Herman  Wessels,  100 

Symon  Janzen  Romain,  200 

Symon  Felle,  100 


Florins 
Evert  Pieterzen,  schoolmaster,  100 

t  as  curators  of 
Coenraet  tenEyck,  f  the   estate  cf 


BOELTE  RoSELOFZEN,  (  AaLTJE  BlCK- 

ers,  -  -  li)00 

The        Rt.       Honbie   '    Director 

Genl.  P.  Stuyvesant,  1,000 

Dr  Johannes  Megapolensis,  500 

Dr  Samuel  Drisius,  500 

NicoLAEs  Verlett,  400 

Govert  Loockermans,  500 

Marten  Cregier,  100 


And  in  March,  1674,  an  actual  valuation  of  the  "best  and  most 
affluent  inhabitants"  was  filed  at  the  City  Hall: 


Florins  (Holland  cur- 
rency worth  about  40  cents) 
AnoLPH  Pieterse,  1,000 

Andrew  Jochems,  300 

Albert  Bosch,  500 

Abraham  Carmar,  500 

Allard  Anthony,  1,000 

Abraham  Jansen,  600 

Anthony  Jansen  Van  Sale,  1,000 
Adrian  Vincent,  1,000 

Abel  Hardenbroeck,  1,000 

Abraham  Verplanck,  300 

AsHER  Levy,  2,500 

Abram  Lubbertsen,  300 

Anthony  De,  1.000 

Anna  Van  Borssum,  2,000 

Barent  Coersen,  3,500 

Balthazar  Bayard,  1,500 

BoELE  Roelofsen,  600 

Barnadus  Hasfalt,  300 

Bay  Rosevelt,  1,000 

Balthaser  De  Haert's  house,  2,000 
Claes  Lock,  600 

Carsten  Leursen,  5,000 

Cornelius  Steenwyck,  50,000 

Cornelius  Van  Ruyven,  18,000 

Cornelius  Janse  Van  Hooren,  500 
Claes  Bordingh,  1,500 

Conrad  Ten  Eyck,  5,000 

Christopher  Hoogland,  5,000 

Cornelius  Chopper,  5,000 

Charles  Van  Brugge's  houses,l,000 
Cornelius  Van  Borssum,  8,000 

David  Wessels,  800 

Cornelius  Dircksen  Van  West- 

veen,  1,200 

Cornelius  Barentse  Van  der 

CUYL,  400 

DiRCK  Smet,  2,000 

David  Jochems,  1,000 

Daniel  Hindecontre,  5,000 


Florins  (Holland  cur- 
rency worth  about  40  cents) 

Daniel  Hendricks,  500 

DiRCK  Van  Cleef,  1,500 

DiRCK  Wiggerse,  800 

DiRCK  Claessen,  400 

DiRCK  SlECKEN,  2,000 

Egidius  Luyck,  5,000 

Egbert  Wouterse,  300 

Evert  Pieterse,  2,000 

Evert  Wesselse  Kuyper,  300 

Evert  Duyckingh,  1,600 

Ephraim  Harmans,  1,000 

Elizabeth  Drisius,  2,000 

Elizabeth  Bedloo,  1,000 

Francois  Rombouts,  5,000 

Ffredr^ck  Philipse,  80,000 

Frederick  Arentse,  400 

Frederick  Gisberts,  400 

Gelyn  Verplanck,  5,000 

Gilliam  De  Honioud,  400 

Gabriel  Minvielle,  10,000 

Garret  Gullevever,  500 

Mary  Loockermans,  2,000 

Harmanus  Burger  &  Co.,  400 

Henry  Kip,  Sr.,  300 

Henry  Bosch,  400 

Hendrick  Wesselse  Smit,  1,200 

Henry  Gillesse,  300 
Hendrick  Willemse  Backer,  2,000 

Herman  Van  Borsum,  600 

Hans  Kierstede,  2,000 

Henry  Van  Dyke,  300 

Hartman  Wessels,  300 

Harm  EN  Smeeman,  300 

Henry  Bresier,  300 

Lsaac  Van  Vlecq,  1.500 

Isaack  De  Forest,  1,500 

Johannes  Van  Breugh,  1,400 

Johannes  d'Peyster,  15,000 

Jeronimus  Ebbingh,  50,000 


84   A  CENTURY  OF  BANKING  IN  N  E  \\'  YORK 


Florins  (Holland  cur-  Florins  (Holland  cur- 

rency worth  about  40  cents)  rency  worth  about  40  cents) 

Jacob  Kip, 
John  Meleynderse  Karman, 

JUN^^N  BlANCK, 

Jacob  d'Haert, 

Jacob  De  Naers, 

John-  Henry  Van  Bommel, 

Jacob  Leumen, 

Jeremiah  Jansen  Haganaer, 

Jacob  Van  de  Water, 

John  Dirckse  Meyer, 

Isaac  Van  Tricht, 

Jacob  Abrahamse, 

John  Van  Breestede, 

Jonah  Bartels, 

John  Herberdingh, 

Jacob  Theenesse  Kay, 

John  Spiegelaer, 

John  Jansen, 

Jan  Lawrence, 

James  Matheus, 

John  Reay, 

John  Coely  Smet, 

John  Schakerley, 

John  Joosten,  banker, 

Jacob  Leyslaer,  (Leisler), 

John  Vigne, 

Jacob  Varrevanger, 

Lawrence  Jansen  Smet, 

Luke  Andries,  banker, 

Lawrens  van  der  Speigel, 

Financial  Figures  of  the  English  Colony 

Although  the  new  EngKsh  Governor,  Sir  Edmund  Andros,  on 
his  arrival  off  Staten  Island,  on  October  22,  1674,  received  most 
graciously  the  discomfited  Dutch  deputation  on  his  vessel, 
treating  them  "to  ye  best  of  victuals  and  drink,"  and  although  he 
issued,  before  he  landed,  a  proclamation  confirming  "all  former 
grants,  privileges  or  concessions  heretofore  granted,  and  also  all 
legal  and  judicial  proceedings,  during  the  late  Dutch  Govern- 
ment," the  change  naturally  banished  a  number  of  the  Dutch 
magnates  and  soon  ruined  others. 

We  find  some  of  the  old  names  still  in  the  various  lists  of 
wealthy  citizens— scanty  enough  in  any  details  during  the  cen- 
tury between  this  and  the  Revolution.  The  following  is  the 
merest  sketchy  suggestion  of  some  of  the  men  who  controlled  the 
business  and  finance  of  the  city  during  those  years: 


4,000 

Lambert  Huybertse  Moll, 

300 

300 

Lawrence  Holst, 

500 

1,600 

Luke  Tienhoven, 

600 

6,000 

AUrtin  Kregier,  Sr., 

2,000 

5,000 

Martin  Jansen  Meyer, 

500 

1,500 

ALvtthew  de  Haert, 

12,000 

500 

Nicolaes  de  Meyer, 

50,000 

400 

Nicolaes  Bayard, 

1,000 

2,500 

Nicholas  Du  Puy, 

600 

600 

Nicholas  Jansen  Backer, 

700 

2,500 

Olof  Stevense  Van  Cortlan 

dt. 

2,000 

45,000 

500 

Petzr  Jacobs  Marius, 

5,000 

5,000 

Peter  Nys, 

500 

2,000 

Paul  Richard, 

5,000 

8,000 

Peter  De  Riemer, 

800 

500 

Paul  Turcq, 

300 

500 

Peter  Van  de  Water, 

400 

40,000 

Peter  Jansen  Mesier, 

300 

1,000 

Philip  Johns, 

600 

500 

Reynier  Willemse  Backer, 

5,000 

1,200 

Stephanus  Van  Cortlandt, 

5,000 

1,400 

Simon  Jautz  Romeyn. 

1,200 

2,500 

SiBOUT  Claes, 

500 

15,000 

Souwert  Olphertsen, 

600 

1,000 

Thomas  Leurs, 

6.000 

8,000 

Thomas  Lauwerss  Backer, 

1,000 

500 

William  Beeckman, 

3,000 

1,500 

Wander  Wessels, 

600 

6,000 

William  Van  der  Schueven 

300 

Alexander.  James 

A  Scotchman;  an  officer  of  engin- 
eers in  the  service  of  the  Pretender. 
He  removed  to  New  York  in  1715 
for  political  motives,  and  soon 
afterward  he  received  an  appoint- 


ment in  the  office  of  the  Secretary 
of  the  Province  and  was  appointed 
Surveyor-General  of  New  York 
and  New  Jersey.  In  1720  he  was 
called  to  the  Council  under  Gov. 
Burnet's       administration:       while 


CAPITALISTS    OF    ENGLISH    PERIOD 


85 


there  he  studied  law,  in  which  pro- 
fession he  is  said  to  have  attained 
great  eminence.  In  1726  he  married 
the  widow  of  David  Provoost,  a 
wealthy  Dutch  merchant  and  ex- 
Mayor  of  New  York.  He  died  in 
1756.  His  children  were  William 
(afterwards  Lord  Stirling);  Mary, 
married  to  Peter  Van  Burgh  Liv- 
ingston; Elizabeth,  married  to 
John  Stevens;  Catherine,  married 
to  Walter  Rutherford,  and  Sus- 
sannah,  married  to  John  Reed. 
His  wife,  who  outlived  him,  left 
to  her  eldest  son  John  Provoost 
£5,000,  and  large  sums  of  money 
and  furniture  and  jewels,  to  her 
other  children.  Her  son  William 
Alexander,  Lord  Stirling,  was  one 
of  the  bravest  generals  of  the 
Revolution. 

Banyar,  Goldsborow 

Born  in  London  in  1724,  he  came 
to  the  U.  S.  about  1737.  He  was 
appointed  Auditor-General  in  1746, 
and  served  as  Deputy  Clerk  of  the 
Council  for  some  years.  In  1752 
he  was  appointed  Register  of  the 
Court  of  Chancery  and  in  the 
following  year  Judge  of  Probate; 
he  remained  in  office  until  the 
termination  of  British  rule,  and 
subsequently  continued  his  resi- 
dence at  Albany,  N.  Y.,  where  he 
died  in  1815  at  the  age  of  ninety- 
one,  leaving  a  large  estate  to  his 
family.  He  married,  in  1767, 
Elizabeth  Mortimer,  daughter  of 
the  British  Paymaster-General; 
she  died  in  1809. 

Beekman,  William 

The  ancestor  of  the  Beekman 
family.  He  married  Catharine  De 
Boagh,  daughter  of  a  skipper  on 
the  North  River;  she  was  said  to 
have  been  a  beautiful  woman. 
Beekman  was  for  some  time  Vice- 
Director  or  Deputy  Governor  of 
the  Dutch  colony  on  the  Delaware 
River.  In  1670  he  purchased  the 
farm  in  the  present  vicinity  of 
Beekman  Street,  a  property  that 
covered  several  blocks.  The  old 
mansion  house  stood  on  an  emin- 
ence above  the  East  River.  He 
died  in  1707. 

Block,  Martin 

A  cooper  who  resided  on  the  north- 
west corner  of  Pearl  Street  and 
Hanover  Square.  He  accumulated 
money  and  retired  from  business. 


bought  a  farm  in  the  country  and 
went   into   politics. 

BoELEN,  Jacob 

A  merchant  who  lived  on  the  west 
side  of  Broadway,  above  Liberty 
Street. 

Chambers,  John 

A  native  of  New  York,  and  a  suc- 
cessful member  of  the  legal  pro- 
fession. He  married  Anna  Van 
Cortland  in  1737.  He  held  several 
municipal  offices  and  was  also  a 
member  of  the  Provincial  Council 
for  several  years.  He  was  appointed 
in  1751,  Second  Judge  of  the 
Supreme  Court,  but  resigned  that 
position  before  his  death.  He  was 
described  as  "a  gentleman  of  un- 
exceptional character,  opulent  for- 
tune, and  perfectly  skilled  in  the 
Constitution  of  this  Province, 
having  been  a  noted  practitioner 
of  the  law  for  many  years."  His 
wife,  who  outlived  him,  died  in 
1774;  in  her  will  she  makes  be- 
quests to  many  members  of  her 
family,  including  a  house  and 
double  lot  to  "my  nephew,  Peter 
Jay,  Jr.  and  Maricka  Jay,  the 
two  blind  children  of  my  sister, 
Mary  Jay."  She  left  a  very  large 
estate. 

Clarke,  George 

Born  in  England,  he  arrived  in  the 
U.  S.  in  1703,  with  a  commission 
as  Secretary  of  the  Province.  He 
was  appointed  a  member  of  the 
Council  in  1715,  and  became  Lieut. - 
Governor  in  1736;  he  administered 
the  government  until  1743,  when 
he  was  superceded  by  Mr.  Clinton 
and  returned  to  England  in  1745, 
having  accumulated  a  fortune  esti- 
mated at  £100,000.  He  married 
Ann  Hyde,  a  distant  relative  of 
Lord-Chancellor  Clarendon;  she 
died  in  New  York.  He  succeeded 
William  Cosby  as  Governor  of  the 
Province.  The  Abstract  of  Wills 
states  that  "through  the  advan- 
tages of  his  position  he  amassed  a 
large  fortune."  He  died  in  Chelsea, 
England  about  1759. 
Clarke,  George,  Jr. 

Son  of  George  Clarke,  {q.v.).  On 
the  recommendation  of  his  father 
he  was  appointed  a  member  of  the 
Council  in  1739.  He  went  to  Eng- 
land about  two  years  after  and 
stayed  there  twenty  years.  He 
procured,   by  purchase,    the  office 


A  CENTURY  OF  BANKING  IN  NEW  YORK 


of  Provincial  Secretary  of  New 
York,  that  was  formerly  held  by 
his  father;  he  also  held  several 
other  offices  which  were  said  to 
have  been  in  his  hands  or  those 
of  his  father  for  over  seventy 
years,  and  the  emoluments  from 
which  were  considered  as  lucrative 
as  those  of  the  Governor. 

Clinton,  Admiral  George 

Second  son  of  Francis,  6th  Earl  of 
Lincoln,  by  his  second  wife  Susan 
Penniston  of  Oxfordshire,  England. 
He  became  captain  in  the  Navy, 
1716;  in  1732  he  was  Governor  of 
New  Foundland  and  Commodore 
of  the  squadron  there;  in  1737, 
Commodore  of  the  Mediterranean 
fleet,  and  was  commissioned  as 
Governor  of  New  York  in  1741. 
He  held  that  office  until  1753, 
when  he  retired,  it  is  reported, 
with  £80,000  sterling,  accumulated 
in  that  office.  On  his  return  to 
England  he  became  Governor  of 
Greenwich  Hospital  and  a  member 
of  Parliament.    He  died  in  1761. 

CoLDEN,  Dr.  Cadwalader 

Appointed  Surveyor  of  Lands  in 
the  Province  in  1720;  in  this  office 
he  learned  much  on  the  subject  of 
Indian  trade.  He  became  Speaker 
of  the  Council  and  Lieutenant 
Governor,  and  administered  the 
affairs  of  the  Province  as  Acting 
Governor  at  several  periods;  he 
occupied  that  position  at  the  time 
of  the  events  which  immediately 
preceded  the  Revolutionary  War. 
He  died  at  Flushing  in  1776.  He 
was  a  gentleman  of  fine  scientific 
and  political  attainments,  and  had 
great  influence  during  many  3'ears 
of  the  Colonial  history. 

CoLSART,  John 

A  merchant  of  New  York.  He 
died  about  the  close  of  the  17th 
century,  leaving  a  considerable 
estate. 

CoRBETT,  Abraham 

He  kept  the  "Royal  Oak"  tavern 
on  Broadway,  below  Exchange 
Place,  and  represented  that  ward 
in   the  Common  Council. 

DERSSALL,WiIliam(ProbablyDarvall) 
Was  taxed  £18,  15s.  on  property 
valued  at  £3000  in  1676;  only  two 
men  in  the  city  were  taxed  higher 
at  this  time.  William  Darvall  mar- 
ried the  daughter  of  Capt.  Thomas 
Delavall. 


DeLancey,  James 

Son  of  Stephen  DeLancey  (^-f.) 
Born  at  New  York  in  1702,  the 
eldest  of  seven  children.  He  at- 
tended New  York  schools,  and 
then  went  to  Cambridge  Univer- 
sity. Returning  to  New  York  in 
1725,  he  was  admitted  to  the  bar 
and  soon  rose  to  eminence.  In 
1728  he  became  a  member  of  the 
Provincial  Council.  He  married 
Anne  Heathcote,  daughter  of  the 
Hon.  Caleb  Heathcote.  Already 
rich,  this  marriage  made  him  a 
very  wealthy  man,  for  his  wife  in- 
herited half  of  her  father's  estate, 
the  latter  alone  amounting  to  up- 
wards of  £10,000  sterling  and  the 
former  being  one  of  the  largest 
landed  estates  in  the  Province. 
He  was  presented  with  the  freedom 
of  the  city  in  1730.  Was  one  of 
the  chief  leaders  of  the  Conserva- 
tive party.  Became  a  Judge  in 
1731.  Became  Lieutenant  Gover- 
nor in  1747,  and  upon  the  death  of 
Sir  Danvers  Osborne,  he  acted  as 
Governor.  He  was  concerned  in 
most  of  the  important  affairs  of  the 
State,  and  died  in  1760.  He  was 
the  fourth,  and  last  native  of  New- 
York  to  administer  the  affairs  of 
the  Colony. 

Delancey,  Stephen 

Born  in  Normandy,  he  came  to 
New  York  during  the  time  of  the 
British  possession.  He  married, 
1700,  Anna  Van  Cortlandt.  His 
place  of  business  was  that  formerly 
occupied  by  Stephen  Van  Cort- 
landt, on  the  corner  of  Broad  and 
Pearl  Streets.  He  was  distinguished 
for  wealth  and  social  position  and 
held  several  political  positions. 
One  of  his  daughters  married  Sir 
Peter  Warren,  at  that  time  in  com- 
mand of  the  naval  station.  In 
1700  Colonel  Van  Courtlandt  gave 
them  the  lot  at  the  corner  of  Broad 
and  Pearl  Streets,  on  which  the 
famous  Fraunce's  Tavern  stands. 
He  died  In  1741,  more  than  eighty 
years  old,  "worth  at  least  £100,- 
000  gained  by  his  own  honest  in- 
dustry, with  credit,  honor  and 
reputation."  Besides  this  he  also 
possessed  large  tracts  of  land  on 
New  York  Island,  Westchester  and 
in   Ulster   County. 

Delavall,  Thomas 

Came  to  New  Netherland  In  1664 


rrrrp 

fecek: 


c  -, 


CAPITALISTS    OF    ENGLISH    PERIOD 


87 


with  the  EngHsh  expedition  which 
captured  the  city,  and  was  one  of 
the  Commissioners  for  receiving 
the  surrender  of  the  city  when  the 
British  took  it  from  the  Dutch. 
He  settled  in  New  York  as  a  mer- 
chant, and  also  acted  as  agent  for 
the  Duke  of  York.  Was  an  Alder- 
man several  times  and  Mayor  in 
1666,  1671  and  1678;  he  also  held 
prominent  official  positions  in  the 
province.  In  1676  his  fortune  was 
estimated  at  £3,000.  He  died  in 
1682. 

De  Peyster,  Abraham 

The  son  of  one  of  the  leading  mer- 
chants of  New  Amsterdam,  born 
1657.  He  married,  in  Holland, 
Catharine  De  Peyster,  1684.  He 
was  alderman  in  1685,  Mavor  of 
New  York  from  1691  to  1695,  and 
was  called  to  the  Provincial  Council 
in  1698  under  Bellomont.  He  was 
one  of  the  judges  of  the  Supreme 
Court,  and  in  the  absence  of  the 
Lieutenant  Governor,  he  admin- 
istered the  Goverment.  He  was 
suspended  from  the  Council  by 
Lord  Cornbury;  in  1706  he  was 
appointed  Treasurer  of  the  Pro- 
vince, and  he  held  that  office  until 
1721,  when  he  was  succeeded  by 
his  son.  He  died  in  1728,  aged 
seventy-one  years. 

De  Peyster,  Abraham,  Jr. 

Son  of  Abraham  De  Peyster,  he 
succeeded  to  the  office  of  his 
father  in  1721  and  became  Treas- 
urer, which  office  he  held  until  his 
death  in  1767.  His  estate  was  in- 
ventoried at  £20,000 — a  very  large 
sum  at   that   time. 

DuANE,  James 

Born  in  New  York,  1752.  His 
father  came  from  Galway  and  his 
mother  was  a  daughter  of  Abraham 
Kettletas,  an  important  merchant 
and  Alderman  of  New  York.  He 
became  a  lawyer  and  was  admitted 
attorney  of  the  Supreme  Court, 
1754;  in  1759  he  married  a  daughter 
of  Colonel  Robert  Livingston,  then 
proprietor  of  Livingston's  Manor. 
He  took  part  in  most  of  the  cele- 
brated lawsuits  of  the  day.  In 
1764,  when  it  was  decided  that 
Vermont  was  part  of  New  York 
State,  he  bought  about  64,000 
acres  there,  costing  $8,000  and  sub- 
sequently large  sums  for  fees  and 
expenses.    He  attended  the  Phila- 


delphia Conference  as  delegate 
from  New  York  and  after  the  con- 
ference had  discussed  the  matter  he 
recommended  that  some  means  be 
found  to  safeguard  Colonies  though 
retaining  allegiance  to  the  King. 
In  1775  he  was  elected  a  member 
of  the  Provincial  Council.  He  con- 
tinued in  Congress  until  1777,  and 
became  Mayor  of  New  York  in 
1784.    He  died  in  1797. 

Emot,  James 

A  lawyer  who  resided  on  Broad- 
way, just  above  Wall  Street.  He 
was  engaged  in  several  State  trials. 

Gordon,  Rev.  Patrick 

For  many  years  chaplain  of  the 
Fort  in  New  York;  his  library  was 
very  extensive  for  those  times,  be- 
ing valued  at  about  £200.  He 
died  about   1704. 

Graham,  James 

Of  Scotch  descent,  and  a  relative 
of  the  Earl  of  Montrose.  He 
established  himself  in  New  York 
soon  after  the  British  accession. 
Well  versed  in  law,  he  held  several 
offices  in  New  York  and  Boston; 
he  was  for  nine  years  Speaker  of 
the  Assembly,  was  called  to  the 
Council  in  1699;  at  the  same  time 
acted  as  Attorney  General.  He 
died  in  Morrissania  in  1701,  leav- 
ing all  of  his  property  to  his  six 
children.  He  resided  on  the  Morris 
property,  with  a  household  con- 
sisting, besides  his  family,  of  one 
overseer,  two  white  servants  and 
thirty-three  slaves. 

Griffith,  Edward 

In  1676  he  was  assessed  £12.13.0_9 
on  property  valued  at  £2050 :00 :05. 

Harpending,  John 

A  leather  dealer  who  lived  on 
State  Street,  east  of  Broad  Street; 
he  owned,  with  five  others,  the 
Shoemakers'  Pasture,  but  he  deeded 
his  part  to  the  Dutch  Church; 
the  Evening  Post  building  stands 
on  a  part  of  this  property. 
Heathcote,  Caleb 

Born  in  England  in  1665,  of  a 
wealthy  father.  His  uncle,  George 
Heathcote,  was  in  New  York  in 
1676  when  he  was  listed  as  among 
the  wealthiest  citizens,  with  a 
fortune  of  £2056.  Caleb  Heath- 
cote, upon  his  arrival,  in  1690, 
became  actively  engaged  in  the 
public  service;  he  was  appointed 
by  Governor  Fletcher  in   1695  to 


A  CENTURY  OF  BANKING  IN  NEW  YORK 


a  seat  in  the  Provincial  Council, 
he  became  also  a  resident  of  West- 
chester Co.  and  commanded  the 
Militia  there.  He  purchased  the 
Scarsdale  Manor  House,  which  was 
destroyed  by  fire  in  the  Revolu- 
tionary War,  and  married  Patty, 
a  daughter  of  Chief  Justice  WilHam 
Smith  of  New  York.  He  was 
active  in  trying  to  get  the  Govern- 
ment to  build  ships  and  foster 
trade.  He  was  Mayor  of  the  city 
from  1711  to  1714  and  held  other 
high  offices;  his  fortune  at  the 
time  of  his  death  in  1771  was 
large,  his  legacies  including  £10,000, 
besides  valuable  real  estate.  Only 
two  of  his  daughters  survived  him, 
Anne,  who  married  James  De 
Lancey,  and  Martha,  who  married 
Louis  Livingston  of  Perth  Am- 
boy. 
Howe,  General  Sir  William 

Born  in  1729,  the  son  of  Viscount 
Scrope.  He  served  in  many  mili- 
tary positions;  in  1775  he  arrived 
in  Boston  as  Commander-in-Chief 
of  the  British  army  in  America, 
and  commanded  at  Bunker  Hill. 
He  arrived  in  Staten  Island  in 
1776  and  participated  in  the  battles 
near  New  York,  his  headquarters 
being  in  the  city.  Was  made  Lieu- 
tenant-General  in  1777,  and  super- 
seded as  Commander  in  America 
by  Sir  Henry  Clinton.  On  his 
return  to  England  he  received  the 
sinecure  appointment  of  Governor 
of  Berwick;  in  1808  he  became 
Governor  of  Plymouth.  He  died 
in  1814  without  issue. 
Jay,  Augustus 

Born  in  France;  married  the  daugh- 
ter of  Balthazar  Bayard  (</.f.)  and 
was  the  grandfather  of  John  Jay. 
A  merchant  who  attained  great 
wealth,  he  was  succeeded  in  the 
business  by  his  son,  Peter. 
Jay,  John,  LL.D. 

Eighth  child  of  Peter  Jay  and 
Mary  Van  Cortlandt;  born  in  1745 
and  graduated  at  King's  College, 
N.  Y.,  in  1764.  He  studied  law, 
was  admitted  to  the  bar  in  1768, 
and  served  as  a  member  of  Con- 
gress in  1774,  1775  and  1776. 
Appointed  Minister  to  Spain  1779, 
signed  the  Treaty  of  Peace  at 
Paris  in  1783;  appointed  Secretary 
of  State  of  the  United   States   in 


1784;  Chief  Justice  in  1789.  In 
1794  he  was  appointed  Minister  to 
England.  Elected  Governor  of  the 
State  of  New  York.  1795  to  1801. 
Died  at  Bedford,  Westchester  Co., 
1829,  in   his   eighty-fourth  year. 

KiDD,  Captain  William* 

A  Scotchman  by  birth,  he  went 
into  seafaring  as  a  profession.  In 
1694  he  was  residing  in  New  York 
City,  a  man  of  family;  he  was  one 
of  the  original  proprietors  of  the 
lots  into  which  the  Damen  farm 
was  divided,  and  owned  the  prop- 
erty on  which  he  resided  in  what 
is  now  Liberty  Street.  His  family 
then  consisted  of  his  wife  (for- 
merly the  widow  of  William  Cox, 
a  merchant),  and  a  daughter.  He 
was  captain  of  the  brigantine 
Anlegia,  a  regular  packet  sailing 
between  London  and  New  York, 
and  was  regarded  as  a  courageous, 
efficient  and  honest  officer  who 
had  the  confidence  of  the  traders 
between  London  and  New  York. 
He  had  received  a  reward  from  the 
New  York  Council  in  1691  for 
his  services  to  the  Colonies.  In 
1696  he  was  placed  in  command 
of  the  Adi'enturc,  of  thirty  guns, 
to  destroy  piracy,  but  being  un- 
successful in  the  primary  object 
of  his  appointment  he  sought  to 
retrieve  his  fortune  by  capturing 
merchantmen  and  became  one  of 
the  most  noted  of  pirates.  In  1699 
he  returned  to  New  York,  was 
arrested  and  sent  to  England, 
where  he  was  tried  for  piracy  but 
convicted  of  the  murder  of  William 
Moore,  one  of  his  seamen,  and 
hanged. 

Lawrence,  John 

An  Englishman  who  was  one  of  the 
earliest  established  merchants  dur- 
ing the  Dutch  rule.  He  was  highly 
respected  among  the  Dutch  and 
held  several  positions.  After  the 
capture  of  New  York  by  the 
British  he  was  Alderman  for  several 
years,  and  was  Mayor  In  1673  and 
1691;  also  a  member  of  the  Pro- 
vincial Council  and  one  of  the 
Judges  of  the  Supreme  Court.  He 
died  In  1699,  over  eighty  years  of 
age.  His  wife  and  several  children 
survived  him.  In  1676  he  was 
assessed  £5.  on  property  valued 
at  £800. 


CAPITALISTS    OF  ENGLISH    PERIOD 


89 


Leake,  John  George 

Son  of  Robert  Leake  (qs:).  Born 
in  England  in  1676  and  came  to 
the  U.  S.  in  1782.  He  inherited 
money  from  his  father  and  step- 
mother. Practised  law.  He  died 
suddenly  in  1827  at  an  advanced 
age.  He  never  married,  and  was 
described  as  a  quiet,  pious  man. 
His  personal  estate  amounted  to 
$300,000  and  his  real  estate  about 
the  same  amount;  part  of  it  was 
sold  for  $89,693.46. 

Leake,  Robert 

Born  in  1700  in  Lanarkshire,  Scot- 
land. He  fought  with  honor  in  the 
war,  terminating  with  the  Battle 
of  CoUoden  and  in  1746,  as  reward 
for  his  services,  he  was  appointed 
Commissary-General  in  the  army 
of  North  America  and  went  to 
Cape  Breton.  He  returned  to 
Scotland  the  next  year,  but  came 
again  to  America  in  1754  as  Com- 
missary-General of  the  forces  under 
General  Braddock.  He  died  in 
New  York  in  1773.  His  will  states 
that  he  had  houses,  store  houses, 
offices  and  stables  in  the  city,  a 
farm  at  Belvue,  two  farms  in  New 
Jersey,  an  estate  at  Bidlington, 
England,  lands  at  Pittstown,  Al- 
bany, a  farm  at  Claverack,  lands 
on  the  south  side  of  the  Mohawk 
River,  part  of  a  tract  granted  to 
William  Bayard  in  the  county  of 
Tyron,  a  right  to  lands  in  East 
Florida,  money  in  the  funds  in 
England,  besides  furniture,  car- 
riages, horses,  cattle  and  sheep. 
It  was  stated  of  him  that  "he  be- 
haved so  well  and  became  so  great 
that  he  mounted  to  the  highest 
rank  ne.xt  most  to  the  king.  He 
was  sae  muckle  respected  and  be- 
came  sae   rich." 

Leisler,  Jacob 

Came  to  New  Amsterdam  from 
Holland  in  1660;  after  the  Colony 
became  English  he  was  a  trader 
and  in  1672  subscribed  50  guilders 
"in  goods"  for  the  repair  of  Fort 
James.  In  1674  he  was  one  of  the 
Commissioners  for  the  forced  loan 
levied  by  Colve  when  his  property 
was  valued  at  15,000  guilders,  on 
which  the  assessment  was  1,969 
guilders.  In  1675  he  went  to 
Europe  and  was  taken  prisoner  by 
Turks.  Paid  ransom  of  2,050  pieces 
of  eight  5s.    In  1683  was  appointed 


a  Commissioner  of  the  Court  of 
Admiralty  and  in  1689  purchased 
for  the  Huguenots  the  tract  called 
New  Rochelle.  Married  Elsje 
Loockermans.  He  was  executed 
for  treason. 

Livingston,  Philip 

The  fourth  son  of  Philip,  second 
proprietor  of  the  manor  of  Living- 
ston, born  in  Albany  in  1716,  and 
graduated  from  Yale  College  in 
1737.  He  became  a  merchant  in 
New  York,  was  Alderman  of  the 
East  Ward  in  that  city  from  1754 
to  1762,  and  represented  New 
York  in  the  Assembly  from  1749 
to  1769,  where  he  was  Speaker  in 
the  latter  year.  Member  of  the 
First  Congress  which  sat  in  Phila- 
delphia in  1774-5  and  one  of  the 
signers  of  the  Declaration  of  In- 
dependence. He  continued  in  Con- 
gress until  his  death  in  1778. 

LoYDE,  James 

In  1676  he  was  taxed  £13:03:10^ 
on  property  valued  at  £1112:4:10. 

MiNViELLE,  Gabriel 

In  1674  "Gabriell  Munueile"  was 
taxed  £6.  5s.  on  a  small  fortune  of 
£1000,  which,  however  small  this 
may  seem  to-day,  entitled  him  to 
the  distinction  of  being  regarded 
as  among  the  wealthiest  men  of 
his  time.  In  1674  his  fortune  was 
10,000  fl.  Minvielle  was  an  Alder- 
man of  New  York  in  1675,  and 
Mayor  in  1685.  He  was  well  con- 
nected by  marriage  in  New  York, 
first  with  Judith  Van  Beeck  in 
1674,  and  after  her  death  with 
Susanna,  daughter  of  John  Law- 
rence. As  his  name  indicates, 
Minvielle  was  of  French  descent. 

Morris,  Lewis 

Born  in  Monmouthshire,  England. 
He  was  captain  of  a  troop  of  horse 
in  the  Parliament  army  against 
Charles  I.  He  retired  to  Barbados, 
where  he  purchased  a  large  estate 
and  was  commissioned  by  Crom- 
well as  Colonel,  serving  in  Jamaica. 
Having  joined  the  Quakers,  he 
suffered  from  fines,  and  after  the 
death  of  his  brother  Richard  in 
New  York  he  removed  there  in 
1673  and  resided  on  his  manorial 
estate  in  Morrisania  until  his 
death  in  1691.  He  was  a  member 
of  the  Council  from  1683  to  1686. 
In  1676  he  was  taxed  £6.  5.  0.  on 
property  valued  at  £1,000  in  New 


90   A  CENTURY  OF  BANKING  IN  NEW  YORK 

York  City,   so  he   must  have  had 

some    sort    of    residence    there    as 

well  as  in  Morrisania. 
Morris,  Lewis 

Son    of    Lewis    Morris.      Born    at 

Morrisania   in    1671;   married   Isa- 
bella,  daughter  of  James  Graham, 

and  removed  to  New  Jersey,  where 

he  had  large  landed  interests,  and 

became  a  leading  public  character 

of  that  Province.    After  some  years 

he     returned     to     Morrisania    and 

became  a  member  of  the  Assembly 

of  Westchester  in    1710.     In   1715 

was  commissioned  Chief  Justice  of 

the    Province    of   New    York,    and 

held  this  office  until  1752  when  he 

was  displaced  by  Governor  Cosby 

for   political   causes;   at    that   time 

Judge  Morris  was  the  leading  man 

in  the  liberal  party.     He  went  to 

England  on  a  political  mission  in 

1755    and    returned    the    following 

year;    he    was    subsequently    Gov- 
ernor of  New   Jersev.    He  died  in 

1746. 
NiCOLL,  Matthias 

The  son  of  an  Episcopal  clergyman 

of    Northampton,    England;    edu- 
cated as  a  lawyer.   After  the  capture 

of  New   York   he   took   prominent 

part  in  public  affairs  and  became 

the  first  Secretary  of  the  Province 

under    the    British    and    was    the 

presiding  Judge  at  the  Sessions  in 
the  various  Ridings.  In  1672  he 
was  made  Mayor  of  New  York;  in 
1685  he  was  appointed  one  of  the 
Justices  of  the  Supreme  Court, 
which  office  he  held  until  his 
death  in  1687  at  Cowneck,  L.  I., 
(now  Plandome),  where  he  held  a 
large  landed  estate. 
Olpher'^s,  Stuert 

A  mason  and  builder  who  acquired 
great  wealth  and  built  a  fire  resi- 
dence on  Broadway,  south  of  Ex- 
change Place. 
Philipse,  Adolphus  (or  Flypse) 
Son  of  Frederick,  was  born  at  New 
York  in  1665  and  educated  as  a 
merchant,  which  pursuit  he  fol- 
lowed in  connection  with  his  large 
landed  estate  in  Westchester  Co. 
He  held  several  prominent  offices, 
and  was  a  member  of  the  Provincial 
Council  under  Lord  Cornbury  until 
1721;  he  was  subsequentlv  a  mem- 
ber of  this  Assemblv  and  Speaker 
from  1727  to  1757  and  from  1759 


to  1745.  He  died  in  1751  in  his 
eighty-fifth  year.  He  never  mar- 
ried. He  was  left  a  great  deal  of 
real  estate  by  his  father,  which  he 
in  turn  left  to  his  nephew,  Fred- 
erick Phillipse. 
Provoost,  William 

A  merchant  of  New  York,  who  was 
thought  of  as  so  eminent  as  to  be 
well  fitted  for  an  appointment  in 
the  Common  Council  in  1722,  to 
which  he  was  soon  after  elevated. 
He  removed,  about  ten  years  after- 
wards, to  New  Jersey,  where  his 
estate  and  fortune  lay. 
Richard,  Paulus 

Richard  was  a  wealthy  merchant  in 
New  Amsterdam  before  the  city  was 
taken  by  the  English.  He  was  one 
of  the  men  who  agreed,  in  1664,  to 
lend  the  city  money  to  repair  its 
fortifications,  his  contribution  being 
"one  Cargo"  amounting  to  500  11. 
He  was  taxed  £5.  on  propertv  val- 
ued at  £800.  in  1676.  In  1664 
Richard  married  Geletje  Jans.  Un- 
der English  rule  he  served  as  Alder- 
man and  Commissioner  of  Customs. 
Robinson,   John 

In  1676  he  was  assessed  £15:  12s: 
7d,  on  propertv  valued  at   £2550: 
15s: lid. 
Robinson,  William 

A  dealer  in  flour  who  inherited 
wealth  from  his  father,  who  had 
become  rich  through  the  possession 
of  a  mill  during  the  bolting  privilege. 
He  lived  in  Pearl  Street,  north  of 
Wall. 
Robson,  John 

In  1676  he  was  assessed  £14:  17s.: 
10^  d.on  property  valued  at  £2589; 
This  was  high  for  his  day. 
Shackerly,  John 

One  of  the  first  tobacco  merchants 
established  in  New  York  after  the 
surrender  by  the  Dutch;  he  came 
to  New  York  from  Delaware,  where 
he  had  a  large  plantation.  He  died 
in  New  York  in  1679. 
Smith,  William 

Born  in  Northamptonshire,  Eng- 
land, in  1655.  In  1675  he  was 
appointed  Governor  of  Tangier  and 
married,  in  the  same  year,  Martha 
Tunstal  of  Putney,  Surrey.  On  the 
abandonment  of  Tangier,  he  re- 
turned to  England,  and  in  1686 
removed  to  New  York,  where  he 
established  himself  as  a  merchant. 


CAPITALISTS    OF    ENGLISH    PERIOD 


91 


He  made  large  purchases  of  land  on 
Long  Island  and  In  1695  erected 
the  Manor  of  St.  George,  which  be- 
came his  permanent  residence.  He 
held  several  important  political  of- 
fices and  died  in  1705  at  the  age  of 
fifty-one.  His  estate  was  inven- 
toried at  £2,589;  among  the  stock 
on  his  plantation  were  fifteen  slaves. 
He  left  six  children;  his  daugh- 
ters married  Caleb  Heathcote,  John 
Johnston,  and  Chief  Justice  De- 
lancey. 

Stuyvesant,  Nicholas  William 

Born  in  New  Amsterdam  in  1648. 
He  married,  first,  Maria  Beekman 
and  later  Elizabeth  Slechtenhorst, 
of  Albany.  He  resided  on  the 
"Bowery"  and  represented  the  Out 
Ward  as  Alderman  for  several 
years.  He  followed  mercantile  pur- 
suits in  the  city,  in  connection  with 
the  management  of  his  extensive 
landed  property.  He  died  about 
1698. 

Teller,  William 

Was  of  New  Netherland  Dutch  an- 
cestry. He  married  Maria  Verleth 
in  New  York  in  1664,  and  con- 
ducted business  as  a  merchant  for 
many  succeeding  years.  He  died 
about  1700,  possessed  of  a  consider- 
able estate. 

Van  Dam,  Rip 

Born  at  Albany.  He  married  Sara 
Vanderspeigle,  daughter  of  a  rich 
baker,  in  1684.  In  early  life  he  was 
a  merchant  and  commanded  his 
own  ship  engaged  in  the  West  India 
trade;  in  1690,  as  one  of  the  prin- 
cipal merchants,  he  petitioned  Wil- 
liam and  Mary  for  relief  from  the 
arbitrary  measures  adopted  by 
Leisler.  Established  a  shipyard  in 
the  rear  of  Trinity  Churchvard 
with  James  Mills.  Lord  Corntury 
appointed  him  a  member  of  the 
Council;  in  1731,  on  the  death  of 
Governor  Montgomerie,  he  became 
President  of  the  Council.  In  1735 
Van  Dam  presented  charges  against 
Governor  Cosby  to  the  home  gov- 
ernment and  thenceforward  he  be- 
came the   recognized  head  of  the 


popular  party.  He  died  in  1749. 
Of  his  property  little  is  known  ex- 
cept that  he  was  one  of  the  "con- 
siderable merchants"  of  his  day 
and  that  he  was  one  of  the  propri- 
etors of  the  "Nine  Partners"  in 
Dutchess  Co. 

Van  Horne,  Abraham 

Descended  from  a  New  Netherland 
family,  he  established  himself  as  a 
merchant  in  New  York,  where  he 
married  Maria  Provoost  in  1700. 
His  business  activities  were  of  an 
extensiv^e  character  and  he  acquired 
a  large  estate.  His  daughter  mar- 
ried Governor  Burnet  about  1721. 
Mr.  Van  Horne  was  appointed  a 
member  of  Burnet's  Council  in 
1723,  which  position  he  held  un- 
til his  death  in  1741.  His  will  left 
a  lot  and  house  to  his  son  David, 
which  is  now  the  east  part  of  the 
Custom  House,  and  includes  Han- 
over Street,  south  of  Wall  Street. 

Wilson,  Mr.  Ebenezer 

"Mr."  Wilson  was  ta.xed  £9  7s;  6d; 
in  1676,  on  a  fortune  of  £2500.  Mr. 
Wilson  was  undoubtedly  Ebenezer 
Wilson,  a  merchant,  who  served 
the  city  of  New  York  in  various 
official  capacities,  including  the 
office  of  Mayor  in  1707-9. 

Zenger,  John  Peter 

Born  in  Germany  in  1697;  came  to 
New  York  in  1710  and  was  bound 
as  an  apprentice  to  William  Brad- 
ford, the  printer,  for  eight  years. 
After  he  had  ser^■ed  his  apprentice- 
ship he  married,  in  1722,  Anna 
Catharina  Malin,  and  soon  after  set 
up  in  business  on  his  own  account. 
In  1755  he  began  the  publica- 
tion of  Zenger  s  New  York  Weekly 
Journal,  a  newspaper  started  in 
opposition  to  Bradford's  New  York 
Gazelle,  which  favored  the  Court 
Party.  The  imprisonment  of  Zen- 
ger, founded  upon  the  political  arti- 
cles appearing  in  his  paper,  his  trial 
and  the  exciting  events  growing 
out  of  it  are  matters  of  history. 
Zenger  continued  the  publication 
of  his  paper  until  his  death  in 
1755. 


92       A  CENTURY  OF  BANKING  IN  NEW  YORK 

THE    RICH    MEN   OF    1822 

By  the  time  we  are  considering,  the  hst  had  swollen  to  more 
than  a  financial  "Four  Hundred."  The  Tariff  act  of  1816  and 
the  increased  duties  two  years  later  stimulated  many  new  indus- 
tries; the  Second  United  States  Bank,  under  its  reorganized 
management  of  1819,  was  helping  to  perform  its  proper  function 
of  stabihzing  finance,  and  the  Suffolk  Bank  System  (collecting 
notes  of  country  banks  and  returning  them  for  redemption  in 
specie),  was  aiding  in  curbing  some  of  the  reckless  "wildcattmg" 
that  had  cut  the  value  of  a  paper  dollar  in  Kentucky  to  fifty  cents. 
There  were  some  difficult  times  in  1819.  Even  the  absurdities 
of  our  reckless  currency  system  and  the  frenzy  of  speculation 
and  note-shaving,  could  not  check  the  rising  tide  of  accumula- 
tions from  expanding  commerce,  the  development  of  natural 
resources  and  the  rapid  increase  of  manufacturing  enterprises. 
Niles's  record  shows  a  distinct  decade  of  "good  times"  beginning 
just  at  this  point. 

These,  then,  were  the  men  who  were  doing  the  banking  and 
business,  the  prodigious  growth  of  which  we  are  to  indicate. 
Many  of  the  most  important  have  few  biographical  details  here, 
because  they  are  treated  fully  in  the  succeeding  section  of  1845. 
It  is  perhaps  safer  not  to  express  any  opinion  as  to  the  gossipy 
story  that  some  names  appearing  in  this  hst  of  magnates  come 
from  a  group  of  young  men  who  had  banded  themselves  together 
under  a  solemn  vow  to  marry  each  a  rich  heiress  1  This  informal 
society  was  clearly  of  the  opinion  of  a  fine  old  Irish  porter  who, 
in  the  old  days,  used  to  bring  money  from  his  bank  to  an  associ- 
ated one. 

One  of  the  officers  asked  him  how  it  came  about  that  so  and  so 
had  been  chosen  as  cashier  of  the  uptown  bank. 

"Well,  sir,"  said  Michael,  with  finality,  "it  don't  make  so 
much  difference  these  days  who  a  man's  father  was.  But  it 
sometimes  makes  a  h —  of  a  difference  who  his  father-in-law  is." 

Abeel,  Garrit  B.  grate.   Arrived  in  1794  and  came  to 

Taxed   on   $50,000   personal   prop-  New     York     the     following     vear, 

erty  in   1815;  the  tax  list  of  1825  bringing  with  him  letters  to  Clen- 

gives  his  address  as  19  Park  Place,  dening  &  McLaren,   the  Irish  im- 

with  $10,000  real  and  $20,000  per-  porting  house.    Was  with  them  as 

sonal.     Merchant;  Director  of  the  clerk    and    later    became    partner. 

Washington  Insurance  Co.,  1822.  He  married  Miss  Anna  Glover.  The 

Adams,  John  partnership    with    Clendening    was 

Taxed    on    personal    propertv,    of  dissolved  in  1812,  and  Adams  re- 

$20,000    in    1815   and    $20,000    in  moved    to    215    Pearl    Street    and 

1820.     Born   at   Londonderry,    Ire-  stayed   there  until   1819;  when  he 

land,  in  1775  and  received  a   good  retired   he   lived   at    71    Chambers 

education.     Having  connections  in  Street.    In  1819  he  was  elected  one 

Philadelphia,    he   decided    to   emi-  of  the  Governors  of  the  New  Yorli 


WEALTHY  CITIZENS'  BIOGRAPHY 


93 


Hospital  and  served  until  1845; 
was  a  Trustee  of  the  Public  School 
Society  and  Director  of  the  City 
Bank.  Became  President  of  the 
Fulton  Bank  in  1827,  when  its 
affairs  had  fallen  into  confusion, 
and  he  restored  its  finances  with 
such  good  result  that  its  credit  was 
soon  re-established.  He  died  in  1854, 
leaving  seven  children. 

Adee,  David 

Auctioneer.  Taxed  on  $20,000  per- 
sonal property  in  1815  and  $25,000 
in  1820;  tax  list  of  1825  gives  him 
at  8  Cliff  Street;  real,  $3,600,  and 
personal,  $15,000. 

Adee,  William 

Taxed  on  personal  propertv,  1815, 
of  $14,000  and  in  1820  of  $12,000; 
tax  list,  1823,  gives,  97  Beekman 
Street;  real,  $5,000  and  personal, 
$5,000. 

Alin,  Moses 

Taxed  on  $10,000  personal  property 
in  1820. 

Allen,  M. 

Tax  list  of  1822,  gives  his  address 
as  122  Broadway;  house,  $6,500 
and  personal  property,  $25,000. 

Allen,  Stephen 

A  sailmaker  by  trade.  Elected  As- 
sistant Alderman  of  the  Tenth 
Ward  in  1817  and  1818;  this  was 
followed  by  many  other  offices.  He 
acquired  a  large  fortune  in  commer- 
cial pursuits  to  which  he  devoted 
himself  for  many  years  after  giving 
up  his  trade.  Was  concerned  with 
banking  and  insurance  companies. 
He  kept  a  large  "duck  store"  on 
Liberty  Street,  valued  at  $5,000. 
Paid  taxes  on  $15,000  personal 
property  in  1820;  was  a  Director 
of  the  Mechanics  Bank  and  was 
Mayor  of  New  York  in  1822.  He 
was  drowned  on  the  Hudson  River 
in  1852. 

Alley,  Saul 

Merchant;  member  of  the  Friendly 
Sons  of  St.  Patrick.  Taxed  on 
$10,000  personal  property  in  1820; 
taxed  in  1825  on  32  Beekman 
Street;  real,  $11,000  and  personal, 
$13,000. 

Anderson,  Alexander 

The  father  of  American  wood  en- 
graving. Born  at  New  York  in  1775 
and  died  in  Jersey  City  in  1870 
almost  ninety-five  years  old.  He 
was  the  first  engraver  of  note  in 
New  York  and  the  first  in  America 


who  engraved  on  wooden  blocks. 
He  kept  voluminous  diaries. 

Anderson,  Elbert 

Bought  6  Bowling  Green  for  $10,- 
000  in  1815  and  4  Bowling  Green 
for  $11,000.  Was  a  leading  sail- 
maker  in  New  York  in  1798.  He 
had  two  places  of  business,  one  at 
3  Courtland  Street  and  the  other  at 
7  Barclay  Street.  He  took  his  son 
into  the  business  with  him  in  1800. 
Was  taxed  on  $20,000  personal 
property  in  1820.  A  Director  of  the 
Manhattan  Fire  Insurance  Co. 
1822. 

Anthen,  John 

Taxed  on  $8,000  personal  property 
in  1815  and  $10,000  in  1820;  tax 
list  of  1823  gives  95  Beekman 
Street,  real,  $8,500  and  personal, 
$10,000. 

Arcularius,  George 

Taxed  on  $8,000  personal  property 
in  1815  and  $25,000  in  1820;  tax 
list  of  1823  gives  30  Courtland 
Street,  real  $10,000,  and  personal, 
$10,000.  He  was  a  tanner  and  cur- 
rier; built  1 1  Frankfort  Street  about 
1794.  A  Trustee  of  the  Bank  for 
Savings,  1819-23. 

Arden,  James 

Taxed  on  $10,000  personal  property 
in  1815.  Susan  Arden  was  taxed 
for  $10,000  in  1820. 

Aspinwall,  Gilbert 

Of  the  firm  of  Gilbert  &  John  As- 
pinwall, wholesale  jobbers  and  large 
shippers,  which  began  in  1793  at 
207  Pearl  Street.  He  was  one  of  the 
first  Directors  of  the  U.  S.  Branch 
Bank,  1816.   He  died  in  1819. 

AsTOR,   Henry 

Owner  of  an  old  tavern  and  cattle 
market  called  the  Bull's  Head, 
which  stood  on  the  site  of  the  Bow- 
ery Theatre,  built  in  1826.  Mr. 
Astor  was  also  a  Director  of  the 
Mechanics  Insurance  Co.,  in  1822. 

AsTOR,  John  Jacob 

{See  later  list  of  1845  Jor  Jiill  par- 
ticulars). Was  one  of  the  first 
Directors  of  the  Branch  Bank  of 
the  United  States,  1816  and  was 
also  President  of  it.  Director  oi 
the  Hope  Insurance  Co.,  1822.  Tax 
list  of  1823  gives  following  taxes 
paid  by  him:  Theatre,  Park;  real, 
$80,000;  221  Broadway,  real,  $11,- 
400;  223  Broadway,  real,  $6,000; 
rear  store,  $4,000;  223  Broad wav 
(J.  J.  Astor  &  Son),  real,  $25,000; 


94        A  CENTURY  OF  BANKING  IN  NEW  YORK 


personal,  $300,000;  8  Vesey  Street, 
real  $6,000.  He  was  also  taxed  on 
$150,000  personal  property  in  1815 
and  on  $400,000  in  1820.  " 

AsTOR,  William  B. 

Tax  list  of  1822  values  his  house  at 
17  State  Street  at  $18,000;  personal 
tax,  $60,000. 

Avery,  John  S. 

Was  taxed  on  $10,000  personal 
property  in  1815  and  $12,000  in 
1820. 

Aymar,  Benjamin 

{See  later  edition).  Director  of  the 
Hope  Insurance  Co.,  1822. 

Backus,  W.  G. 

Was  taxed  on  $10,000  personal 
property  in  1820. 

Bailey,  Benjamin 

Was  taxed  on  $57,000  personal 
property  in  1815  and  $25,000  in 
1820;  tax  list  of  1825  gives  79 
Chambers  Street;  real,  $6,500  and 
personal,  $1,500.  Took  $10,000  of 
the  U.  S.  Government  loan  1815- 
14.  Was  one  of  the  first  Directors 
of  the  Farmers'  Fire  Insurance  and 
Loan  Co.,  and  was  Director  of  the 
Merchants'  Fire  Insurance  Co., 
1822. 

Baldwin,  Charles 

Was  taxed  on  $10,000  personal 
property  in    1815   and   $10,000   in 

Barclay,  Henry 

Was  one  of  the  three  Barclay 
brothers,  sons  of  Thomas  Barclay, 
British  Consul  General  to  the  East- 
ern States,  appointed  after  the  War 
of  1812.  The  firm  of  Henry  and 
George  Barclay  began  business  soon 
after  the  W'ar;  in  1824  Schuyler 
Livingston  was  taken  in  as  a  part- 
ner. The  firm  were  the  agents  of 
Lloyds. 

Barker,  Jacob 

Owned  84  South  Street  in  1825. 
Assessed  for  taxation  at  $15,500. 
He  was  a  large  broker  and  had  sev- 
enteen clerks  in  his  office.  He  had 
no  equal  as  a  broker;  he  was  an 
indefatigable  worker,  and  did  not 
even  go  home  to  dinner;  his  wife 
sent  food  to  his  office  and  he  ate  it 
there.  His  clerks  did  not  like  him 
because  he  drove  them  so  hard. 
He  was  a  good  pilot  and  frequently 
took  his  ships  out  to  sea  to  sa^e  the 
pilotage  and  also  because  he  be- 
lieved he  could  do  it  better  than  a 
professional.       He     married     Miss 


Hazard.  He  owned  the  New  York 
Stock  Exchange  Bank.  His  notes 
were  as  current  as  any  in  Wall 
Street,  but  finally  he  stopped  pay- 
ment. 

Barker,  James 

Was  taxed  on  $12,000  personal 
property  in  1820. 

Bates,  Frederick 

Was  taxed  on  $50,000  personal 
property  in  1820. 

Bayard,  Robert 

Tax  list  of  1822  values  his  house  at 
18  State  Street  at  $18,000;  per- 
sonal tax,  $60,000.  Was  taxed  on 
$50,000  personal  property  in  1820. 
He  was  a  son  of  William  Ba^^ard 
and  a  partner  in  the  house  of 
LeRoy,  Bayard  &  Co. 

Bayard,  William 

Of  the  great  firm  of  LeRoy,  Bayard, 
later  LeRoy,  Bayard  &  Co.,  in 
1824.  The  partners  of  this  firm 
were  great  merchants  and  ranked 
high  socially.  Bayard  was  chair- 
man of  the  "Greek  Commit- 
tee" and  in  that  capacity  the  house 
took  charge  of  the  building  of  ships 
for  the  Greek  Government — there 
being  later  some  severe  criticism  of 
their  action  in  this  capacity.  Of  the 
"seventeen  persons  in  New  York" 
who  kept  carriages.  Air.  Bayard 
was  one.  His  son  William  Bayard, 
Jr.,  was  a  partner  in  LeRoy,  Bay- 
ard &  Co.  The  tax  list  of  1822  val- 
ues Mr.  Bayard's  house  at  6  State 
Street  at  $17,000  and  his  personal 
estate  at  $60,000.  He  was  taxed  on 
$100,000  personal  property  in  1815 
and  only  $70,000  in  1820.  After 
Alexander  Hamilton  was  shot,  his 
body  was  taken  to  the  house  of 
Wilham  Bayard. 

Bayard,  William,  Jr. 

Prominent  merchant  and  member 
of  the  firm  of  LeRoy,  Bayard  &  Co. 
He  was  a  Director  of  the  Bank  of 
America,  and  President  of  the 
Savinss  Bank  at  its  beeinnine;  from 
1819  fo  1826.  He  was  Presid^ent  of 
the  Chamber  of  Commerce,  Gov- 
ernor of  the  New  York  Hospital, 
Trustee  of  the  Sailors  Snug  Harbor, 
one  of  the  owners  of  the  Tontine 
Coffee  House.  Lived  at  45  Wall 
Street  in  1826.  Ta.xed  on  $10,000 
personal  property  in  1820. 

Beekman,  Henry 

{See  later  edition).  Was  taxed  on 
$25,000  personal  property  in   1815 


WEALTHY    CITIZENS'    BIOGRAPHY 


95 


and  $18,000  in  1820;  was  taxed 
in  1822  on  60  Greenwich  Street: 
house,  $9,000  and  personal  $10,000. 

Beekman,  James 

Was  taxed  on  $10,000  personal 
property,  1820.  He  married  a 
daughter  of  John  Watkins. 

Beekman,  S.  L. 

Was  taxed  on  $30,000  personal 
property  in  1815  and  $25,000  in 
1820.  the  tax  list  of  1825  gives 
taxes  on  11  Courtland  Street;  real, 
$6,500,  and  personal  $22,000. 

Beers,  J.  D. 

Taxed  on  $10,000  personal  prop- 
erty, 1820.  He  was  the  son  of  An- 
drew Beers,  the  famous  maker  of 
De  Beers  Almanack.  He  was  born 
at  Newtown,  Conn.,  1780.  He  mar- 
ried Mary  Chapman,  a  sister  of  the 
Hon.  Asa  Chapman  of  Newtown. 
They  had  one  daughter,  EHza,  who 
married  Lewis  Curtiss  of  the  firm 
of  L.  &  B.  Curtiss,  heavy  French 
importers.  Beers  came  to  New 
York  in  1815  and  lived  at  22  White 
Street.  He  was  a  broker.  He 
brought  up  many  young  men. 
Clever  and  popular,  he  was  de- 
scribed as  "quick  as  a  steel  trap 
and  as  affable  as  a  prince."  He 
was  married  three  times,  his  sec- 
ond marriage  taking  place  when  he 
was  seventy-five  and  his  third  when 
he  was  seventj'-eight  years  old. 

Bell,  James  L. 

Was  taxed  on  $10,000  personal 
property  in  1820. 

Benedict,  James 

Was  taxed  on  $7,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
In  1825,  taxed  on  37  Maiden  Lane; 
real,  $9,000;  personal,  $10,000. 

Benson,  Robert 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $12,000  in  1820. 
He  was  one  of  the  first  members  of 
the  Masonic  Society  of  New  York, 
and  a  member  of  the  Merchants 
Exchange. 

Benson,  Sampson 

Taxed  on  $15,000  personal  property 
in  1815  and  $17,000  in  1820. 

Bethune,  Divie 

Philanthropist.  Born  at  Dingwall, 
Scotland  in  1771,  he  came  to  United 
States  in  1792  and  became  a  mer- 
chant in  New  York.  He  was  taxed 
on  $30,000  personal  property  in 
1820.  He  died  in  1824.  Before  the 
Tract     Society     was    formed     Mr. 


Bethune  printed  10,000  tracts  at 
his  own  expense  and  himself  dis- 
tributed many  of  them. 

BiNiNGER,  Abraham 

Was  taxed  on  $10,000  personal 
property  in  1815  and  1820.  Mar- 
ried Miss  Embury,  who,  discover- 
ing that  it  was  hard  to  keep  going 
on  the  wages  of  her  husband,  then 
a  day  laborer,  took  in  washing  and 
sold  cakes,  cookies,  and  afterwards 
vegetables.  This  was  the  begin- 
ning of  the  great  grocery  house  of 
which  he  was  the  head.  After  some 
years  in  Maiden  Lane,  he  bought 
the  property  on  the  west  side  of 
Broadway  on  a  lot  next  to  the  cor- 
ner of  Liberty  Street  for  $11,000. 
Everybody  said  it  was  crazy  to  pay- 
such  a  price.  He  was  taxed  in  1823 
on  164  William  Street;  real,  $4,000 
and  personal,  $10,000.  He  died 
in  1836. 

BiNiNGER,  Isaac 

Was  a  brother  of  Abraham.  He 
lived  with  his  father  in  Camden 
Valley  and  opened  a  store,  which 
was  the  most  extensive  one  between 
Albany  and  Montreal  and  was  the 
wonder  of  the  whole  countryside. 
His  brother  joined  him  there  for  a 
short  time,  leaving  his  wife  to  take 
charge  of  his  store  in  New  York, 
and  they  arranged  an  exchange  of 
commodities  between  the  two 
places.  They  dissolved  partnership 
after  a  time. 

Blackwell,  Joseph 

Was  taxed  on  $40,000  personal 
property  in  1815  and  $20,000  in 
1820.  Bought  11  State  Street  in 
1815  for  $8,300.  He  was  the  son 
of  Joseph  Blackwell,  and  married 
Miss  Justina  Bayard.  William 
Bayard  gave  his  son-in-law  $20,000; 
in  after  years,  becoming  financially 
embarrassed,  he  asked  Mr.  Black- 
well  to  indorse  for  him.  This  he 
refused  to  do  but  he  returned  the 
$20,000.  The  firm  was  Blackwell 
&  McFarlane.  He  died  in  1827. 
The  tax  list  of  1822  valued  his 
house  in  State  Street  at  $18,000 
and  his  personal  estate  at  $20,000. 

Bleecker,  James  W. 

(See  later  edition).  A  broker;  ad- 
dress, 53  Wall  Street. 

Bleecker,  L. 

He  took  $30,000  of  the  U.  S.  Loan, 
1813-14,  and  was  one  of  the  sub- 
scribers   for   a    fund    to   assist    the 


96       ACENTURYOF  BANKING  IN  NEW  YORK 


families  of  men  imprisoned  for  debt. 
"Families  of  prisoners  confined  for 
debt,  mav  be  supplied  with  tickets 
for  soup  by  applying  to  the  Secre- 
tary, Mr.  'John  Nitchie,  Jr.,  at  58 
Broad  Street,  where  contributions 
will  also  be  thankfully  received  and 
faithfully  applied  by  the  subscrib- 
ers." He  was  one  of  the  28  original 
members  of  the  Stock  E.xchange. 

Bloomer,  Ehsha 

A  hatter.  He  bought  No.  13  and 
14  Broadway  in  1833  for  $15,600. 
He  built  two  houses  just  alike 
called  the  "Colonnade  Houses," 
and  sold  one  of  them  to  Smith  Ely 
for  $30,000;  later  there  came  a 
depression  in  real  estate  and  the 
two  houses  were  sold  under  fore- 
closure in  1841  for  $28,000. 

BoARDMAN,  Daniel 

The  tax  list,  1823,  gives,  on  241 
Broadway:  real,  $12,500  and  per- 
sonal, $11,000.  A  rich  man.  His  two 
twin  daughters  were  considered  the 
most  beautiful  girls  in  New  York; 
one  married  John  H.  Coster,  son  of 
John  G.  Coster. 

BoGART,  James 

Taxed  on  personal  property  in  1815 
on  $20,000,  and  on  $40,000  in  1820.' 
Tax  list  of  1823  gives,  171  Broad- 
way; real,  $15,000  and  personal, 
$55,000,  and  on  74  Warren  Street: 
real,  $5,200  and  personal,  $13,000. 
A  well  known  biscuit  maker,  and 
"the  model  of  a  respectable  burgo- 
master." His  biscuit  and  tea,  made 
with  the  water  from  the  "tea  water 
pump"  (a  natural  spring  in  Wall 
Street),  were  in  great  request. 

BoGGS,  James 

Taxed  on  $8,000  personal  property 
in  1815  and  $20,000  in  1820.  The 
tax  list,  1823,  gives  his  address  as 
102  Chambers  Street,  and  real 
estate,  valued  $5,800  and  personal 
property  at  $25,000.  He  came  from 
Philadelphia,  although  a  Nova 
Scotian  by  birth.  He  founded  the 
firm  of  Boggs  &  Livingston  in  1808; 
this  firm  changed  in  1830  to  Boggs, 
Sampson  &  Thompson.  Elected 
President  of  the  New  York  Manu- 
facturing Co.  Bank  in  1815  and 
remained  in  office  until  1830.  He 
died  in  1835  at  113  Chambers 
Street. 

Bolton,  Curtis 

Taxed  on  $55,000  personal  prop- 
erty in  1820. 


Bolton,  John 

A  director  of  the  Farmers'  Fire  In- 
surance and  Loan  Co.,  1822.  He 
was  taxed  on  $15,000  personal 
property  in  1820.  The  tax  list  of 
1822  gives  his  address  as  58  Broad- 
way; house,  $13,000;  personal, 
$50,000. 

Bolton,  Thomas 

Born  on  Broadway  in  1773,  he  was 
admitted  to  the  practice  of  law  in 
1806.  A  partner  with  Gabriel  Win- 
ter. He  lived  at  his  father's  house 
In  Broadway  until  1836,  and  then 
moved  to  39  Broadway. 

BooRAEM,  Henry 

The  tax  list  of  1823  gives  his  ad- 
dress as  24  Warren  Street;  real, 
$5,300;  personal,  $10,000.  He  was 
described  as  a  man  of  "elegant 
manners."  When  he  died,  his  wife 
put  $60,000  Into  his  silk  business, 
which  was  carried  on  for  some  years. 
He  left  sons  and  daughters. 

Boorman  &  Johnson 

(See  later  edition).  This  firm  took 
$10,000  of  the  U.  S.  Government 
Loan,  1813-14. 

Boorman,  I. 

Ta.xed  on  $5,000  personal  property 
in  1815  and  $20,000  in  1820.  The 
tax  list  of  1825  gives  his  address  as 
84  Chambers  Street;  real,  $6,500; 
personal,  $20,000.  He  came  from 
Scotland  to  the  United  States  In 
early  manhood,  as  an  agent  for  a 
Scotch  house.  He  went  into  part- 
nership with  another  Scotchman, 
John  Johnson,  and  established  a 
large  Iron  business  and  also  sold 
Scotch  goods.  He  became  rich  and 
continued  his  business  until  his 
death. 

Bowne,  Walter 

(See  later  edition).  He  was  de- 
scended from  the  old  Quaker  family 
of  that  name  who  settled  in  Flush- 
ing In  the  19th  Century.  Born 
there  In  1770,  came  to  New  York 
after  the  Revolution  and  learnetl 
the  hardware  trade,  which  he  car- 
ried on  for  a  number  of  years  at  the 
corner  of  Burling  Slip  and  Water 
Street,  with  Richard  T.  Hallett. 
After  retirement  from  business,  he 
became  interested  in  politics.  He 
represented  New  York  In  the  State 
Senate  for  three  years,  was  ap- 
pointed Mayor  in  1827  and  held 
the  office  for  four  years.  He  was 
one  of  the  Commissioners  who  su- 


WEALTHY    CITIZENS'    BIOGRAPHY 


97 


pervised  the  erection  of  the  Custom 
House,  and  accumulated  a  large 
estate.  Died  in  1846.  He  paid 
taxes  in  1815  and  1820  on  $10,000 
personal  property.  He  was  New 
York  Director  of  the  Bank  of  the 
United  States  in  Philadelphia,  1817, 
and  a  Director  of  the  Branch  Bank 
of  the  United  States,  1822. 

Bouchard,  I.  (or  J.) 

The  tax  list  of  1823  gives  his  ad- 
dress as  119  Fulton  Street;  real. 
$8,500;  personal,  $10,000.  He  was 
clerk  to  Joseph  Thebaud;  when 
Thebaud  died  he  confided  his  wid- 
ow, and  children  to  Mr.  Bouchard's 
care.  Mr.  Bouchard  administered 
the  estate,  married  the  widow  and 
continued  the  business.  He  came 
to  America  about  1805  from  France. 

Boyd,  James,  Jr. 

{See  later  edition).  He  was  a  Di- 
rector of  the  Merchants  Fire  In- 
surance Co.,  1822. 

Boyle,  Michael 

Was  a  runner  for  the  Bank  of  New 
York,  through  which  most  of  the 
notes  issued  were  collected.  Boyle 
gave  notice  to  the  drawers  three 
days  before  the  notes  were  due; 
when  they  fell  due,  Michael  called 
with  a  canvas  bag,  collected  the 
money,  in  half  dollars,  shillings  and 
sixpences,  and  then  returned  to  the 
bank.  He  was  an  honest  and  faith- 
ful servant,  obliging  to  the  mer- 
chant, of  a  happy  disposition  and 
had  sufficient  strength  of  body  to 
carry  the  coins  entrusted  to  his 
care. 

Bradhurst  &  Field 

{See  later  edition).  These  wholesale 
druggists  took  $5,000  of  the  U.  S. 
Government  Loan  of  1813-14.  One 
of  the  firm  was  John  M.  Bradhurst, 
who  died  rich. 

Brasher,  Philip 

He  took  $50,000  of  the  U.  S.  Gov- 
ernment Loan  of  1813-14.  He  sold 
two  lots  in  1823,  bounded  on  the 
east  by  Orange  Street  and  on  the 
south  by  Prince  Street,  for  $2159, 
one  lot  to  Samuel  L.  Gouverneur. 

Brevoort,  Henry 

Taxed  on  $10,000  personal  property 
in  1820.  The  tax  list  of  1822,  gives 
his  address  as  15  Broadway:  house, 
$18,000;  personal,  $15,000. 

Bronson,  Isaac 

{See  later  edition).  A  Director  of 
the  Merchants  Bank,  1803. 


Brinckerhoff,  Abraham 

Was  taxed  on  $50,000  personal 
property  in  1815  and  $60,000  in 
1820.  the  tax  list  of  1822  gives 
his  address  as  34  Broadway;  house, 
$20,000;  personal.  $60,000. 

Brinckerhoff,  Abraham,  Jr. 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  $17,000  in  1820. 
The  tax  list  of  1822  gives  his  ad- 
dress as  78  Broad  Street;  house, 
$11,000;  personal,  $17,000. 

Brocks,  Thomas 

The  tax  list  of  1823  refers  to  his 
property  at  60  and  58  Vesev 
Street;  real,  $10,000. 

Bronson,  Isaac 

He  was  taxed  in  1815  and  1820  on 
$50,000  personal  property.  The 
tax  list  of  1823  gives  12  Park  Place; 
real,  $8,500;  personal,  $100,000. 

Brown,  Robert 

Taxed  on  personal  property,  1815 
and  1820,  $20,000. 

Bruen,  Herman 

He  was  the  son  of  Matthias  Bruen 
and  a  partner  of  his  brother, 
George.  They  became  bondsmen 
for  Thomas  H.  Smith,  who  with 
Mr.  Astor,  had  made  large  sums 
of  money  in  the  tea  business. 
Smith  failed,  and  his  failure  car- 
ried down  his  son-in-law  of  the 
firm  of  G.  W.  &  H.  Bruen.  This 
failure  upset  the  tea  business  for 
five  years  and  ruined  nearly  every 
person  eneased  in  it.  M.  Bruen 
was  taxed  m  1815  for  $20,000. 
M.  Bruen  &  Son  owned  88  Maiden 
Lane,  taxed  at  $10,000. 

Bryan.  James 

Taxed  on  personal  property  of 
$10,000  in  1815  and  1820. 

Bryan.  William 

Taxed  on  $15,000  personal  prop- 
erty in  1815.  and  $10,000  in  1820. 

Buchanan,  George 

Taxed  on  $10,000  personal  prop- 
erty in  1815,  and  $20,000  in  1820. 
He  was  the  son  of  Thomas  Buch- 
anan, and  in  partnership  with  his 
father  from  1809.  The  firm  was 
located  at  44  Wall  Street  until 
1816,  and  then  moved  its  count- 
ing house  to  4  Slote  Row.  George 
lived  with  his  parents.  After  his 
father  died,  he  continued  the  busi- 
ness until  1824,  when  he  left  com- 
mercial life. 

Buck,  Gerdon 

He  owned  62  South  Street,  taxed 


98       ACENTURYOFBANKING  IN  NEW  YORK 


at  $7,500,  1822.  He  was  also  taxed 
on  $50,000  personal  property'  in 
1815,  and  $20,000  in  1820. 

Buckley,  H.  W. 

The  tax  list  of  1823  gives  his  ad- 
dress, 48  Cliff  Street:  real,  $7,000; 
personal,  $20,000.  He  was  of  the 
firm  of  Clendening  &  Buckley,  the 
partnership  of  which  was  formed 
in  1819,  dissolved  in  1826.  He 
married  Miss  Margaret  Clenden- 
ing. 

BvLORD,  Robert 

The  tax  list  of  1823  gives  189 
Broadway;  real,  $12,000;  personal, 
$10,000.  He  was  taxed  on  personal 
propertv  of  $10,000  in  1815,  and 
$15,000' in  1820. 

Bunker,  William 

The  tax  list  of  1822  gives  39  Broad- 
way; house,  $50,000.  (This  was  the 
Bunker  House  where  Washington 
Irving  lived.) 

BURK,  G. 

The  tax  list  of  1823,  gives  101  Lib- 
ertv  Street;  real,  $7,500;  personal, 
$10,000. 

BuRK,  James 

The  tax  list  of  1822  gives  22  Wall 
Street;  real,  $12,000. 

Burr,  Aaron 

Born  at  Newark,  1756.  He  gradu- 
ated at  Princeton  in  1772,  and 
joined  the  army  at  the  outbreak  of 
the  Revolution.  After  the  war  he 
studied  law,  became  a  member  of 
the  Legislature  and  Attorney  Gen- 
eral of  the  State.  He  was  con- 
cerned in  the  Manhattan  W'ater 
project  and  bank,  and  is  said  to 
have  made  tremendous  profits  on 
getting  the  charter.  He  overdrew 
his  account  there  $42,305.  He  be- 
came an  aspirant  for  the  Presi- 
dency, and  with  Jefferson,  received 
75  electoral  votes,  each.  But  the 
House  of  Representatives,  to  whom 
the  decision  was  left,  finally  chose 
Jefferson  for  first  place  and  Burr 
for  second,  and  Burr  was  accord- 
ingly Vice-President.  He  killed 
Alexander  Hamilton  in  a  duel,  1804. 
On  his  retirement  from  the  Vice- 
Presidency,  Burr  engaged  in  mys- 
terious and  wide-reaching  schemes, 
the  purport  of  which  were  appar- 
ently the  formation  of  an  inde- 
pendent State  in  the  Southwest. 
In  1806  he  was  tried  for  treason 
but  acquitted.  He  wandered  in 
Europe,   but    returned    to   America 


and  died  in  obscurity  and  poverty. 
He  married  in  1853  the  celebrated 
Mrs.  Jumel,  widow  of  Stephen 
Jumel,  but  the  marriage  was  not 
happy. 

Butler,  Benjamm 

The  tax  list  of  1822  gives  55  Wall 
Street;  house,  $14,000.  He  was  one 
of  the  first  twenty-eight  members 
of  the  Stock  Exchange. 

BuRTSELL,  Peter 

The  tax  list  of  1822  gives  his  store 
at  the  corner  of  Wall  Street,  $10,- 
000. 

Byers,  James 

He  bousht  5  Bowling  Green  in 
1815  for''$9,750.  He  was  taxed  on 
personal  propertv  in  1820  of  $20,- 
000;  the  tax  list y  1822  values  his 
house  at  5  Bowline  Green  at  $18,- 
000;  personal  ta.x,''$50,000.  A  Di- 
rector of  the  Merchants  Fire  In- 
surance Co.,  1822. 

Byers,  John 

He  owned  55  South  Street,  and 
was  taxed  on  $8,000  in  1822.  He 
was  ta.xed  on  $10,000  personal 
property  in  1815. 

Byrnes,  Thomas  S. 

A  Director  of  the  Merchants  Fire 
Insurance  Co.  in  1822.  One  of  the 
partners  of  Byrnes,  Trimble  &  Co., 
flour  and  erain  merchants.  He 
died  about  1828.  The  tax  list  of 
1825  gives  49  Cliff  St.;  real,  $9,000; 
personal,  $50,000.  He  was  taxed 
on  $15,000  personal  propertv  in 
1815  and  $50,000  in  1820. 

Calder,  William 

The  tax  list  of  1822  shows  that  he 
lived  at  110  Greenwich  Street,  in 
a  house  owned  by  William  Mackie; 
personal  tax,  $12,000. 

Call  END  er,  Thomas 

A  Director  of  the  Branch  Bank  of 
United  States,  1822.  The  tax  list 
of  1822  t;Ives  65  Greenwich  Street: 
house,  $9,500;  personal,  $15,000. 
He  was  taxed  on  $10,000  personal 
property,  1815  and  1820. 

Cairns,  William 

Was  taxed  on  $50,000  personal 
property  in  1815  and  $50,000  in 
1820. 

Ca.mbreling,  C.  C. 

He  was  born  in  North  Carolina. 
He  married  the  daughter  of  John 
B.  Glover,  but  had  no  children. 
He  was  a  member  of  the  important 
firm  of  Cambreling  &  Pearson,  but 
it   was  dissolved  in    1825  and   Mr. 


WEALTHY    CITIZENS'    BIOGRAPHY 


99 


Cambreling  moved  to  18  Wall 
Street.  He  was  a  favorite,  well 
thought  of,  and  had  splendid  pros- 
pects. He  was  one  of  the  first  Di- 
rectors of  the  Farmers'  Fire  Insur- 
ance &  Loan  Co.  While  walking 
with  a  friend,  named  Goodwin,  on 
Broadway  one  day,  they  met  a 
friend,  James  Stoughton,  son  of 
the  old  Spanish  Consul;  a  quarrel 
ensued  and  Goodwin  killed  Stough- 
ton. Mr.  Cambreling  caught  Good- 
win, who  had  also  fallen,  and  after- 
wards helped  him  to  escape.  He 
was  for  many  years  a  Democratic 
member  of  Congress  from  New 
York.  He  died  at  West  Neck,  L.  I., 
in  1862,  aged  seventy-six.  He  paid 
ta.xes  on  $5,000  personal  propertv 
in  1820  and  the  tax  list  of  182.3 
gives  him  as  living  at  11  Park 
Place,  (Varick's  house)  with  per- 
sonal property,  $1,000. 

CAiMPBELL,  Duncan  P. 

Born  1780.  He  lived  at  51  Broad- 
way from  1810  to  1850.  He  mar- 
ried a  daughter  of  William  Bayard, 
and  was  a  member  of  the  firm  of 
LeRoy  Bayard  &  Co.  He  was  a 
Trustee  of  the  Bank  for  Savings, 
1819-25,  and  a  Director  of  the 
Globe  Insurance  Co.,  1822.  The 
father  of  Campbell  was  an  officer 
in  the  British  army  sent  out  in  the 
the  Revolution.  He  belonged  to 
a  Highland  regiment,  and  being 
billetted  with  Thomas  Pearsall,  a 
Quaker,  fell  in  love  with  his  daugh- 
ter. They  eloped  because  (says 
John  Barrett)  "Old  Thomas  woiJd 
have  as  soon  consented  to  the  mar- 
riage of  his  daughter  with  a  Cal- 
muck  Tartar  as  with  a  Highlander 
or  a  British  officer."  Neither  of 
his  parents  lived  long  after  the 
birth  of  Duncan  Campbell.  The 
tax  list  of  1823  gives  him  at  205 
Pearl  Street,  taxed  on  real  estate, 
$10,000,  and  personal,  $10,000. 

Capp,  Joseph 

The  tax  list  of  1823  gives  207  Pearl 
Street;  real,  $10,500. 

Cargill,  David 

Director  Fulton  Fire  Insurance 
Co.,  1822.  He  was  taxed  on  $10,000 
personal  property,  1815  and  1820. 

Carow,  Isaac 

The  tax  list  of  1823  gives  29  Court- 
landt  Street;  real,  $12,000;  per- 
sonal, $18,000.    He  was  one  of  the 


fifteen  members  of  the  Committee 
of  arrangements  for  the  Erie  Canal 
celebration.  He  was  taxed  on  $35,- 
000  personal  propertv  in  1815,  and 
$20,000  in  1820. 

Cary,  Henrv 

The  tax  list  of  1823  gives  69  Cham- 
bers Street;  real,  $6,500;  personal, 
$8,000.  He  was  taxed  on  $5,000 
personal  property  in  1815,  and 
$10,000  in  1820. 

Castree,  John 

Born  in  1811  at  Fintona,  Ireland, 
he  came  to  America  in  1814.  His 
father  was  a  Colonel  in  the  British 
Army.  He  went  to  the  public 
schools,  but  left  while  young  to 
enter  the  store  of  his  uncle,  James 
Beatty,  a  prosperous  grocer.  He 
went  into  business  for  himself,  and 
in  1836  moved  to  121  Hudson 
Street.  Married,  first.  Miss  Clar- 
issa Baldwin,  and  later  Miss  Louisa 
Lynch  in  1855.  He  had  four  chil- 
dren. Was  much  interested  in  fi- 
nance and  became  President  of  the 
Irving  Bank.      Died  in  1889. 

Catlin,  LN-nde 

(See  later  edition).  The  first  cashier 
of  the  Merchants  Bank.  He  was 
born  in  1768  at  Litchfield,  Conn., 
was  educated  as  a  lawyer,  and 
graduated  at  Yale  in  1786.  He  was 
of  English  ancestry.  He  married 
Helen  Martiaret  Kip  of  Albany, 
October  19,^1793;  they  had  eight 
children,  of  whom  four  died  in 
infancy.  While  Mr.  Catlin  was 
cashier  of  the  Merchants  Bank  he 
attracted  the  attention  of  John 
Jacob  Astor,  who  induced  him  to 
become  cashier  of  the  branch  of 
the  U.  S.  Bank  in  New  York,  of 
which  Mr.  Astor  himself  took  the 

f)residency;  in  1820,  at  the  disso- 
ution  of  the  U.  S.  Bank,  he  re- 
turned to  the  Merchants  Bank  as 
its  President.  He  died  October  18, 
1833,  and  was  buried  in  St.  Mark's 
churchyard.  He  was  taxed  on 
$56,000  personal  property  in  1815 
and  on  $10,000  in  1820."^  A  notice 
in  the  Evening  Post,  when  Catlin 
offered  his  house  at  Broadway  and 
Art  Street  for  sale,  says:  "The  gar- 
den is  well  supplied  with  fruit  trees 
and  shrubbery.  There  are  on  the 
premises,  a  good  stable  and  two 
coach  houses,  a  cistern  and  a  well 
of  excellent  water.  The  distance 
from    town    just    sufficient    for    a 


100     A  CENTURY  OF  BANKING  IN  NEW  YORK 


pleasant     walk,     Broadway     being 
paved  to  the  door." 
Champlin,  John  T. 

A  member  of  the  firm  of  Minturn 
&  Champlin,  one  of  the  largest 
shipping  concerns  of  the  early  part 
of  last  century.  The  firm  seem  to 
have  bought  and  sold  cargoes  of 
every  sort.  It  dissolved  in  1815. 
His  daughter  Ann  Champlin,  mar- 
ried Gabriel  Lewis,  a  famous  mer- 
chant. John  Champlin  was  the 
first  President  of  the  Farmers'  Fire 
Insurance  and  Loan  Company, 
1822,  and  Lewis  was  one  of  the  first 
Directors. 
Chase,  Borden 

Was    taxed    on    $10,000    personal 
property,  in  1815  and  1820. 
ChaunCEY,  Commodore 

Was  taxed  on  $30,000  personal 
property,  1820.  He  was  a  Captain 
in  the  United  States  Navy.  He  was 
concerned  with  LeRoy  Bayard  in 
the  famous  Greek  war  vessel  case; 
and  was  asserted  to  have  gotten 
about  $14,000  out  of  the  transac- 
tion, although  at  that  time  he  was 
in  the  service  of  the  United  States. 
Chesebrough,  Robert 

(See  ialeredilion).   He  took  $10,000 
U.  S.  Government  Loan  of  1813— 
14.   Director  of  the  Merchants  Fire 
Insurance  Co.,  1822. 
Chester,  William 

Was    taxed    on    $10,000    personal 
property,  1820. 
Chew,  Robert 

The  tax  list  of  1823  gives  Mechanic 
Hall,  Broadwav;  real,  $20,000;  per- 
sonal, $2,000.  " 
Clapp,  John 

Was    taxed    on    $25,000    personal 
property   in    1815   and  $16,000   in 
1820. 
Clark,  Benjamin 

{See    later  edition).     A    Trustee    of 
the  Bank  for  Savings,  1820-39. 
Clark,  John,  Jr. 

A  Director  of  the  Washington  In- 
surance Co.,  1822. 
Clark,  John 

The  tax  list  of  1823  gives  54  Bar- 
clay Street;  real.  $8,300;  personal, 
$15,000.  He  was  taxed  on  $20,000 
personal  propertv,  1815,  and  $25,- 
000  in  1820. 
Clarkson,  Matthew 

Born  in  1758  in  New  York.  His 
family  came  from  Yorkshire,  Eng- 
land.   At  the  age  of  seventeen  he 


entered  the  army  during  the  War 
of  Independence  and  served  suc- 
cessfully on  the  staff  of  Arnold  and 
on  that  of  Lincoln,  with  the  rank 
of  ma;or;  at  the  close  of  the  war 
he  retired  to  civil  life.  A  Federal- 
ist, and  associated  with  Hamilton, 
Jay  and  others,  he  e-xercised  his 
personal  influence  in  the  support 
of  men  and  measures  who  in  his 
view  were  identified  with  the  hap- 
piness and  prosperity  of  the  coun- 
try. He  was  for  a  time  in  business 
with  John  Vanderbilt  and  later 
with  his  brother.  He  was  offered 
several  positions  of  honor  at  differ- 
ent times,  and  died  in  1825.  He 
was  a  Director  of  the  Bank  of  New 
York,  1803-25,  President  of  the 
the  Bank  of  New  York.  1822,  and 
a  Trustee  of  the  Bank  for  Sav- 
ings, 1819-25.  He  was  taxed  on 
$30,000  personal  propertv  in  1815 
and  $15,000  in  1820.  The  gossipy 
Old  Merchants  says  the  Clark- 
sons  were  a  "nice  family.  They 
alwa3'S  seemed  to  be  in  mourning. 
It  was  a  sight  to  see  them  go  to  Trin- 
ity Church  as  they  moved  slowly 
and  dignifiedly  up  Broadway." 

Clarkson,  Svlvanus 

Was  taxed  on  $12,000  personal 
property  1815,  and  1820. 

Clarkson,  Thomas 

The  tax  list  of  1822  gives  33  Broad- 
wav; house,  $9,000;  personal,  $20.- 
000.  He  was  ta.xed  on  $25,000  per- 
sonal property  1815,  and  $20,000 
in  1820. 

Clason.  Isaac 

He  kept  the  "Flour  and  Grocery" 
store  at  14  Albany  Street  as  early 
as  1789.  He  lived  In  William  Street. 
On  one  occasion,  when  he  wished 
to  get  a  large  loan  (of  $200,000)  in 
specie  from  the  Manhattan  Bank 
without  an  endorser  to  send  out 
in  the  ship  Frances  Henrietta  which 
he  was  fitting  out  to  go  to  China, 
he  swore  that  he  was  worth  $750,- 
000.  He  lost  $800,000  by  the  fall 
in  teas,  and  worry  brought  him  to 
a  premature  grave.  He  gave  a 
grand  dinner  to  the  Hon.  Rufus 
King  at  Leavitt's  Hotel  on  July 
16th,  1803.  when  the  Ambassador 
returned  from  England;  Aaron  Burr 
presided  at  that  dinner,  the  year 
after  he  shot  Hamilton.  Clason 
invested  $500,000  in  the  U.  S.  Gov- 
ernment loan  of  1813-14. 


WEALTHY    CITIZENS'    BIO  (i'^iA.I^  ^  V", 


,101; 


Clendining,  John 

First  Director  of  U.  S.  Branch 
Bank,  1816.  A  member  of  the  firm 
of  Clendining  &  McLaren,  which 
started  a  few  years  after  the  close 
of  the  war.  Irish  house  at  4  Bur- 
ling Slip.  Clendining  lived  over  the 
store.  Later  went  into  partnership 
with  John  Adams.  This  partner- 
ship dissolved  in  1812.  Old  John 
Clendining  retired  from  business 
in  1811  and  died  verv  rich  in  1836. 
He  took  $20,000  of  U.  S.  Loan, 
1813-14.   He  was  ta.xed  on  $120,000 

fersonal  property  in  1815  and 
100,000  in  1820. 

Cock,  Dr.  Thomas 

Ta.xed  on  $10,000  personal  prop- 
erty, 1820. 

CODDINGTON,   John   J. 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $15,000  in  1820. 

CoiT,  Henry 

He  owned  63  South  Street;  he  was 
taxed  on  $7,500  in  1822. 

CoiT,  Levi 

The  tax  list  of  1822  gives  50  Wall 
Street,  real,  $8,000. 

Cold  EN,  Cadwalader  D. 

The  grandson  of  Lieut.  Governor 
Colden,  born  at  Flushing,  L.  I. 
His  father  and  grandfather  were 
Royalists.  Colden  practised  law  in 
New  York  and  about  1796  was  ap- 
pointed district  attorney.  In  the 
war  of  1812  he  served  as  a  colonel 
of  volunteers;  later  was  elected  a 
member  of  Congress.  He  married 
Maria,  daughter  of  Bishop  Pre- 
voost.  He  was  Mayor  of  New  York 
one  year;  he  was  also  one  of  the 
Committee  of  fifteen  appointed  to 
take  care  of  the  celebrations  in  con- 
nection with  the  completion  of  the 
Great  Western  Canal  in  1825.  Was 
a  Trustee  under  Captain  Randall's 
will  to  build  the  Sailors  Snug  Har- 
bor on  Staten  Island;  he  was  also 
Trustee  of  the  Bank  for  Savings, 
1819-32  and  Director  of  the  North 
River  Insurance  Co.,  1822.  The 
tax  list  of  1822  shows  that  he  was 
taxed  on  his  house  at  1  William 
Street;  house,  $10,000;  personal, 
$15,000.  He  died  in  1834. 

Coles,  Benjamin  V. 

(See  later  edition).  A  Director  of 
Globe  Insurance  Co.,  1822.  He  was 
taxed  on  $20,000  personal  prop- 
erty in  1815  and  1820. 


Coles,  John  B. 

A  Trustee  of  the  Bank  for  Savings, 
1819-23;  clerk  to  Thomas  Buch- 
anan Co.;  Alderman  from  1797  to 
1801  and  from  1815  to  1818.  He 
had  several  sons  who  succeeded  to 
his  business  as  a  flour  merchant. 
He  was  in  business  for  46  years. 
A  Director  of  the  Bank  of  New 
York  from  1806  to  1820.  He  lived 
at  1  State  Street  and  had  his  busi- 
ness at  1  South  Street,  from  both 
of  which  he  had  a  splendid  view  of 
the  ships.  He  died  in  1826.  He 
owned  a  house  at  2  State  Street, 
on  which  he  was  taxed  $16,000  and 
$6,000  personal. 

Coles,  Benjamin 

His  address  is  given  as  2  State 
Street.  He  was  ta.xed  on  $16,000, 
personal. 

Coles,  William  F. 

Same  address.  Taxed  on  $4,000, 
personal 

CoRLiES,  Jacob 

The  tax  list  of  1823,  gives  283  Pearl 
Street;  real,  $8,500;  personal,  $10,- 
500.  A  member  of  the  firm  of  Car- 
lies,  Haydock  &  Co.,  auctioneers. 
He  was  a  Quaker. 

CoLLETT,  Joseph 

The  tax  Hst  of  1822  gives  119  Pearl 
Street;  house,  $20,000;  personal, 
$1,000. 

CoLViLL,  John 

A  Director  of  the  Hope  Insurance 
Co.,  1822.  Colvlll  &  Son  took 
$20,000  of  the  U.  S.  Government 
Loan  in  1813-14.  He  was  taxed  on 
$100,000  personal  propertv,  1815, 
and  $25,000,  1820. 

Cooper,  Francis 

{See  later  edition).  He  was  taxed 
on  $15,000  personal  property  in 
1815  and  1820.  A  Director  of  the 
Mechanics  Bank,  1822,  and  a 
Trustee  of  the  Bank  for  Savings, 
1819-47. 

CoRLiES,  Benjamin 

The  tax  list  of  1823  gives  285  Pearl 
Street;  real,  $8,750;  personal,  $15,- 
000.  Of  the  firm  of  Corlies,  Hay- 
dock  &  Co.,  auctioneers.  He  was 
a  Quaker.  He  was  taxed  on  $14,- 
000  personal  property  in  1815  and 
on  $15,000  in  1820. 

Cornell,  Robert  C. 

The  tax  list  of  1823  gives  26  Cliff 
Street;  real,  $7,000;  personal,  $10,- 
000.  Taxed  on  $20,000  personal 
property  in  1815  and  $7,500  in  1820. 


102     J^  CEJiTTyRY  OF  BANKING  IN  NEW  YORK 


Nicliolas  G.  Rutgers 
William  H.  Robinson 
Charles  G.  Smedburg 
Robert  G.  L.  De  Pey- 

ster 
Alexander  Hosack 
Dr.  John  Neilson 
Dr.   John  W.  Francis 
Castle  Rotto 
Thomas  Bibby 
John  I.  Boyd 
Joseph  Fowler 
Francis  Barretto 
Gouverneur   S.    Bibby 
Thomas  W.  C.  Moore 
James  Allport 
Walter  Livingston 
Dr.  John  Watts 
James  Farquhar 
James  Mackey 
Henry  N.  Cruger 
John  Lang 
William  Bell 
Mordecai  M.  Noah 
Hugh  Maxwell 
William  H.  Maxwell 
James  Seaton 
Thomas  F.  Livingston 
Andrew  Drew 
William  Wilkes 


KEY   TO   THE   PAINTING  OPPOSITE 

58 
59 

60 


30  Charles  Farquhar 

31  Pierre  C.  Van  Wyck 

32  John  Searle 

33  John  Berry 

34  Robert  Gillespie  61 

35  Edmund  Wilkes  62 
56  Hamilton  Wilkes  63 

37  Captain  Hill  64 

38  Robert  Watts  65 

39  George  Gillingham  66 

40  Charles  Mathews  67 

41  Miss  Ellen  A.  Johnson  68 

42  Mrs.  Gelston,  nee  Jones  69 

43  Maltbv  Gelston  70 

44  Mrs.  De  Witt  Clinton,  71 

nee  Jones  72 

45  Mrs.      Newbold,      nee  73 

LeRoy 

46  William*^  Bayard,    Jr.  74 

47  Miss  Ogden  75 

48  Duncan    P.    Campbell  76 

49  Jacob  H.  LeRoy  77 

50  Mrs.  Daniel  Webster  78 

51  William  Bavard  79 

52  Dr.  Samuel  L.Mitchell  80 

53  Mrs.  S.  L.  Mitchell  81 

54  Mrs.    James  Fairlie  82 

55  Dr.  David  Hosack  83 

56  James  Watson  84 

57  Dr.  Hush  McLean 


John  Charnaud 

Miss  Wilkes 

Mrs.  C.  D.  Golden, 

nee  Wilkes 
Mrs.  Robert  Lenox 
David  S.  Kennedy 
John  K.  Beekman 
Robert  Lenox 
Cadwallader  D.  Colden 
Swift  Livingston 
Henry  Brevoort 
James  W.  Gerard 
James  K.  Paulding 
Henry  Carey 
Edward  Price 
Stephen  Price 
Capt.  John  B.  Nichol- 
son 
Thomas  Parsons 
Herman    Le    Roy,    Jr. 
William  Le  Roy 
Herman  Le  Rov 
Mrs.  Eliza  Talbot 
Alexander  C.  Hosack 
Robert  Dyson 
Mrs.  Samuel  Jones 
Judge  Samuel  Jones 
Dr.   James  Pendleton 
Mrs.     Pendleton,     nee 
Jones 


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WEALTHY    CITIZENS'    BIOGRAPHY 


103 


Corse,  Israel 

Taxed  on  $35,000  personal  prop- 
erty in  1815  and  $18,000  In  1820. 
Israel  Corse  &  Co.  was  an  old 
Quaker  house  of  tanners  and 
leather  dealers.  Israel  was  one  of 
the  Directors  of  the  Franklin  Bank 
when  it  first  started  in  1818.  He 
was  born  in  Chestertown,  Md.,  in 
1769;  not  liking  his  stepfather,  he 
ran  away  and  apprenticed  himself 
in  a  tannery  in  Camden,  Del. 
There  he  served  his  time;  when  he 
finished  he  was  worth  75  cents. 
Nothing  daunted,  he  began  busi- 
ness. He  married  Lydia  Troth, 
who  brought  him  about  $5,000; 
she  is  described  as  "a  most  amia- 
ble, prudent  and  industrious  wife." 
They  had  several  children.  He 
staved  in  Camden  until  he  had 
$10,000,  In  1803:  then  came  to 
New  York.      He  died  in  1842. 

Coster,  Henry  A.  and  John  G. 
(See  later  edition  and  also  below). 
These  brothers  took  $100,000  of  the 
U.  S.  Government  Loan,  1813-14. 
John  G.  Coster  was  director  of  the 
Hope  Insurance  Co.,  1822.  Henry 
came  to  the  United  States  as  agent 
of  an  Amsterdam  house.  His 
brother  came  later.  They  dealt  In 
all  kinds  of  Holland  goods  at  their 
store  at  26  William  Street. 

Coster,  Mrs.  Henry 

(Estate  oj  Henry  Cosier!)  The  tax 
list  of  1823  gives  85  Chambers 
Street;  real,  $17,500;  personal, 
$100,000.  Taxed  on  personal  prop- 
erty, 1815,  of  $200,000;  In  1820, 
$500,000. 

Coster,  John  G. 

{See  above).  Born  at  Haarlem, 
Holland,  he  was  educated  as  a 
physician.  He  came  to  New  York 
after  the  Revolution  and  went  Into 
partnership  with  his  brother  Henry 
(who  died  In  1821)  as  "Henry  A. 
&  John  G.  Coster."  They  were  a 
splendid  pair  of  old  merchants. 
Their  house  was  at  26  William 
Street,  where  John  Coster  kept 
store  until  1825.  They  dealt  in 
Holland  goods  and  Imported  oil- 
cloth. They  were  model  mer- 
chants. Each  wore  a  queue.  Both 
were  Masons  and  belonged  to  the 
lodge  of  which  John  Jacob  Astor 
was  master.  John  left  several 
children;  he  died  about  1846.  One 
of  the  wealthiest  men  In  New  York 


of  his  time.  He  was  taxed  on 
personal  property,  1815,  of  $180,- 
000  and  In  1820  of  $300,000.  The 
ta-x  list  of  1822,  gives  real  estate; 
26  William  Street,  $7,000;  177 
Broadway,  $9,000;  227  Broadway, 
$20,000,  and  a  personal  estate  of 
$200,000. 

Coster,  Washington 

Was  a  member  of  the  firm  of 
Christmas,  Livingston,  Prime  & 
Coster.  He  married  a  daughter  of 
Francis  Depau,  and  both  were  very 
wealthy.  Was  known  as  an  epi- 
cure. He  died  on  a  sofa  at  Blanch- 
ard's  Globe  Hotel;  he  had  had  no 
sleep  for  several  days  and  a  cele- 
brated Irish  adventurer  gave  him 
a  dose  of  morphine  to  make  him 
doze  oflf;  It  was  so  successful  that 
the  patient  never  awakened.  He 
was  a  nephew  of  John  G.  Coster 
and  son  of  Henry  Coster. 

Couch,  William 

The  tax  list  of  1823  gives  58  Beek- 
man  Street;  real,  $6,750;  personal, 
$15,000.  He  was  taxed  In  1820 
on  $10,000  personal  property. 

Cowman,  John 

He  owned  the  land  on  Fifth  Avenue 
between  16th  and  17th  Streets. 
Fifth  Avenue  opened  through  this 
tract  In  1836.  Cowman's  were 
lots  1  to  7.  Three  were  sold  to 
Gardiner  S.  Howland  for  $24,800. 

Crary,  Peter 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14.  He  was  a 
member  of  the  great  drvgoods 
house  of  P.  &  I.  S.  Crary '&  Co. 
in  Pearl  Street. 

Crary,  Peter,  Jr. 

Director  of  the  North  River  In- 
surance Co.,  1822  and  of  the  Globe 
Insurance  Co.,  1822.  His  firm  was 
largely  In  the  drygoods  trade,  and 
dealt  extensively  In  silks  imported 
from  China.  The  firm  speculated. 
Both  partners  were  much  esteemed. 
He  died  In  1843.  He  was  taxed  on 
$20,000  personal  propertv,  1815, 
and  $15,000  In  1820. 

Dash,  Daniel  B. 

A  Director  of  the  North  River  In- 
surance Co.,  1822.  The  son  of 
John  B.  Dash,  who  kept  a  hardware 
store  on  the  southwest  corner  of 
Liberty  Street  and  Broadwav  Tae- 
fore  1801.  It  was  John  B.  Dash 
&  Son  up  to  1824  when  the  old  gen- 
tleman died.     The  family  became 


104     ACENTURYOFBANKINGINNEWYORK 


wealthy  by  the  rise  of  real  estate 
that  originally  belonged  to  the 
elder  Mr.  Dash.  The  tax  list  of 
1822  gives  147  Broadwav;  house, 
$12,000;  personal,  SIS.OOO*;  He  was 
taxed  on  $5,000  personal  property 
in  1820. 

Dash,  John  B. 

(See  aboi'e).  Was  taxed  on  $30,- 
000  personal  propertv  in  1815  and 
$25,000  in  1820.  He'was  a  member 
of  the  German  Society.  Lived 
above  his  hardware  store  for  many 
years.  He  belonged  to  the  Mora- 
vian Church  in  Fulton  Street, 
where  he  was  buried  in  1824.  When 
the  church  was  moved,  his  bones 
were  put  in  a  box,  carried  up  Hous- 
ton Street  and  placed  under  the 
steps  of  the  new  edifice.  Mrs. 
Dash,  although  a  strict  Moravian, 
refused  ever  after  to  go  to  the 
Houston  Street  church,  as  she  said 
she  "would  not  walk  over  her  hus- 
band's bones." 

Davis,  Matthew  L. 

Secretary  and  actuary  of  the  Me- 
chanics Life  Insurance  and  Coal 
Co.,  1822.  He  was  one  of  the  last 
friends  that  Aaron  Burr  had.  He 
made"  theonly  bet  with  John  Robins 
that  that  worthy  ever  made,"  and 
that  was  for  a  hat.  He  was  taxed 
on  $50,000  personal  property  in 
1815,  but  paid  none  in  1820. 

Davis,  William  H. 

A  Director  of  the  Mechanics  Life 
Insurance  and  Coal  Co.,  1822.  Was 
taxed  on  $5,000  personal  property 
in  1815,  but  paid  no  tax  in  1820. 

De  Forest,  Benjamin 

The  tax  list  of  1825  gives  20  Beek- 
man  Street;  real,  $8,500;  personal, 
$10,000.  He  came  to  New  York 
from  Connecticut  in  1805.  He  had 
learned  the  shoemaker's  trade,  but 
not  content  to  make  shoes  all  his 
life,  he  opened  a  store  at  51  Peck 
Slip.  He  married  Miss  Mary  Bur- 
lock,  1804,  but  as  they  had  no 
children  for  many  years,  he  took  his 
nephew  into  partnership.  One  of 
his  two  daughters  married  a  ?'\r. 
DeForest  of  another  branch.  He 
became  verv  rich  and  died  in  1855, 
worth  about  $1,500,000.  He  was 
taxed  on  $40,000  personal  property-, 
1815,  and  $20,000  in  1820. 

De  Groot,  Henrv 

The  tax  list  of  1823  gives  226  Pearl 
Street;     real,     $10,000;     personal. 


$2,500.  Was  taxed  on  $5,000  per- 
sonal property  in  1820. 

Delafield,  Jolm 

Born  at  New  York  in  1786,  and 
died  on  his  farm  at  Oaklands  near 
Geneva,  Seneca  County,  New 
York,  Oct.  22,  1853.  He  gradu- 
ated from  Columbia  College  in 
1802  and  secured  a  position  with 
the  firm  of  LeRoy  Bayard  &  Mc- 
Evers,  representing  them  abroad. 
Returning  to  New  York  in  1820, 
he  was  appointed  in  August,  1821, 
Cashier  of  the  Phenix  Bank;  in 
1858  he  was  elected  President,  but 
resigned  the  same  year  to  become 
President  of  New  York  Banking 
Co.  During  these  years  he  had  a 
small  farm  on  the  East  River,  at 
Hell  Gate.  He  was  much  inter- 
ested in  agriculture  and  made  his 
farm,  Oaklands,  which  he  pur- 
chased 1842,  the  model  farm  of  the 
State.  The  tax  list  of  1822  shows 
Mr.  Delafield  at  the  Phenix  Bank, 
24  Wall  Street.  His  personal  taxes 
were  $4,000. 

Delafield,  Rufus  King 

Son  of  John  and  Ann  Delafield, 
born  at  his  father's  residence  16 
Wall  Street,  Nov.  18,  1802;  died  at 
his  son-in-law's,  John  T.  Hall,  253 
Fifth  Avenue,  Feb.  6,  1874.  He 
was  an  officer  of  the  Phenix  Bank, 
1823  to  1855,  and  Actuary  and  Sec- 
retary of  the  Farmers'  Loan  and 
Trust  Co.  June  1835  to  July  1852. 
Afterwards  he  occupied  himself  in 
the  manufacture  of  hydraulic  ce- 
ment, and  was  for  many  vears 
President  of  the  Delafield  &  Baxter 
Cement  Co.  As  soon  as  business 
permitted,  he  moved  to  New  Brigh- 
ton, Staten  Island,  where  he  had  a 
fine  country  seat.  He  married  Nov. 
8.  1836  Eliza  Bard. 

Delaplaine,  John  F. 

(See  later  edition).  Owned  71  South 
Street,  and  was  taxed  on  $7,500  in 
1822.  The  tax  list  of  1822  gives  78 
Broadwav;  house,  $14,000;  per- 
sonal, $10,000.  Taxed  on  $15,000 
Personal  property  in  1815  and 
6,000  in  1820.  He  took  $10,000  of 
U.  S.  Government  Loan,  1813-14. 
His  son  Isaac,  who  succeeded  him, 
became  very  rich  and  was  a  mem- 
ber of  Congress  from  New  York 
City. 

Depau,  Francis 

Ran  a  regular  line  of  Havre  packets 


WEALTHY    CITIZENS'    BIOGRAPHY 


105 


in  1822.  He  was  a  prompt  and 
exact  merchant.  Two  of  his  clerks. 
Fox  and  Livingstone,  married  his 
daughters.  During  the  most  pros- 
perous time  of  the  French  packet 
ships,  old  Francis  Depau  named 
one  of  the  best  after  his  friend  H. 
C.  De  Rham.  She  was  commanded 
by  Captain  De  Peyster,  the  super- 
intendent of  the  Sailors  Snug  Har- 
bor. He  was  a  Director  of  the  U.  S. 
Branch  Bank,  1816  and  a. Director 
of  the  Farmers'  Fire  Insurance  and 
Loan  Co.,  1822. 

De  Peyster,  Fred. 

He  took  $25,000  of  the  U.  S.  Gov- 
ernment Loan,  1813-14.  Secretary 
of  the  Tontine  Association,  1794, 
and  a  Director  of  the  Merchants' 
Fire  Insurance  Co.,  1822.  The  tax 
list  of  1822  tiives  24  Broad  Street, 
house,  $14,000;  personal,  $6,000. 
Taxed  on  $40,000  personal  prop- 
erty in  1815  and  $6,000  in  1820. 

DePeyster,  Gerard 

Alderman  of  the  city  of  New  York 
1822. 

De  Rham,  H.  C. 

{See  later  edition).  The  Tax  list  of 
1823  gives  66  Chambers  Street; 
real,  $5,800;  personal,  $30,000. 
Born  in  Switzerland.  He  had  one  of 
the  largest  importing  houses,  prin- 
cipally in  French  goods.  He  started 
business  at  79  Washington  Street 
about  1808.  He  was  described  as 
"a.  very  handsome  man."  Married 
Maria  Teresa  Moore.  He  acted  as 
Swiss  Consul  for  some  years.  He 
w^as  taxed  on  $50,000  personal  prop- 
erty in  1820.  He  sulascribed  $32,- 
300  towards  U.  S.  Government 
Loan  of  1813-14.  A  Director  of  the 
Mechanics  Bank,  1822  and  a  Direc- 
tor of  the  Farmers'  Fire  Insurance 
and  Loan  Co.,  1822. 

Desobry,  Benjamin 

Director  of  the  Hope  Insurance 
Co.,  1822.  Was  a  French  emigre. 
He  kept  a  drv  goods  store  from 
1800  till  the  fall  of  Napoleon  at  261 
William  Street.  His  wife,  Madame 
Desobry,  was  called  the  most 
beautiful  woman  in  New  York. 
"The  very  first  sight  of  her  set 
many  men  crazy." 

DeWolf,  James 

A  Director  of  the  Farmers'  Fire  In- 
surance and  Loan  Co.,  1822.  James 
DeWolf,  Jr.  owned  54  South  Street 
and  was  taxed  on  $7,500,1822;  he 


lived  in  1822  at  19  State  Street,  in 
a  house  valued  on  the  tax  list  at 
$18,000;  personal  tax,  $50,000.  The 
tax  list  of  1823  gives  231  Pearl 
Street.  Taxed  on  $15,000  per- 
sonal property  in  1820. 

Dey,  Anthony 

The  tax  list  of  1822  gives  17  Nassau 
Street;  house,  $14,000.  Was  taxed 
on  $24,000  personal  property  in 
1815;  nothing  paid  in  1820. 

Dickey,  Robert 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 

Dickinson,  Charles 

Was  taxed  on  $30,000  personal 
property  in  1815  and  $10,000  in 
1820. 

Dobbins,  James 

A  Director  of  the  Washington  In- 
surance Co.,  1822.  Taxed  on  $6,500 
personal  property  in  1815. 

Douglas,  Mrs. 

The  tax  list  of  1822  gives  55  Broad- 
way: house,  $19,000;  personal, 
$160,000.  Taxed  on  personal  prop- 
erty of  $60,000  in  1815  and  $100,- 
000  in  1820. 

Douglas,  Alanson 

He  took  $50,000  of  the  U.  S.  Gov- 
ernment Loan,  1813-14. 

Doyle,  Dennis  . 

A  Director  of  the  Mechanics  In- 
surance Co.,  1822.  Taxed  on  $6,000 
personal  property  in  1815. 

Drake,  Jacob 

{See  later  edition).  Ta.xed  on  $20,- 
000  personal  propertv  in  1815  and 
$10,000  in  1820.  John  and  Jacob 
Drake  took  $10,000  of  the  U.  S. 
Government  Loan  of  1813-14. 
Jacob  was  a  Director  of  the  Fulton 
Fire  Insurance  Co.,  1822. 

Dubois,  Cornelius 

He  bought  16  Bridge  Street  in  1815 
for  $5,700,   was  taxed  on  $30,000 

fersonal     property     in     1815     and 
25,000    in    1820.    The   tax   list  of 
1822  gives  house,  $12,000,  and  per- 
sonal, 25.000.     A   Director  of  the 
Fulton  Fire  Insurance  Co.,  1822. 
Dunham,  David 

Subscribed  to  $10,000  of  the  U.  S. 
Government  Loan,  1813—14.  He 
was  an  auctioneer,  of  Moore  Street. 
The  firm  name  was  Dunham  & 
Davis.  The  tax  list  of  1822  gives 
45  Broadwav:  house,  $18,000;  per- 
sonal, $40,000.  W^as  ta.xed  on  $45,- 
000  personal  propertv  in  1815  and 
$50,000  in  1820. 


106     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Dunn,  Richard 

Secretarv  of  the  Globe  Insurance 
Co.,  1822.  The  tax  list  of  1822  gives 
27  Wall  Street;  real,  $12,000. 

DUYCKINCK,  Evert 

Was  taxed  on  $14,000  personal 
propertv  in  1815  and  $15,000  in 
1820. 

DyCKMAN,  William  N. 

The  tax  list  of  1822  gives  1  Wall 
Street:  house,  $6,000;  personal, 
$500, 

Eastburn,  James 

Director  of  the  Bank  for  Savings, 
1819-29.  The  tax  list  of  1822  gives 
108  Broadway:  house,  $17,000. 

ECKFORD,  Henry 

A  shipbuilder  and  naval  architect. 
His  yard  was  in  Water  Street  near 
Clinton  Street  in  1810.  "He  built 
several  ships  for  the  South  Anieri- 
can  Governments.  He  was  mi.xed 
up  in  the  panic  times  of  1826  when 
so  many  banks,  including  the  Frank- 
lin Bank,  Hudson  Bank  of  New 
Jersey,  Jeiferson  Insurance  Co.  and 
others  went  to  the  wall.  He  was 
taxed  on  $50,000  personal  property 
in  1815  and  $50,000  in  1820.  He 
was  a  Director  of  the  U.  S.  Branch 
Bank,  1816,  Government  Director 
of  the  U.  S.  Bank,  Philadelphia, 
1823-24,  a  Trustee  of  the  Bank  for 
Savings,  1819-24,  and  President  of 
the  Mechanics  Life  Insurance  & 
Coal  Co.,  1822.  His  portrait  was 
painted  in  1809  by  Robert  Fulton. 

Edgar,  William  N.  " 

Taxed  on  $20,000  personal  pnop- 
erty  in  1815  and  $50,000  in  1820. 

Eddy,  Thomas 

Born  1758;  died  1827.  An  Irishman 
and  a  Quaker.  Began  as  an  insur- 
ance broker  about  1790,  the  first 
broker  of  that  kind  known.  ^He 
made  monev  rapidly.  In  1791, 
when  the  public  debt  of  the  United 
States  was  funded,  he  speculated 
heavilv  and  lost  money;  he  then 
lived  at  277  Pearl  Street.  He  was  a 
member  of  many  companies,  one  of 
the  Governors  of  the  New  York 
Hospital,  and  was  for  eleven  years 
secretary  to  the  Board  of  Gover- 
nors. Was  also  a  Trustee  of  the 
Bank  for  Savings  from  1819-1827. 
He  was  taxed  at  $8,000  personal 
property  in  1820. 
Edgar,  William 

Began  business  at  7  Wall  Street  in 
1786  and  continued  there  for  some 


years.  For  twenty  vears,  com- 
mencing at  1800,  he'Uved  at  39 
Broadway.  His  daughter  married 
Gardner  G.  Howland.  Director  of 
the  Bank  of  New  York;  Member  of 
the  St.  Patrick's  Society.  Was 
taxed  on  $200,000  personal  prop- 
erty in  1815  and  $140,000  in  1820; 
the  tax  list  of  1822  values  his  house 
at  7  Greenwich  Street  at  $16,000; 
personal  ta.x,  $80,000. 
Ellison,  Thomas 

Was    ta.xed    on    $50,000    personal 
property  in  1820. 
Ely,  Richard 

Tax  list  of  1825  gives  him  at  200 
Front  Street;  real,  $12,500.  Was 
employed  in  the  counting  house  of 
Scoville  &  Britton.  Afterwards 
distinguished  himself  in  various 
ways. 

Embree,  Effingham 

"Gentleman;"  born  September  24, 
1759,  died  December  5,  1817.  In 
1817  he  purchased  a  large  tract  of 
land  iu  ^^^lat  is  now  the  heart  of  the 
city;  this  was  then  a  part  of  the  old 
Bayard  farm  and  extended  from 
"Meadow  Street"  (Grand)  to  be- 
low "Sugar  Loaf"  Street,  now 
Franklin,  and  from  Broadway  to 
the  land  of  Trinity  Church.  He  be- 
came one  of  the  largest  landowners 
in  the  city  by  this  purchase,  which 
cost  him  but  a  few  thousand  pounds. 
His  country  place  was  at  Flushing, 
L.  I.,  which  was  still  standing  in 
1907.  He  was  one  of  the  Trustees 
of  the  American  Museum,  founded 
by  the  Tammany  Society  in  1791; 
its  collection  was  housed  in  a  room 
in  the  City  Hall. 

Emmett,  T.  a. 

Tax  list  gives  1  Nassau  Street: 
house,  $10,000;  personal.  $5,000. 
Taxed  on  $5,000  personal  propertv 
in  1815  and  $10,000  in  1820. 

Englis,  John 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

EvARTS,  Fred'k 

Tax  list  of  1825  gives  him  at  509 
Pearl  Street:  real,  $7,500;  personal, 
$2,500. 

Everingham,  Gilbert 

Taxed  on  $10,000  personal  propertv 
in  1815  and  1820. 

Ferris,  Benjamin 

Director,  Washington  Insurance 
Co,  1822.  Taxed  on  $6,000  per- 
sonal property  in  1815. 


WEALTHY    CITIZENS'    BIOGRAPHY 


107 


Few,  Wm. 

Trustee  of  the  Bank  for  Savings, 
1819-28;  Director  Manhattan  Fire 
Insurance  Co  ,  1822.  Tax  Hst,  1823 
gives  10  Park  Place:  real,  $8,200; 
personal,  $14,000. 

Farmer,  Thomas 

Tax  list  of  1822  gives  6  Greenwich 
Street:  house,  $8,500;  personal, 
$12,000.  He  was  one  of  the  Port 
Wardens  with  Elias  Nexsen  and 
Samuel  Gelston;  also  one  of  the 
original  twenty-three  members  of 
the  Masonic  Society  of  the  Citv  of 
New  York.  Taxed  on  $25;000 
worth  of  personal  property  in  1815 
and  $12,000  in  1820. 

Fish,  Hamilton 

Son  of  Colonel  Nicholas  Fish;  born 
in  New  York,  1808.  He  was  edu- 
cated at  Columbia  and  studied  and 
practised  law.  Became  a  great  poli- 
tician, and  took  part  in  many  elec- 
tions; was  active  in  international 
disputes.  President  of  the  New 
York  Historical  Society. 

Fish,  Nicholas,  Colonel 

Born  in  New  York  City,  1758  and 
died  there  in  1835.  Entered  the 
College  of  New  Jersey  at  sixteen 
but  soon  left  and  began  to  study 
law.  In  1776  he  entered  the  army 
of  the  Revolution,  served  through 
the  war  in  various  capacities  and 
after  the  war  was  appointed 
Adjutant  General  of  the  State  of 
New  York,  an  office  he  held  from 
1786  to  1793.  Taxed  on  $7,500  per- 
sonal property  1815  and  1820. 

Fish,  Whitehead 

Cashier  of  the  celebrated  Franklin 
Bank.  He  took  $250,000  of  the 
U.  S.  Government  Loan,  1813-14, 
(possibly,  however,  for  some  one 
else).  Taxed  on  $6,000  personal 
property  in  1815. 

Flack,  James  C. 

Took  $10,000  of  the  U.  S.  Govern- 
ment  Loan,  1813-14. 

Flack,  John 

Tax  list  of  1822  gives;  personal 
$40,000.  He  lived  at  21  Broadway, 
in  a  house  owned  by  Mrs.  E. 
Woods,  which  was  assessed  at  $20,- 
000.  Taxed  on  $20,000  personal 
property  in  1820. 

Flewelling,  Samuel 

Took  $257,800  of  the  U.  S.  Govern- 
ment Loan,  1813-4.  Succeeded 
Whitehead  Fish  (see  above)  as 
Cashier  of  the  Franklin  Bank. 


Floyd,  Samuel 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

Foster,  Andrew 

His  house  at  3  State  Street  was 
taxed  at  $12,000  in  1822;  personal 
property,  $20,000.  Taxed  on  $30,- 
000  personal  property  in  1815  and 
$20,000  in  1820. 

FouLKE,  Joseph 

{See  later  edition).  Tax  list  of  1823 
eives  81  Chambers  Street;  real, 
$6,500;  personal,  $20,000.  Bought 
"Gracie's  Point,"  near  Hellgate, 
from  Mr.  Charles  King  for  $17,000 
about  1815.  Taxed  on  $15,000  per- 
sonal property  in  1820.  Director  of 
the  Hope  Insurance  Co.,  1822. 

Fowler,  Theodocius 

{See  later  edition).  Took  $150,000 
of  the  U.  S.  Government  Loan, 
1813-14. 

Fox,  Daniel 

Taxed  on  $12,000  personal  propertv 
in  1820. 

Fox,  William  \V. 

{See  later  edition).  Director  of  the 
Merchants'  Fire  Insurance  Co., 
1822.  Tax  list  of  1823  gives  308 
Pearl  Street;  real,  $8,000;  personal, 
$10,000.  Son-in-law  of  Thomas 
Leggett.  The  firm  started  as  Leg- 
gett.  Fox  &  Co.  in  1809.  Was  Presi- 
dent of  the  New  York  Gas  Light 
Co.  He  was  taxed  on  $30,000  per- 
sonal property  in  1815. 

Fulton,  Robert  (Estate  of) 

Ground,  wharf  and  store  on  Wash- 
ington Street;  real,  $27,000.  The 
man  to  whom  the  world  is  indebted 
for  steamboats. 

FuRMAN,  Gabriel 

{See  later  edition).  Director  of  the 
Mechanics'  Bank,  1822;  Trustee  of 
the  Bank  for  Savings,  1821-38; 
President  of  the  Mutual  Insurance 
Co.,  1822. 

FuRMAN,  Garrit 

Bought  two  lots  in  1827  on  Madi- 
son Street,  on  one  of  which  he  built 
an  elegant  house;  on  the  other  he 
built  stables  and  gardens  for  his 
winter  residence;  his  country  seat 
was  at  Maspeth,  L.  I.  He  was  born 
at  "White  Pot,"  near  Newtown,  in 
1782,  and  was  engaged  in  business 
in  New  York  for  many  years.  He 
married  Mary  Eaton  of  Rocky 
Point,  L.  I.  He  was  a  collector  and 
owned  one  of  the  finest  mineralogi- 
cal  collections  in  the  State.   He  was 


108  A  CENTURY  OF  BANKING  IN  NEW  YORK 


a  writer.    He  died  at  Maspeth  in 

1848. 

Gallagher.  George 

Tax  list  of  1823  gives  him  at  6  War- 
ren Street;  real,  $7,000;  personal, 
$15,000.  In  partnership  with  J.  B. 
Murray'  at  72  South  Street, — a 
large  concern,  and  in  existence  from 
1820  to  1857.  In  1834  George  Gal- 
lagher died.  Taxed  on  $10,000  per- 
sonal property  in  1815. 

Gallatin,  Albert  _ 

{See  later  edition).  Refused  the 
office  of  President  of  the  Bank  of 
the  United  States  in  1822,  wishing 
to  stay  longer  in  Paris;  John  Jacob 
Astor  did  much  to  make  him  change 
his  mind,  but  without  effect. 

Gantley,  Daniel 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $25,000  in  1820. 
Partner  with  Henry  Laverty  at  149 
Pearl  Street,  drygoods  dealers. 

Garner,  Frederick 

Tax  list  of  1823  gives  305  Pearl 
Street;  real.  $9,000;  personal,  $12.- 
000.  Taxed  on  $10,000  personal 
property  in  1815. 

Gassner,  John 

Taxed  on  $10,000  personal  property 
in  1815  and  $16,000  in  1820. 

Gebhard,  F. 

Tax  of  1822  gives  his  house  as  91 
Greenwich  Street,  valued  at  $7,500; 
personal,  $25,000.  Came  from  Am- 
sterdam, Holland  in  1800.  Was  at 
first  an  agent  for  a  Dutch  concern, 
but  later  he  began  business  on  his 
own  account,  living  and  maintain- 
ing his  office  at  the  above  house. 
He  was  the  first  importer  of  the 
celebrated  Swan  gin;  was  in  part- 
nership with  his  brother  in  Amster- 
dam. He  died  in  1835.  Taxed  on 
$30,000  personal  propertv,  1815 
and  1820. 

Gelston,  David 

{See  later  edition).  Tax  list  of  1822 
gives  26  Broad  Street;  house,  $12,- 
000;  personal,  $40,000.  Taxed  on 
$40,000  personal  propertv  in  1815 
and  1820.  One  of  the  first  Direc- 
tors of  the  U.  S.  Branch  Bank,  1816. 

Gelston,  Maltby 

Ta.xed  on  $10,000  personal  propertv 
in  1815  and  $15,000  in  1820.  Presi- 
dent of  the  Manhattan  Bank  until 
1840. 

Gilbert,  William  W. 

Tax  list  of  1823  eives  155  and  157 
Broad wav;  real,  $14,400. 


Gilford,  Samuel 

Tax  list  of  1823  gives  126  William 
Street;  real,  $7,200;  personal,  $15,- 
000. 

Estate  of  S.  Gilford,  Dec'd 

124  William  Street;  real,  $7,000; 
personal,  $15,000.  Gilford  married 
Eliza  Buchanan.  Was  taxed  on 
$20,000  personal  propertv  in  1815 
and  $15,000  in  1820. 

GiRAUD,  Jacob  P. 

Lived  at  3  State  Street;  was  taxed 
on  $20,000  worth  of  personal  prop- 
erty in  1822;  on  $30,000  worth  in 
1815,  and  $20,000  in  1820. 

Goelet,  Peter  P. 

{See  later  edition).  Tax  list  of  1822 
gives  53  Broadwav;  house,  $19,000; 
personal.  $60,000.  Son  of  Peter 
Goelet,  an  ironmonger  during  the 
War  of  the  Revolution.  Began  the 
same  business  about  1790  at  6 
Great  Dock  Street.  He  lived  at  53 
Broadwav  and  did  business  up  to 
1826  at  '63  Water  Street.  Mar- 
ried Miss  Buchanan,  daughter  of 
Thomas  Buchanan,  and  left  two 
sons;  one  married  a  daughter  of 
Jonathan  Ogden.  Died  a  very  old 
man.  Taxed  on  $50,000  personal 
propertv  in  1815  and  $60,000  in 
1820.  Director,  1812-26,  of  the 
Bank  of  New  York. 

Connelly,  John 

Tax  list  of  1823  gives  284  Pearl 
Street;  real,  $10,300;  personal,  $10,- 
000. 

Goodhue,  Jonathan 

{See  later  edition).  Founder  of  <^he 
firm  of  Goodhue  &  Co.  in  1809.  He 
was  a  Salem  boy,  and  was  originally 
emploj'ed  in  a  Salem  counting 
house.  His  employer  sent  him  to 
New  York,  and  he  established  him- 
self there  in  business.  The  growth 
of  his  house  was  slow  but  sure.  He 
had  correspondents  in  all  parts  of 
the  world  and  acted  as  agent 
for  commercial  firms  everywhere. 
Goodhue  married  a  Miss  Cushing. 
Director  of  the  American  Insur- 
ance Company,  1816;  Director  of 
the  Globe  Insurance  Co.,  1822.  He 
died  in  1848.  He  was  an  uncom- 
promising Republican.  Taxed  on 
$10,000  personal  property  in  1815 
and  $15,000  in  1820. 

GoRHAM.  Stephen 

Tax  list  of  1823  gives  him  at  279 
Pearl  Street;  real,  $9,750. 


WEALTHY    CITIZENS'    BIOGRAPHY 


109 


GouvERNEUR,  Samuel 

Member  of  an  ancient  and  distin- 
guished family;  he  married  Maria, 
daughter  of  President  Monroe,  who 
appointed  him  Postmaster  of  New 
York.  Bought  two  lots  in  Orange 
and  Prince  Street  in  1823  from 
Philip  Brasher  for  $2159  each  and 
built  two  houses  on  them;  these 
houses  were  sold  in  1829  and  1832 
for  $8,000  and  $10,700. 

Gracie,  Archibald 

Came  from  Scotland  as  supercargo 
of  a  small  vessel  soon  after  the 
Revolutionary  War.  He  became 
one  of  the  greatest  merchants  of 
New  York;  in  his  prime,  he  was 
doing  business  all  over  the  world. 
He  is  said  to  have  taken  more  pains 
in  educating  his  clerks  than  Colum- 
bia College  took  with  its  students. 
"When  they  were  set  to  copying 
letters"  (says  Old  Merchants)  "it 
(the  letter)  was  read  to  the  first 
blot  or  error  and  then  destroyed, 
and  the  unhappy  clerk  was  set  at 
his  task  again  and  made  to  copv  it 
correctly.  This  achieved,  the  clerk 
was  promoted  to  making  'dupli- 
cates' and  even  'triplicates'  of 
letters,  and  had  the  honor  of  know- 
ing that  his  'fist'  went  to  ports  in 
the  uttermost  parts  of  the  earth." 
He  married,  first,  a  daughter  of 
Oliver  Wolcott,  who  died  on  the 
wedding  day  of  a  ruptured  blood 
vessel;  later  he  married  Esther 
Rogers,  by  whom  he  had  several 
children.  Died  in  1829  and  was 
buried  in  the  graveyard  of  St. 
Thomas's  Church  in  Broadwav.  A 
Director  of  the  U.  S.  Bank,  Phila- 
delphia, 1811,  and  of  the  Globe  In- 
surance Co.  1822.  He  paid  taxes  on 
$60,000  personal  proper tv  in  1815 
and  on  only  $20,000  in  1820.  The 
tax  lists  of  1822  value  his  house  at 
15  State  Street  at  $18,000,  with 
personal  tax  $20,000,  and  his  store 
at  22  Whitehall  Street  at  $9,000. 

Graham,  Chas. 

Director  of  the  North  River  Insur- 
ance Co.,  1822. 

Graham,  John 

Director  of  the  Washington  Insur- 
ance Co.,  1822.  In  1798  was  a  Cap- 
tain of  the  New  York  Militia.  Tax 
list  of  1822  gives  58  Greenwich 
Street;  house,  $9,000;  personal, 
$5,000.    Taxed  on  $50,000  personal 


property  in  1815  and  only  $20,000 
in  1820. 

Graves,  John  B. 

Tax  list  of  1823  gives  59  Beekman 
St.;  real,  $9,500;  personal,  $10,000. 
Of  Dutch  descent.  A  member  of 
the  firm  of  Boonen,  Graves  &  Co., 
chiefly  engaged  in  trade  with  Hol- 
land. He  lived  over  his  store  at 
first,  but  in  1817  he  moved  his  busi- 
ness to  65  Ann  Street  and  his  resi- 
dence to  59  Beekman.  Active 
member  of  the  Western  Inland 
Lock  Navigation  Co.  Died  about 
1831.  His  sons  were  identified  with 
his  business  for  a  while.  Taxed  on 
$20,000  personal  property  in  1815 
and  $10,000  in  1820. 

Griffith,  Nathaniel 

Taxed  on  $20,000  personal  propertv 
in  1815  and  $10,000  in  1820. 

Griswold,  George 

{See  later  edition).  Son  of  George 
Griswold,  3d  of  the  name;  born  at 
Giant's  Neck,  Lyme,  New-London 
Co.,  Conn.,  1777.  Removed  to 
New  York  City  in  1796,  having 
been  previously  clerk  in  a  store  in 
Hartford.  His  brother,  Nathaniel 
Lynde  Griswold,  came  to  New 
York  in  1795,  and  entered  the  ship- 
ping business  under  the  firm  name 
of  Hayden  &  Griswold,  which  was 
dissolved  in  February,  1796.  The 
two  brothers  then  formed  a  partner- 
ship under  the  firm  name  of  Na- 
thaniel L.  &  George  Griswold, 
which  continued  until  the  death  of 
Nathaniel  in  1846;  it  was  carried  on 
t'.nder  the  same  name  by  George 
and  his  descendants  until  it  was 
dissolved  January  1,  1876.  "George 
Griswold  early  rose  to  the  very 
front  rank  of  merchants  for  intelli- 
gence, comprehensiveness  of  view 
and  signal  ability.  He  maintained 
this  position  during  the  whole  of 
his  life."  "He  served  as  Director 
in  various  corporations,  insurance 
companies,  banks  and  other  asso- 
ciations connected  with  commerce, 
.  .  .  He  made  the  law  of  marine 
insurance  a  subject  of  special 
study,  and  his  opinion  on  difficult 
cases  is  believed  to  have  pos- 
sessed for  many  years  a  weight 
not  surpassed  hy  any  contempo- 
rary, lay  or  professional." 

"During  the  prevalence  of  yellow 
fever  and  the  cholera,  he  remained 
in  the  City  and  administered  of  his 


110     A  CENTURY  OF  BANKING  IN  NEW  YORK 


substance  to  the  suffering.  He  was 
amongst  the  first  to  reheve  those 
suffering  from  fire  or  other  calami- 
ties, in  other  cities  as  well  as  his 
own." 


"He  died,  after  a  short  illness,  at 
New  Brighton,  Staten  Island,  on 
September  5th,  1859,  in  the  85d 
year  of  his  age,  and  was  buried  in 
Greenwood  Cemetery."  A  marble 
bust  of  Griswold,  executed  1844  by 
J.  Battin,  is  now  in  the  Chamber  of 
Commerce.  Tax  list  of  1822  gives 
him  at  13  Wall  Street;  real,  $16,- 
000;  personal,  $22,000.  In  1823, 
N.  L.  &  G.  Griswold,  are  recorded 
at  86  South  Street;  real,  $7,500. 
Taxed  on  $40,000  personal  property 
in  1815  and  $22,000  in  1820.  One 
of  the  first  Directors  of  the  Farm- 
ers' Fire   Insurance  and   Loan  Co. 

Griswold,  N.  L. 

(See  George  Griswold).  Tax  list  of 
1823  gives  78  Chambers  Street; 
real,  $5,800;  personal,  $12,000.  Of 
the  firm  of  N.  L.  &  G.  Griswold,  a 
house  that  traded  mostly  in  Chinese 
goods.  Their  regular  ship  was  the 
Panama.  He  moved  to  79  Cham- 
bers Street  in  1819  and  died  there 
in  1847.  Taxed  on  $60,000  personal 
property  in  1815  and  $10,000  in 
1820. 

Hadden,  David 

Married  a  granddaughter  of  Cap- 
tain John  Aspinwall.  He  was  an 
eminent  merchant  and  one  of  the 
most  respected  men  in  New  York; 
was  President  of  the  St.  Andrews 
Society  for  many  years  and  a  great 
favorite  with  the  Scotch  people  in 
town.  "A  prudent,  careful  man." 
Was  taxed  on  $10,000  personal 
property  in  1815  and  $20,000  in 
1820. 

Haggerty,  John 

[See  later  edition).  Taxed  on  $40,- 
000  personal  property  in  1815  and 
$25,000  in  1820.  Director  of  the 
Branch  Bank  of  the  U.  S.,  1822. 

Haight,  Benjamin,  Jr. 

Tax  list  of  1823  gives  4  Park  Place; 
real,  $4,300.  Formed  a  partnership 
with  his  cousin,  Halsted  E.  Haight, 
at  207  Broadway  in  1807;  Halsted 
died  in  1831,  after  which  Benjamin 
continued  the  business  alone.  He 
married  Miss  Catherine  Holly, 
1806.  The  firm  were  wholesale  deal- 
ers in  bed  ticking,  sheets  and  cham- 


brays.  He  died  in  1848,  "a.  fine  old 
man,"  and  an  upright  citizen.  He 
and  his  cousin  Halsted  were  taxed 
together  on  $40,000  worth  of  per- 
sonal property  in  1815,  and  on 
$20,000  worth  in  1820. 

Haight,  David  L. 

{See  later  edition).  Director,  Man- 
hattan Fire  Insurance  Co.,  1822. 

Haight,  Halstead  E. 

Director  of  the  Manhattan  Fire 
Insurance  Co.,  1822.  In  1807  he 
formed  a  partnership  with  Ben- 
jamin Haight,  Jr.  (the  son  of  Al- 
dernian  Benjamin  Haight),  his 
cousin  under  the  firm  of  B.  &  H. 
Haight  at  207  Broadway.  Died 
at  his  residence,  213  Fulton  Street, 
in  1831.  The  tax  list  of  1823 
gives  him  at  207  Broadway;  B.  & 
H.  Haight,  real,  $6,500;  personal. 
$15,000.    {See  Benjamin  Haight). 

Hall,  James 

Alderman  of  the  Citv  of  New  York, 
1822.  Taxed  on  $10,000  personal 
property  in  1815. 

Hammersley,  L.  C. 

The  tax  list  of  1823  gives  55  Mur- 
ray Street;  real,  $9,000;  personal, 
$10,000.  L.  C.  &  T.  Hammersley 
did  business  at  109  Pearl  Street,  as 
ironmongers  and  dry  goods  mer- 
chants; went  into  business  in 
1801.  The  sons  of  L.  C,  Sr.  "Do 
not  do  any  business,"  says  Walter 
Barrett.  "They  have  plenty  of 
money  and  are  considered  at  the 
top  of  the  local  aristocracy,  have  a 
coat  of  arms  on  their  carriage,  &c." 
Ta.xed  on  $15,000  personal  prop- 
erty in  1815  and  1820. 

Hammersley,  Thomas 

Taxed  on  $15,000  personal  property 
in  1815  and  1820.  Tax  list  of  1822 
.'alues  his  house  at  53  Greenwich 


Street     at     $8,000;     personal     tax, 
$10,00r      ~      ■  -  -      ~ 

aboi'e) . 


$10,000.     Brother 


'I 


L.    C.      {Se 


Halstead,  C.  O. 

Tax  list  of  1823  gives  26  Cliff  Street; 
real,  $7,000;  personal,  $10,000. 

Hardenbrook,  I.  W. 

Tax  list  of  1823  gives  him  at  293 
Pearl  Street;  real,  $4,750;  personal, 
$10,000.  Taxed  on  $12,000  per- 
sonal property  in  1815  and  $10,000 
in  1820. 

Hardenbrook,  William  J. 

{See  later  edition).  Director  of  the 
Mechanics  Insurance  Co.,  1822. 


WEALTHY    CITIZENS'    BIOGRAPHY 


III 


^IARMONY,  Peter 

{Sec  later  edition).  Tax  list  of  1822 
records  a  personal  tax  on  $80,000. 
He  lived  at  Mrs.  Saidler's  House 
at  56  Broadvvav,  the  assessed  value 
of  which  was  $20,000.  Peter  Har- 
mony &  Co.  was  a  large  foreign 
house,  and  its  founder  was  a  great 
merchant  in  his  day.  Taxed  on 
$50,000  personal  propertv  in  1815 
and  $55,000  In  1820.  Director  of 
the  Branch  Bank  of  the  U.  S.,  1822. 
Harriman,  Orlando 

Tax  list  of  1822   gives   him   at   19 
Lumber   Street;   house    (or   store), 
$5,500;  personal,  $1,000. 
Harrison,  Richard 

A  Director  of  the  Branch  Bank  of 
the  U.  S.,  1792-5.  A  prominent 
lawyer;  he  lived  at  the  corner  of 
Broadway  and  Robinson  Street, 
(now  Park  Place).  He  was  Secre- 
tary of  the  Regents  of  the  Univer- 
sitv  of  the  State  of  New  York  in 
1784,  and  first  United  States  Attor- 
ney for  New  York  in  1789.  He  was 
appointed  by  Washington  first 
Auditor  of  the  United  States 
Treasury  In  1791,  and  served  In 
that  position  through  the  succes- 
sive administrations  to  1856.  His 
death  occurred  July  10,  1841  at  the 
age  of  ninety-one.  He  was  by 
trade  a  trunk  and  harness  maker 
at  150  Fulton  Street;  he  paid  ta.xes 
on  $50,000  personal  property  in 
1815  and  1820,  and  was  the  first 
Chairman  of  the  Farmers'  Fire 
Insurance  and  Loan  Co.  1822. 
Harper,  Samuel  Baker 

Bought  28  Cliff  Street  in  1825  for 
$1,120.  He  married  Christina 
Arcularius,  daughter  of  Philip  J. 
Arcularlus,  a  well  known  leather 
merchant  of  his  day.  They  had  five 
children. 
Hart,  Eli 

{See  later  edition).    One  of  the  Erie 
Canal  Commissioners. 
Hart,  Peter  G. 

Tax  list  of  1825  gives  him  at  22 
Beekman  Street;  real,  $8,500;  per- 
sonal, $50,000.  A  clerk  in  the  firm 
of  Thos.  H.  Smith;  leaving  there 
in  1806,  he  started  for  himself  In 
the  wholesale  grocery  business. 
His  store  was  at  196  Front  Street, 
but  he  resided  at  22  Beekman  Street. 
He  left  a  wife  and  several  charming 
daughters  when  he  died  In  1827. 
He  was  a  rich  man;  he  was  taxed 


on  $20,000  personal  propertv  in 
1815  and  $50,000  In  1820. 

Hartman,  Lewis 

Director  Mechanics  Insurance  Co. 
1822.  Taxed  on  $8,000  personal 
property  in  1815. 

Havens,  Gabriel 

Took  $10,000  of  U.  S.  Government 
loan  of  1815-14.  Taxed  on  $5,000 
personal  property  in  1820. 

Havens,  Rensacler 

Took  $20,000  of  the  U.  S.  Govern- 
ment Loan,  1815-14.  Taxed  on 
$5,000  personal  property  in   1820. 

Hazard,  Thomas 

Tax  list  of  1825  gives  29  Beekman 
Street;  real,  $11,750;  personal, 
$20,000. 

Heard,  James 

{See  later  edition).  Director  of  the 
Merchants  Bank,  1820-56. 

Heevey,  Cornelius 

Taxed  on  $20,000  personal  prop- 
erty in  1820.  Was  one  of  the  lead- 
ing Irishmen  In  New  York  at  that 
time. 

Hendricks,  Harman 

{See  later  edition).  Tax  list  of  1822 
values  house  at  61  Greenwich 
Street  at  $12,000;  personal  proper- 
ty, $80,000.  Ttixed  on  $60,000  per- 
sonal propertv  in  1815  and  $80,000 
in  1820.  He'  took  $42,000  of  the 
U.  S.  Government  Loan  of  1815-14, 
and  made  a  large  profit.  He  died 
leaving  a  large  fortune.  Director  of 
the  Manhattan  Fire  Insurance 
Co.,  1822. 

Heyer,  Cornelius 

Born  in  1775,  he  entered  the  service 
of  the  Bank  of  New  York  at  the 
age  of  eighteen.  After  acting  as 
teller  he  resigned  and  went  Into 
business;  later,  at  the  invitation  of 
the  officers  of  the  bank,  he  re- 
turned. Appointed  Cashier  In  1825, 
and  succeeaed  Mr.  Wilkes  as  Presi- 
dent In  1852.  He  was  highly  es- 
teemed. For  many  years  President 
of  the  Board  of  Corporation  of  the 
General  Synod  of  the  Reformed 
Dutch  Church  and  prominent  In  Its 
councils.  He  was  for  fifty-two 
years  In  the  service  of  the  Bank  of 
"New  York. 
Heyer,  Isaac 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  $20,000  in  1820. 
Of  the  firm  of  Suydam  &  Heyer. 
He  married  Jane  Suvdam,  sister  oi 
his  partner.    They  began  business 


112     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Jn  1794  at  67  Front  Street;  the 
firm  lasted  until  Samuel  Suydam 
died  in  1797.  Isaac  Heyer  con- 
tinued the  business  for  many  years 
and  was  one  of  the  most  respected 
of  merchants.  The^^  dealt  in  teas, 
wines  and  groceries.  He  was 
brother-in-law  of  Stephen  Whitney, 
and  brother  of  Cornelius  and  Wal- 
ter Heyer. 

Hicks,  O.  H. 

A  very  eminent  and  extensive 
merchant  who  did  a  large  commis- 
sion business  and  sold  more  pipes 
of  imported  Holland  gin  than  any 
other  importer  of  his  day.  He 
went  into  business  in  1800;  his 
counting  house  was  at  85  South 
Street  and  he  lived  at  87  Maiden 
Lane.  He  continued  to  do  a  large 
business  up  to  1819;  in  that  year 
the  Fulton  Fire  Insurance  Co.  was 
incorporated  with  a  capital  of 
$500,000  and  he  became  the  Secre- 
tary, where  he  remained  until  1828. 
In  1851  he  was  elected  President  of 
the  Farmers'  Fire  Insurance  and 
Loan  Company  and  continued  to 
be  its  President  until  1852  when  he 
died  of  the  cholera.  He  was  a  man 
universally  respected.  The  tax  list, 
1822,  gives  him  at  50  Wall  Street; 
real,  $15,000. 

Hicks,  Samuel 

{See  later  edition).  Tax  list  of  1825 
gives  245  Broadway;  real,  $12,500; 
personal,  $75,000.  A  brother  of 
Isaac  and  Valentine  Hicks.  He 
became  a  member  of  the  firm  of 
Samuel  Hicks  &  Son;  in  1806  Isaac 
retired  from  business  with  a  large 
fortune  and  gave  his  business  to 
his  brothers.  Samuel  moved  to  245 
Broadway  in  1814  and  there  he 
lived  many  years;  he  died  in  1857. 
He  was  much  respected.  His  sons 
carried  on  his  business  after  his 
death.  They  did  an  extensive  com- 
mission business.  Taxed  on  $70,000 
personal  property  in  1815  and 
$50,000  in  1820.  Director  of  the 
Globe  Insurance  Co.,  1822. 

Hicks,  Silas 

Tax  list  of  1825  gives  him  at  46 
Cliff  Street;  real,  $9,000;  personal, 
$15,000.  Taxed  on  $8,000  personal 
propertv  in  1815  and  $10,000  in 
1820. 

HoDKiNSON,  Thomas 

Tax  list  of  1825  gives  him  at  55 
Nassau  Street;  real,  $10,500.  Taxed 


on  $5,000  personal  property  on 
1815. 

Hoffman,  Jonas  Ogden 

Director  of  the  Mechanics  Life  In- 
surance and  Coal  Co.,   1822. 

Hoffman,  Martin 

Of  the  firm  of  Hoffman  Son  &  Pell, 
a  great  auction  house  in  Coffee 
House  Slip,  65  Wall  Street,  in  1825. 
He  brought  up  many  clerks  who 
made  good  merchants  afterwards. 

Hold  EN,  H. 

Taxed  on  $10,000  personal  property 
in  1820. 

Holt,  Stephen 

Came  to  New  York  from  Salem  in 
1808  and  opened  a  small  victualing 
house,  managed  by  his  wife;  in  1814 
he  had  a  boarding  house  for  the 
accommodation  of  officers  of  the 
army,  and  shortly  after  took  larger 
premises  in  Front  Street,  He  was 
burned  out  there,  but  obtained  on 
credit  another  house  in  Fulton 
Street,  which  was  highly  successful. 
His  idea  was  to  make  his  prices 
moderate  and  get  his  profits  from 
the  numbers  served.  Holt's  later 
hotel  was,  in  its  day,  one  of  the 
wonders  of  the  town.  It  was  the 
largest  and  most  magnificent  hotel 
that  had  been  erected  up  to  that 
time,  and  its  price  of  $1.50  a  day 
was  considered  exorbitant.  Bag- 
gage was  carried  upstairs  by  steam 
power, — probably  the  first  steam 
engine  used  in  a  hotel  to  facilitate 
the  labor. 

Hone,  Isaac  S. 

Son  of  John  Hone;  the  family  was 
considered  one  of  the  best  in  New 
York  society.  He  was  at  one  time 
a  member  of  the  firm  of  Hone  & 
Fleming.  After  John  Hone's  death 
the  firm  continued,  but  when  the 
law  was  passed  that  stated  that  no 
individual's  name  should  appear  in 
a  mercantile  firm  name  unless  such 
a  person  was  actually  in  the  firm, 
the  designation  was  changed  to 
"John  Hone's  Sons"  which  in- 
cluded Isaac.  He  later  was  member 
of  the  firm  of  Tredwell  &  Hone, 
which  did  much  business  during 
the  War  of  1812,  but  the  firm  failed 
and  John  Hone  had  to  pay  $150,000 
of  their  debts;  he  was  obliged  to 
sell  his  U.  S.  stock  to  keep  the  name 
of  Hone  from  dishonor.  Tax  list  of 
1825  gives  68  Chambers  Street; 
real,  $6,200;  personal,  $25,000.    A 


WEALTHY    CITIZENS'    BIOGRAPHY 


115 


Director  of  the  North  River  In- 
surance Co.,  1822. 

Hone,  John,  Jr. 

Taxed  on  $10,000  personal  prop- 
erty in  1820.  In  1822,  on  Warren 
Street  property,  $8,500,  and  per- 
sonal, $10,000.    40  Warren  Street. 

Hone,  John 

(See  later  edition;  also  see  Isaac 
Hone  and  Philip  Hone).  Taxed  on 
$160,000  personal  property  in  1816 
and  only  $60,000  in  1820f  taxed  in 
1822  on  the  house  at  1  Bowling 
Green,  $19,000;  personal  tax,  $60.- 
000.  Brother  of  Philip  Hone.  He 
helped  to  establish  the  Savings 
Bank;  the  Chnton  Hall  Association 
and  Mercantile  Library  are  in- 
debted to  him  as  their  founder  and 
benefactor.  One  of  the  ablest  May- 
ors of  New  York  and  a  brilliantly 
educated  man.  As  a  member  of  the 
great  firm  of  Hone  &  Sons,  auc- 
tioneers, he  made  a  large  fortune. 
The  firm  dissolved  in  1826.  Hone 
died,  1851,  in  his  seventy-first  year. 
One  of  the  first  Directors  of  the 
U.  S.  Branch  Bank,  1816;  a  Direc- 
tor of  the  Merchants  Bank,  1803- 
30;  and  of  the  Globe  Insurance  Co., 
1822. 

Hone,  Philip 

"Gentleman"  Mayor  of  New  York 
in  1826.  He  lived  at  716  Broadway 
and  paid  a  rent  of  $1,600  a  year. 
The  nouse  was  sold  in  1836  for 
$30,000  The  ta»  list  of  1822  gives 
the  I.  &  P.  Hone  store  at  61  Wall 
Street,  $15,000;  in  1823  at  235 
Broadwav;  real,  $21,000;  personal, 
$45,000;  lot  and  stable  on  Washing- 
ton Street;  real,  $4,500;  32  Warren 
Street;  real,  $6,000.  Taxed  on  per- 
sonal propertv  in  1815  and  1820  on 
$60,000.  He  kept  a  diary,  which  is 
now  famous. 

Hooker,  William 

The  tax  list  of  1823  gives  him  at 
202  Water  Street;  real,  $12,500. 

Horton,  Caleb 

Tax  list  of  1823  gives  208  Front 
Street;  real,  $10,000;  49  Cliff  Street; 
real,  $9,000;  personal,  $15,000. 
Taxed  on  $20,000  personal  proper- 
ty in  1815,  and  $10,000  in  1820. 

HosACK,  Dr. 

Tax  list  of  1823  gives  him  at  14 
Vesey  Street;  real,  $14,500.  A 
celebrated  physician;  student  of 
the  eminent  Dr^  Bard. 


Howard,  William 

Tax  list  of  1 825  gives  1 8  De v  Street ; 
real,  $6,000;  personal,  $24,000. 
Taxed  on  $15,000  personal  prop- 
erty in  1815,  and  $35,000  in  1820. 

Howland,  Gardner  G. 

He  married  a  daughter  of  William 
Edgar;  from  her  he  received  capital 
and  credit  sufficient  to  establish 
the  firm  of  G.  G.  &  S.  S.  Howland. 
He  called  his  first  vessel  the  Edgar. 
Mr.  Howland  was  a  son  of  Joseph 
Howland  of  New  London,  Conn.; 
his  brother  and  partner  was  Samuel 
Shaw  Howland.  When  they  came 
to  New  York,  Gardner  was  a  clerk 
in  Leroy,  Bayard  &  McEvers;  he 
rose  to  be  head  clerk,  and  then 
went  into  business  for  himself.  The 
firm  weathered  the  cotton  panic  of 
1826,  and  after  this  Howland  went 
to  England,  travelled  through 
Europe,  and  procured  an  enormous 
business  there.  Taxed  on  personal 
propertv,  $12,000  in  1815  and  $20,- 
000  in  1820.  Taxed,  1822,  $9,000 
on  the  house  at  Greenwich  Street, 
and  $20,000  personal. 

Howland,  John  H. 

{See  later  edition).  Taxed  on  $15,- 
000  personal  propertv  in  1815  and 
$25,000  in  1820.  He  took  $50,000 
of  the  U.  S.  Government  Loan  of 
1813-14. 

Howland,  Samuel  Shaw 

Son  of  Joseph  Howland  of  New 
London,  Conn,  and  brother  of 
Gardner  G.  Howland.  He  founded 
the  firm  of  G.  G.  &  S.  S.  Howland. 
Was  taxed  on  $5,000  personal 
property  in  1820. 

HoYT,  Goold 

{See  later  edition).  Tax  list  of  1822 
gives  30  Broadway-;  house,  $10,000; 
personal,  $20,000.  Director  of  the 
Globe  Insurance  Co.,  1822. 

Hubbard,  David  G. 

Taxed  on  $50,000  personal  property 
in  1815  and  $20,000  in  1820. 

Hubbard,  N.  T. 

Born  at  Mattituck,  L.  I.,  in  1785, 
he  moved  to  New  York  in  1798. 
He  was  brought  up  by  his  aunt  and 
was  employed  by  his  uncle,  Daniel 
Hubbard,  "during  his  youth,  in  the^ 
provision  business.  At  the  age  of 
twenty-one  he  was  in  the  office  ot 
James  Roosevelt,  sugar  broker, 
where  he  received  a  salary  of  $400 
a  year.  He  founded  the  firm  of 
Fanning  &  Hubbard,  but  this  did 


14     A  CENTURY  OF  BANKING  IN  NEW  YORK 


not  last  more  than  a  year;  then  he 
entered  the  produce  brokerage  busi- 
ness and  remained  in  that  until  he 
became  wealthy.  In  1811  he  mar- 
ried Susan  Logan,  who  died  in 
1867;  they  had  live  sons  and  two 
daughters.  He  was  one  of  the  first 
members  of  the  Produce  Exchange, 
and  was  identified  with  many 
musical  activities  in  New  York;  a 
man  universally  respected.  He 
lived  to  be  over  ninety  years  old. 

Hunter,  Robert  R. 

Director  of  the  Merchants  Fire 
Insurance  Co.,  1822.  One  of  the 
firm  of  George  Hunter  &  Co.,  auc- 
tioneers, 155  Pearl  Street.  Taxed 
on  $10,000  personal  property  in 
1815,  and  only  $5,000  in  1820. 

Huntington,  Benjamin 

Took  $10,000  of  U.  S.  Government 
Loan  of  1815-14.  Was  one  of  the 
twenty-eight  members  of  the  New 
York  Exchange  Board,  as  recorded 
in  its  first  list  made  in  1817. 

HuRD,  James 

(See  later  edilion).  A  Director  of  the 
Globe  Insurance  Co.,  1822. 

HusTACE  (or  Hustan),  Benjamin 
Taxed  on  $10,000  personal  prop- 
erty in  1815  and  $15,000  in  1820. 
He  became  a  partner  in  the  firm  of 
Underbill  &  Hustace  in  1797,  iron- 
mongers and  hardware  merchants; 
when  the  partnership  dissolved  in 
1802,  Hustace  started  for  himself, 
next  door  to  his  old  partner. 

Hyde,  John  E. 

Trustee  of  the  Bank  of  Savings, 
1819-42.  Taxed  on  $5,000  personal 
property  in  1815  and  1820. 

Hyer,  Garret 

Director  of  the  Hope  Insurance 
Co.,  1822.  Taxed  on  $50,C00  per- 
sonal property  in  1815. 

Icard,  Joseph 

Took  $20,000  of  the  U.  S.  Govern- 
ment Loan,  1815-14.  An  important 
PVench  merchant.  He  started  in 
business  at  85  Greenwich,  corner  of 
Rector,  in  1798;  afterwards  he 
moved  to  14  Rector  Street,  and 
lived  at  508  Broadway.  Following 
the  downfall  of  the  Emperor  Na- 
poleon he  went  back  to  Paris  and 
became  a  celebrated  man.  He  took 
a  contract  for  cleaning  the  streets 
of  Paris  and  was  said  to  have  made 
a  million  francs  out  of  it. 


Ireland,  George 

{See  later  edition).  A  Director  of 
the  Mechanics'  Bank,  1822. 

Ireland,  W.  H. 

{See  later  edition).  Took  $2,000  on 
U.  S.  Government  loan  of  1815-14. 
A  rich  and  prosperous  man,  and 
Director  of  the  Fulton  Fire  Insur- 
ance Co.,  1822. 

Irving,  Eben 

The  tax  list  of  1822  gives  his  house 
at  5  Bridge  Street,  valued  at  $12,- 
000.  Of  the  firm  of  Paulding  &  Ir- 
ving, engaged  in  the  wine  business. 
From  1801  the  firm  did  business  at 
162  Front  Street;  it  dissolved  in 
1811.  Eben  then  went  Into  part- 
nership with  his  brother  Peter  at 
155  Pearl  Street;  this  business  also 
dissolved  In  1820.  He  lived  at  5 
Bridge  Street.  He  was  burned  out 
in  the  great  fire  of  1855,  but  did 
business  up  to  1841,  when  he  died. 
Taxed  on  $25,000  personal  prop- 
erty In  1815.  Took  $20,000  U.  S. 
Government  Loan,  1815-14,  for 
the  firm  of  F.  &  E.  Irving. 

Irving  &  Smith 

Took  $50,000  of  U.  S.  Government 
Loan,  1815-14.  The  firm  was 
founded  In  1805  in  Pearl  Street;  it 
continued  until  1816  when  the  part- 
ners separated  their  auction  and 
Commission  businesses,  keeping  the 
former  firm  at  142  Pearl  Street  un- 
til 1818  when  it  became  Irving, 
Smith  &  Hyslop.  All  closed  up 
previous  to  1825.  Mr.  Irving  was 
a  brother  of  Washington  Irving. 

Iselin,  Isaac 

Director  of  U.  S.  Branch  Bank, 
1816.  After  the  war,  Dr.  H.  C. 
DeRham  formed  a  partnership  with 
Mr.  I.  Iselin,  who  had  been  a  part- 
ner In  the  house  of  LeRoy  Bayard 
&  Co.  Mr.  Iselin  was  "a  fine 
man"  and  an  old  school  merchant. 
When  DeRham  &  Iselin  were  at  44 
Broad  Street,  Mr.  Iselin  lived  at 
56  Laight  Street.  He  was  drowned 
in  a  lake  near  Geneva,  Switzerland, 
about  the  time  of  the  great  panic 
of  1857.  He  had  several  sons,  all 
well  known  figures. 

Jackson,  Amasa 

President  of  the  Globe  Insurance 
Co.,  1822.  Taxed  on  $20,000  per- 
sonal property  in  1815  and  $10,000 
In  1820. 

Jackson,  Nathan 

Tax  list  of  1825  gives  205  Water 


WEALTHY    CITIZENS'    BIOGRAPHY 


115 


Street:  real,  $10,000;  personal, 
$1,000. 

James,  Samuel 

Director  of  the  Mechanics  Insur- 
ance Co.,  1822.  One  of  first  Direc- 
tors of  the  Franklin  Bank,  1818. 

Jarvis,  James 

Tax  list  of  1823,  gives  6  Maiden 
Lane:  real,  $8,200;  personal,  $8,000. 

JaunCey,  William 

Tax  list  of  1822,  gives  him  at  24 
Broad  vvav:  house,  $28,000;  per- 
sonal, $120,000. 

Jay,  Peter  Augustus 

(See  later  edition).  Director  of  the 
North  River  Bank;  Trustee  of  the 
Bank  for  Savings,  1819-38. 

Jennings,  Chester 

Tax  list  of  1822  gives  Citv  Hotel, 
HI  Broadway;  house,  $75,000; 
personal.  $2,000. 

Johnson,  John 

Taxed  on  $14,000  personal  property 
in  1815,  and  $10,000  in  1820. 

Johnston,  John 

{See  later  edition).  A  Scotchman 
who  came  to  America  in  1804  with 
his  cousin,  George  Johnston.  They 
became  clerks  in  the  counting  house 
of  James  Lenox  &  William  Mait- 
land;  the  members  of  the  firm  were 
from  Galloway — Lenox  being  the 
brother  of  Robert  Lenox,  whose 
son  James  presented  the  Lenox 
Library  to  New  York  City.  He 
went  into  partnership  later  with 
James  Boorman,  another  Scotch 
boy,  and  sold  Scotch  goods;  devel- 
oped a  large  iron  business  and  re- 
ceived cargoes  from  England  and 
Sweden.  In  1828,  Adam  Boorman 
came  from  Scotland  and  joined  the 
firm,  adding  so  much  to  its  busi- 
ness that  part  of  it  had  to  be  given 
up.  He  married  Margaret  Taylor 
Howard,  widov.'  of  Resha  Howard. 
Resigned  from  the  firm  of  Boorman 
&  Johnson  in  1844  because  of  ill- 
health.  He  died  wealthy.  Taxed 
on  $10,000  personal  property  in 
1815.  One  of  the  first  Directors  of 
the  Farmers'  Fire  Insurance  & 
Loan  Co. 

Jones,  Edward  R. 

{Sec  later  edition) .  Tax  list  of  1 822 
gives  72  Broadwav;  house,  $12,- 
000;  personal,  $20,000.  Taxed  on 
$10,000  personal,  property  in  1815 
and  1820.  Director  of  the  Globe 
Insurance  Co.,  1822. 


JoNF.s,  Isaac 

(See  later  edition).  Taxed  on  $25,- 
000  personal  property  in  1815  and 
$20,000  in  1820.  Director  of  the 
North  River  Insurance  Co.,  1822. 
He  took  $4,000  of  the  U.  S.  Gov- 
ernment loan,  1813-14. 

Jones,  John 

(See  later  edition).  Director  of  the 
Merchants'  Fire  Insurance  Co., 
1822. 

Jones,  Joshua 

Taxed  on  $50,000  personal  prop- 
erty in  1815  and  $60,000  in  1820. 

Jones,  Samuel 

Tax  list  of  1822  gives  5  Pine  Street; 
house,  $11,500;  personal,  $2,000. 
A  counsellor-at-law;  shareholder  in 
the  Tontine  Association.  Taxed 
on  $10,000  personal  property  in 
1815,  and  $5,000  in  1820. 

JuDD,  Samuel 

Tax  list  of  1823,  gives  57  Fulton 
Street;  real,  $9,000;  personal,  $5,- 
000.  A  peddler.  At  first  he  kept 
no  shop  but  peddled  his  oil,  pure 
and  good,  which  he  mixed  to  suit 
himself,  about  town.  After  a  while 
he  prospered  and  took  a  store  near 
the  old  Fly  Market.  He  finally 
became  very  rich.  His  daughters 
married  merchants.  President  of 
the  Merchants'  Exchange  Com- 
pany. 

JuMEL,  Stephen 

A  wealthy  French  importer  of 
brandy  and  wine;  his  only  rival  in 
that  business  was  another  French- 
man, John  Juhel.  He  married  but 
had  no  children.  He  bought  the 
famous  Morris  Mansion  in  1810 
from  Leonard  Parkinson  for  $10,- 
000;  the  house  was  so  luxurious 
that  "lordly  as  a  Jumel  banquet" 
became  a  proverb.  He  died  May 
22,  1832,  from  a  fall;  his  widow 
married  Aaron  Burr,  but  they  sepa- 
rated after  a  stormy  married  life. 
Kemp,  John 

Director  of  the  Washington  Insur- 
ance Co.,  1822.     Taxed  on  $20,000 
personal    property    in     1815,    and 
$16,000  in  1820. 
Kelley,  Robert 

Tax    list    of   1823    gives    13    Cliff 
Street;  real,  $9,000;  personal,  $10,- 
000. 
Kennedy,  David 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 


116  A  CENTURY  OF  BANKING  IN  NEW  YORK 


Kennedy,  Duncan 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

King,  Ellsha  W. 

Tax  list  of  1823  gives  42  Beekman 
Street;  real,  $11,000;  personal,  $5,- 
000.  A  renowned  lawyer,  who 
came  from  Westchester  County. 

King,  James  G. 

Son  of  the  famous  Charles  King, 
and  a  member  of  the  firm  of  Prime, 
Ward  &  King.  Formerly  a  mer- 
chant in  England.  Was  noted  as 
a  financier.  "A  very  domestic 
man,  fond  of  his  children  and  would 
make  any  sacrifice  for  them."  He 
married  a  daughter  of  Archibald 
Gracie.  At  one  time  Mr.  King 
was  so  powerful  that  he  was  called 
"the  Almighty  of  Wall  Street." 
A  member  of  Congress  from  New 
Jersey,  and  a  Trustee  of  the  Sail- 
ors' Snug  Harbor. 

King,  John  Alsop 

Educated  in  England  and  France; 
admitted  to  the  bar  in  New  York. 
Served  in  the  War  of  1812,  becom- 
ing a  lieutenant  of  cavalry.  In 
1819  he  was  elected  to  the  Assem- 
bly; in  1823  he  became  a  State 
Senator,  and  in  1825  Secretary  of 
the  American  Legation  in  London. 
In  1856  he  was  elected  Governor  of 
New  York. 

King,  Rufus 

Lived  at  223  Broadway  in  1795, 
when  he  was  U.  S.  Senator;  he 
built  the  house  a  few  years  before 
he  became  Ambassador  to  the 
Court  of  St.  James'.  Mr.  Astor 
bought  the  house  in  1803.  His  son 
Charles     King,     born     1781,     was 

f (resident  of  Columbia  College.  Tax 
ist  of  1823  gives  26  Park  Place; 
real  $15,000. 

Kip,  Isaac  L. 

Taxed  on  $10,000  personal  property 
in  1820  and  1815.  The  Ki^  family 
was  of  the  old  Dutch  regime  of 
New  York.  A  lawyer,  son  of  Leon- 
ard Kip  who  lost  his  property  in 
the  Revolution.  Was  for  many 
years  the  partner  of  Judge  Brock- 
hoist  Livingston,  who  appointed 
him  his  executor.  He  left  three 
sons. 

Kip,  Leonard 

Finding  his  family  almost  ruined 
by  the  Revolution,  he  went  into 
business  as  an  importing  merchant, 
but  he  was  not  well  fitted  for  it  and 


retired,  building  a  country  seat  near 
Hartford,  where  he  died  in  1846. 
He  left  a  large  fortune.  He  mar- 
ried a  daughter  of  Duncan  In- 
graham.  From  1817  to  1821  he 
was  a  member  of  the  Common 
Council  of  New  York;  President  of 
the  North  River  Bank,  1821,  and 
a  Director  of  the  Washington  In- 
surance Co.  1822.  He  was  taxed 
in  1823  on  182-4  Greenwich  Street, 
on  real  estate  $11,500;  and  on  167 
Fulton  Street,  $7,500. 

Kneeland,  Henr^' 

Director  of  the  Merchants'  Fire 
Insurance  Co.,  1822.  Of  the  firm 
of  Bogart  &  Kneeland,  one  of  the 
oldest  and  most  respected  com- 
mercial houses  in  New  York, 
whicli  started  in  business  at  71 
South  Street  in  1804.  A  native  of 
New  York.  Taxed  on  $40,000  per- 
sonal property  in  1815. 

Knox,  Thomas 

Married  in  1793  a  daughter  of  Mr. 
Lawrence  Cortright,  and  lived  at 
45  Pearl  Street.  An  eminent  mer- 
chant whose  business  was  at  17 
Broad  Street  up  to  1828.  He  died 
in  1834.  His  only  daughter  mar- 
ried Alexander  Hamilton,  son  of 
the  celebrated  Alexander.  He  was 
one  of  the  first  Directors  of  the  U. 
S.  Branch  Bank,  1816  and  1822,  a 
director  of  the  U.  S.  Bank,  Phila- 
delphia, 1824.  Ta.xed  on  $7,500 
personal  propertv  in  1815;  on  $16,- 
000  in  1820;  and' in  1822,  $9,000  on 
his  house,  in  addition  to  the  $10,- 
000  personal. 

KusE,  J.  D. 

Tax  list  of  1823  gives  42  Dev  Street; 
real,  $4,300;  personal,  $15,000. 

Laight,  Edward  W. 

Tax  list  of  1823  gives  38  Warren 
Street;  real,  $8,500;  personal,  $8,- 
000. 

Lambert,  David  R. 

Of  the  firm  of  Rogers  &  Lambert, 
founded  in  1799  at  232  Pearl  Street 
where  it  was  twenty-eight  years 
later.  He  was  killed  near  the 
Sailors'  Snug  Harbor  (near  Tenth 
Street)  by  a  gang  of  rowdies  while 
on  his  way  home  from  a  party. 
Taxed  on  $30,000  personal  prop- 
erty in  1815,  and  $20,000  in  1820. 
Tax  list  of  1822  gives  1  Bridge 
Street;  house  $20,000;  personal, 
$15,000.  In  1823,  115  Flv  Market 
Place;   real,   $25,000.     A' Director 


WEALTHY    CITIZENS'    BIOGRAPHY 


117 


of  the  Merchants'  Fire  Insurance 
Co.,  1822. 
Lang,  John 

A  Director  of  the  Fulton  Fire 
Insurance  Co.,  1822.  Old  Mer- 
chants says  he  was  one  of  the 
"Old  Battery  walkers,"  or  "Peep 
o'day  boys,"  that  up  to  1837  used 
to  go  down  to  the  lonely  Battery 
at  daybreak  and  walk  about  there 
until  breakfast  and  then  go  to  their 
stores. 
Langham,  William 

Bought,    in   1818,  a    large    lot    on 
which  he  built  nine  houses,  which 
he  sold  in  1819  for  $10,500. 
Larue,  Louis 

Took  $25,000  of  the  U.  S.  Govern- 
ment Loan,  1815-14.  One  of  the 
Directors  of  the  famous  French 
"Economical  School."  Taxed  on 
$40,000  personal  property  in  1815, 
and  $25,000  in  1820. 
Laverty,  Henrv 

Tax  list  of  1825  gives  247  Broad- 
wav;  real,  $14,000;  personal,  $20,- 
000.  Of  the  firm  of  Laverty  & 
Gantley,  of  173  Pearl  Street.  John 
Robins  was  one  of  his  clerks. 
Henry  Laverty  became  rich  as  a 
wholesale  and  retail  drvgoods  mer- 
chant; was  taxed  on  $50,000  per- 
sonal property  in  1815,  but  only 
$20,000  in  1820. 
Lawrence,  Augustus  H. 

Was  in  business  in  1795  at  40  Wall 
Street  under  the  firm  of  Augustus 
H.  Lawrence  and  Co.;  he  kept  his 
office  there  until  1801.  In  that 
year  he  took  residence  at  25  Rob- 
inson Street  and  there  he  lived  for 
many  years.  He  died  in  1828  and 
his  widow  moved  to  40  Hudson 
Street.  The  firm  were  members  of 
the  first  organization  of  the  "Brok- 
ers of  the  N.  Y.  Exchange  Board" 
which  started  about  1818.  He  was 
one  of  the  most  distinguished  hosts 
of  the  time.  He  was  a  Director 
of  the  Farmers'  Fire  Insurance  & 
Loan  Co.,  Director  of  the  Globe 
Insurance  Co.,  and  other  institu- 
tions. Taxed  on  $60,000  personal 
property  in  1815,  and  on  $30,000 
in  1820.  Ta.xed  in  1823  on  $12,500 
real  estate  at  25  Park  Place  as  well 
as  on  $17,300  personal.  His  son 
Augustus  was  also  a  broker  in 
Wall  Street.  He  married  the 
daughter  of  Champlin  of  the  firm 
of  Minturn  &  Champlin. 


Lawrence,  A.  M. 

Tax  list  of  1823  gives  15  Park 
Place;  real,  $8,800;  personal, $1,000. 

Lawrence,  Isaac 

Was  educated  at  Princeton  with  the 
intent  to  be  a  lawyer,  but  his  health 
was  poor  so  he  went  into  his  broth- 
er's business  in  1795.  They  were 
owners  of  vessels,  shippers  of  goods 
abroad  and  importers;  they  did  a 
big  West  Indian  business.  He  be- 
came President  of  the  United 
States  Bank  in  1817  (succeeding 
J.  J.  Astor),  and  a  Director  of  the 
Bank  of  the  United  States,  Phila- 
delphia, 1817-19. 

Lawrence,  John  B. 

Entered  the  wholesale  drug  busi- 
ness at  195  Pearl  Street  about  1794, 
and  was  well  known  and  distin- 
guished for  his  affable  manners  and 
amiable  disposition.  He  accumu- 
lated a  large  property  and  died 
about  1845.  He  was  a  Quaker. 
Taxed  on  $30,000  personal  prop- 
erty in  1815  and  $15,000  in  1820. 
Director  of  the  Washington  Insur- 
ance Co.,  1822.  He  bought  199 
Pearl  Street  in  1809  for  $15,600 — 
a  fancy  price  for  those  davs,  and 
considered  extravagant,  although 
it  was  sold  in  1836  to  Amos  Palmer 
for  $100,000. 

Lawrence,  Richard  R.  (Estate) 
Tax  list  of  1823   gives  251    Pearl 
Street;  personal,  $25,000.    An  auc- 
tioneer. 

Lawrence,  Thomas 

A  Director  of  the  Merchants'  Fire 
Insurance  Co.,  1822  Of  the  firm 
of  Thomas  &  John  F.  Lawrence. 
Taxed  on  $30,000  personal  prop- 
erty in  1815  and  $15,000  in  1820. 
One  of  the  first  Directors  of  the 
U.  S.  Branch  Bank,  1816. 

Lawrence,  William  Beach 

Director  of  the  Merchants'  Fire 
Insurance  Co.,  1822.  The  son  of 
Isaac  Lawrence.  Well  educated. 
he  was  appointed  Secretary  of  Le- 
gation at  London  shortly  after 
John  Ouincy  Adams  became  Presi- 
dent in  1825,  and  became  very  pop- 
ular in  London.  He  returned  and 
resided  in  Rhode  Island,  and  was 
elected  Lieut.  Governor  of  the 
State.  Tax  list  of  1822  gives  35 
Broadwav;  house,  $20,000;  per- 
sonal, $50,000. 
Leake,  I.  G. 

Taxed  on  $40,000  personal  prop- 


18  A  CENTURY  OF  BANKING  IN  NEW  YORK 


erty,  1815,  and  $50,000,  1820.  Tax 
list  of  1825  gives  55  Park  Street; 
real,  $12,000;  personal,  $50,000. 

Lee,  Gideon 

Taxed  on  $20,000  personal  prop- 
ertv  in  1815  and  $10,000  in  1820. 
A  leather  merchant;  an  Alderman 
and  later  Mayor  of  New  York. 
He  lived  in  what  was  called  "The 
Swamp,"  the  famous  tannery  part 
of  New  York.  This  district  was 
bounded  by  Jacob  and  Skinner 
Streets,  ani  on  the  other  side  bv 
Gold,  Frankfort,  Ferry  and  Pearl. 
He  was  "a  stern  man."  When  he 
ran  for  Alderman,  Peter  Cooper  was 
elected  assistant  Alderman.  He 
was  the  last  Mayor  elected  by  the 
Council  (1855);  in  1854  the  system 
was  changed  and  the  choice  was 
submitted  to  the  people.  In  1856 
he  was  elected  to  Congress.  In 
1858  he  left  New  York  and  went  to 
reside  at  Geneva,  where  he  had 
purchased  a  large  property;  he  died 
there  in  August  1841,  aged  sixty- 
four,  leaving  sons  and  daughters, 
and  a  large  fortune. 

Leggett,  Samuel 

{See  later  edition).  Taxed  on  $50,- 
000  personal  propertv  in  1815  and 
1820.  Secretary  of  the  Mechanics 
Life  Insurance  Co.,  1822;  Director 
of  the  Mechanics'  Insurance  Co., 
1822;  President  of  the  Franklin 
Bank,  1818.  0/d  Jlerchanls  says 
of  Samuel  Leggett:  "He  walked 
through  this  world  treading  as 
softly  as  any  Quaker  merchant, 
yet  in  his  earlier  years  he  trod 
heavily  in  the  commercial  and 
financial  walks.  He  was  President 
for  many  years  of  the  famed 
Franklin  Bank,  that  he  got  an  in- 
;unction  upon,  and  stopped  it  at 
twenty  minutes  past  ten  o'clock  on 
the  morning  of  the  29th  May, 
1828." 

Lenox,  Robert 

{See  later  edition).  One  of  the  five 
richest  men  in  New  York  about 
1850.  J.  J.  Astor  was  the  wealth- 
iest and  the  others  were  Lenox, 
J.  G.  Coster,  Stephen  Whitney  and 
Nathaniel  Prime.  Lenox  was  a 
Scotchman.  He  lived  in  Green- 
wich Street,  and  was  president  of 
the  St.  Andrews'  Societv,  1799. 
He  bought  10  State  Street  in  1815 
for  $8,250,  was  taxed  on  $200,000 
personal    property    in    1815,    and 


$160,000  in  1820;  the  list  of  1822 
gives  him  at  59  Broadway  on  a 
$20,000  basis,  and  his  personal 
estate  at  $160,000.  Director  of 
the  U.  S.  Bank,  Philadelphia,  1821. 
A  conservative  merchant  of  the 
first  standing,  and  a  trusted  Direc- 
tor of  both  the  First  and  Second 
banks  of  the  United  States.  Was 
adviser  to  Nicholas  Biddle  in  the 
management  of  the  Second  Bank 
of  the  United  States  during  the 
latter's  Presidency. 

Leggett,  Thomas  H. 

$50,000  personal  propertv  in  1815 
and  onlv  $6,000  in  1820'  List  of 
1825  gives  250  Pearl  Street;  real. 
$12,000.  "A  good  business  man," 
but  he  met  with  overwhelming 
financial  misfortunes.  His  brother 
left  him  $60,000. 

LeRoy,  Herman 

Taxed  on  $6,000  personal  propertv 
in  1815  and  $60,000  in  1820. 
Founder  of  the  house  of  LeRoy, 
Bayard  &  Co.,  dry  goods  dealers, 
shipowners,  and  so  on,  one  of  the 
most  famous  New  York  houses, 
which  started  in  1790.  At  the  be- 
ginning, Herman  lived  over  the 
store  at  5  Hanover  Square.  Many 
prominent  men  were  taken  into  the 
firm  and  it  changed  addresses  sev- 
eral times.  The  Bayards,  Mc- 
Evers,  Howlands  and  others  were 
all  concerned  in  many  of  the  large 
operations  of  the  tmies.  i^lr.  Le- 
Roy was  one  of  the  wealthiest  of 
the  old  New  York  merchants.  He 
had  a  large  family;  one  of  his 
daughters  married  Daniel  Webster; 
another  married  William  Edgar. 
In  1799  he  became  President  of  the 
Bank  of  New  York,  and  continued 
in  that  office  until  1804.  He  died 
at  7  Greenwich  Street,  March  51, 
1841. 

LeRoy,  Robert 

Taxed  on  $40,000  personal  propertv 
in  1815  and  1820.  One  of  the 
members  of  the  firm  of  LeRoy, 
Bayard. 

Levy,  Jacob,  Jr. 

{See  later  edition).  Taxed  on  $50,- 
000  personal  propertv  in  1815  and 
$20,000  in  1820.  Tax  list  of  1822 
gives  74  Broad  Street;  house,  $10,- 
000;  personal  $20,000.  Director, 
1820-25,  of  the  Bank  of  New  York. 

Lewis,  F. 

Tax  list  of  1825  eives  77  Chambers 


WEALTHY    CITIZENS'    BIOGRAPHY 


119 


Street;  real,  $5,800;  personal,  $6,- 
000. 

Lewis,  Gabriel  L. 

Son  of  Francis  Lewis;  he  married 
Ann  Champlin,  a  daughter  of  John 
Champlin  of  the  house  of  Minturn 
&  Champlin.  He  was  a  merchant 
who  lived  at  12  Leonard  Street;  he 
had  a  store  on  52  South  Street  on 
which  he  was  taxed  $7,500  in  1822. 
He  was  at  one  time  clerk  to  the 
Board  of  Brokers,  and  was  one  of 
the  first  Directors  of  the  Farmers' 
Fire  Insurance  &  Loan  Co. 

Lewis,  Zachariah 

Trustee  of  the  Bank  for  Savings, 
1819-40. 

Little,  Jonathan 

Jonathan  Little  &  Co.  was  a  large 
silk  importing  house;  its  head  was 
also  President  of  the  Marine  So- 
ciety of  New  York  in  1817,  and  a 
Sachem  of  St.  Tammany's  Society; 
also  a  Director  of  the  Manhattan 
Fire  Insurance  Co.,  1822.  He 
was  taxed  on  $50,000  personal 
property  in  1815  and  on  $25,000  in 
1320.  His  store  at  15  John  Street 
was  taxed  in  1823  on  the  basis  of 
$7,500. 

Livingston,  Brockholst 

Son  of  William  Livingston,  once 
Governor  of  New  Jersey;  born  in 
New  York,  November,  1757.  He 
graduated  from  Princeton  in  1774, 
served  in  the  Revolutionary  War, 
went  to  Spain  with  his  brother-in- 
law,  John  Jay,  as  private  secretary; 
was  captured  on  his  return  and 
thrown  into  prison  in  New  York. 
He  was  liberated  on  the  arrival  of 
General  Carleton  and  began  to 
study  law;  was  admitted  to  the  bar 
in  1783.  In  1802  he  became  Judge 
of  the  New  York  Supreme  Court 
and  in  1807  a  Judge  of  the  U.  S. 
Supreme  Court.  Died  March,  1823. 
Director  of  the  Bank  of  the  United 
States,  Philadelphia,  1816;  Trustee 
of  the  Bank  for  Savings,  1819-23. 
Taxed  on  $30,000  personal  prop- 
erty in  1815  and  1820. 

Livingston,  John  R. 

Tax  list  of  1822  gives  2  Greenwich 
Street;  house,  $16,500.  Taxed  on 
$50,000  personal  property  in  1815. 

Livingston,  Robert  L. 

Taxed  on  $5,000  personal  property 
in  1815  and  $30,000  in  1820. 
When  John  B.  Church,  an  English- 
man,   sold    out,    Mr.    Livingston 


bought  all  of  his  silver.  Church 
was  said  to  have  been  the  most 
expensive  liver  in  New  York  and 
gave  dinner  parties  on  silver  plates 
nearly  every  day  of  the  week. 
Livingston  was  a  brother  of  Morti- 
mer Livingston  of  the  Havre 
packet  agents. 

Loom  IS,  Luther 

(See  later  edition).  Took  $5,000 
of  the  U.  S.  Government  Loan, 
1813-14. 

Lord,  Eleazar 

President,  Manhattan  Fire  Insur- 
ance Co.,  1822;  President  of  the 
Erie  Railroad  at  one  time.  Author 
of  a  very  sane  treatise  on  Banking 
and  Currency. 

Lord,  Rufus 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
One  of  the  partners  of  Lord  &  01m- 
stead,  with  Ralph  Olmstead,  drv 
goods  merchants  of  172  Pearl. 
The  firm  started  in  1817  and  was 
dissolved  in  1822;  Mr.  Lord  then 
took  in  B.  F.  Lee,  under  the  firm 
name  of  Lord  &  Lee.  A  bachelor. 
He  owned  a  good  share  of  Exchanye 
Place. 

Lord,  Silas 

Taxed  on  $12,000  personal  prop- 
erty in  1815,  and  $13,000  in  1820. 

LORILLARD,    Jacob 

{See  later  edition).  Director  of  the 
Merchanics  Bank,  1822. 

LovELL,  Thomas 

Tax  list  of  1823  gives  213  Pearl 
Street;  real,  $11,250;  personal, 
$500.  Taxed  on  $10,000  personal 
property  in  1815. 

LovETT,  George 

[See  later  edition).  Director,  Me- 
chanics'   Insurance  Co.,    1822. 

LovETT,  James 

{See  later  edition).  Took  $5,000 
U.  S.  Government  loan,  1813-14. 
Director  of  the  Merchants'  Fire 
Insurance  Co.,  1822. 

Low,  Nicholas 

Taxed  on  $40,000  personal  prop- 
erty in  1815  and  $20,000  in  1820. 
A  Director  of  the  Bank  of  New 
York.  He  did  business  in  Water 
Street  as  Low  &  Wallace,  mer- 
chants. His  daughter  married  Mr. 
Charles  King  {q.y.). 

Ludlow,  G. 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  1820.  Tax  list 
of  1822  gives  15  Whitehall  Street; 


120     A  CENTURY  OF  BANKING  IN  NEW  YORK 


house,  $10,000;  personal,  $25,000. 
Of  English  descent.  The  Ludlows 
were  a  celebrated  family. 

LuTSON,  Arthur 

Taxed  on  $20,000  personal  prop- 
erty in  1820. 

Lydig,  David 

Born  1764;  died  May  16,  1840. 
He  was  described  as  a  man  of  good 
education,  carefully  brought  up, 
handsome  in  person,  of  good  sense 
and  judgment,  refined  and  courte- 
ous in  manner.  He  was  a  leading 
member  of  "the  Club"  of  about 
thirty  prominent  citizens,  and  a 
Director  of  the  Merchants  Bank, 
incorporated  1805.  He  first  re- 
sided at  21  Peck  Slip,  over  his  store; 
he  then  moved  to  55  Beekman 
Street,  later  to  225  Broadway, 
which  was  two  doors  from  Barclay. 
He  paid  $25,250  for  this  property 
to  Jonathan  Fisk,  and  sold  it  to 
John  Jacob  Astor  in  1831  for  $32,- 
500.  He  was  in  every  prominent 
bank  and  insurance  company  for 
nearly  half  a  century.  The  tax 
list  of  1823  gives  his  real  estate  at 
225  Broadway  as  $13,000  and  his 
personal  property  at  $1,000. 

Lynch,  Dominick 

Tax  list  of  1822  values  his  house  at 
1  Greenwich  Street  at  $12,000; 
personal  tax,  $5,000.  A  man  of 
family  and  wealth  and  a  social 
leader;  it  was  his  effort  which 
brought  the  first  Italian  opera  to 
New  York.  When  peace  was  de- 
clared with  Great  Britain  in  1815, 
a  great  banquet  was  given  to  cele- 
brate the  occasion  at  Washington 
Hall,  at  which  Dominick  Lynch 
presided — as  he  had  at  dozens  of 
similar  social  functions. 

Lynch,  Dominick,  Jr. 

Director  of  the  North  River  Insur- 
ance Co.,  and  of  the  Branch  Bank 
of  U.S.,  1822. 

McAdam,  Mrs.  Ann 

Tax  list  of  1822  gives  57  Broadway; 
house,  $14,000;  personal,  $20,000. 

McBride,  James 

(See  later  edition).  "Few  mer- 
chants of  this  city  have  been  of 
more  note  than  James  McBride. 
He  was  from  Armagh,  in  Ireland, 
and  commenced  business  in  New 
York  in  1795."  In  1796  there  was 
a  large  firm  of  McBride  &  Watson, 
soap  and  tallow  chandlers,  98  Beek- 
man Street;  the  firm  consisted  of 


James  McBride  and  William  Wat- 
son. The  house  dissolved,  and  in 
1803  McBride  started  in  business 
for  himself  at  101  William  Street. 
He  was  later  better  known  as  an 
importer  of  Irish  linens.  In  1805 
he  owned  vessels,  had  a  steamboat 
wharf  at  foot  of  Cortland  Street; 
he  lived  at  4  Dey  Street  and  had  a 
counting  house  at  2  Dey  Street. 
He  accumulated  a  large  fortune. 
He  was  one  of  the  incorporators  of 
the  Friendly  Sons  of  St.  Patrick, 
organized  in  1784  but  not  incorpo- 
rated until  February  1827;  was  a 
Director  in  banks,  and  insurance 
companies,  and  was  one  of  the 
first  Directors  of  the  Farmers' 
Fire  Insurance  and  Loan  Co.  in 
1822.  He  subscribed  $10,000  to 
the  Government  Loan  of  1813. 
Was  taxed  on  $30,000  personal 
property  in  1815  and  on  $20,000  in 
1820;  in  1822  his  house  was  valued 
at  $9,000  and  his  personal  estate 
at  $15,000.  He  died  at  70  Fifth 
Avenue  in  1858. 

McCall,  James 

Tax  list  of  1823  gives  233  Broad- 
way; real,  $8,500;  personal,  $500. 
President  of  the  Metropolitan 
Bank. 

McCoMB,  John 

Taxed  on  $10,000  personal  prop- 
erty in  1815  and  $8,000  in  1820. 
Director  of  the  Mechanics  Bank, 
1822,  and  of  the  Fulton  Fire  Insur- 
ance Co. 

McCoRMiCK,  Daniel 

Taxed  on  $40,000  personal  estate 
in  1815  and  $25,000  in  1820. 
Tax  list  of  1822  gives  57  Wall 
Street;  house,  $10,000;  personal, 
$35,000.  A  fine  old  Irish  mer- 
chant; one  of  the  first  Directors  of 
the  Bank  of  New  York.  A  bache- 
lor, he  intended  to  make  his 
nephew  his  heir,  but  the  two  did 
not  agree  and  the  nephew  returned 
to  Ireland  and  became  a  great  man 
there.  He  died  in  1834;  he  wore 
short  breeches,  white  stockings  and 
buckles  to  the  last.  He  was  very 
hospitable,  fond  of  his  friends,  and 
was  very  rich 

McCowN,  Samuel 

Director  of  the  Globe  Insurance 
Co.,  1822.  Taxed  on  $6,000  per- 
sonal property  in  1820. 

McCra,  Robert 

Tax  list  of  1823   gives  65   Fulton 


WEALTHY    CITIZENS'    BIOGRAPHY 


121 


Street;  real,  $10  000;  personal 
$10,000. 

McEvERS,  Charles 

Taxed  on  $9,000  personal  property 
in  1815  and  1820.  Tax  list  of  1822 
gives  56  Wall  Street;  real,  $18,000. 
In  1825,  18  Park  Place;  real, 
$7,500;  personal,  $5,000.  Of  the 
house  of  LeRoy,  Bayard  &  Mc- 
Evers,  whose  counting  house  was 
for  many  years  at  66  Broadway. 
G.  G.  Howland  (if.  f.)  was  with 
this  house  and  rose  to  be  chief 
clerk.  McEvers  lived  at  56  Wall 
Street,  a  famous  mansion,  next  door 
to  the  Bank  of  New  York. 

McEvERS,    John 

Director,  1816-40,  of  the  Bank  of 
New  York. 

McFarlan,  Henry 

{See  later  edition).  Tax  list  of  1825 
gives  12  Vesev  Street;  real,  $7,500; 
personal  $20,000.  Taxed  on  $50,- 
000  personal  property  in  1815  and 
1820.  Director  of  the  Fulton  Fire 
Insurance  Co.,  1822. 

MacGregor,  John,  Jr. 

Tax  list  of  1822  values  his  house  at 
49  Greenwich  Street  at  $12,000; 
personal  tax,  $15,000. 

McIntyre,  Archibald 

Appointed  Secretary  of  the  Far- 
mers' Fire  Insurance  and  Loan  Co., 
1822.  Owned  ten  shares  of  stock 
in  the  Second  Branch  Bank  of  the 
United  States. 

M'Queen,  Robert 

Director  of  the  Mechanics'  Life 
Insurance  and  Coal  Co.,  1822. 
Alderman  of  the  city  of  New  York, 
1822. 

Mc Vicar,  Archibald 

Director  of  the  U.  S.  Branch  Bank, 
1816.  Second  son  of  John  Mc- 
Vicar;  a  lawyer;  he  married  a 
daughter  of  Judge  Brockholst  Liv- 
ingston iq.  c).  After  he  gradu- 
ated at  Columbia  went  to  England 
and  finished  his  education  at  Cam- 
bridge. 

McViCKAR,  John 

A  large  Irish  shipowner  and  mer- 
chant; John  and  Philip  Hone  were 
among  his  clerks.  He  came  to 
New  York  soon  after  the  war. 
Tax  list  of  1825  gives  251  Broad- 
way; real,  $15,000. 

Mackie,  William 

Tax  list  of  1822  gives  110  Green- 
wich Street;  house,  $8,000;  per- 
sonal, $12,000. 


Mactier,  Henry 

Lived  at  141  Chambers  Street.  He 
was  one  of  the  first  Directors  of  the 
Farmers'  Fire  Insurance  &  Loan 
Co.  Went  into  business  in  1818 
with  William  Stevens,  son  of  Ebe- 
nezer  Stevens,  under  the  name  of 
Stevens  &  Mactier;  they  continued 
till  1825.  "I  think  at  that  time 
Mr.  Mactier  died.  He  married  one 
of  the  beautiful  daughters  of 
Augustus  H.  Lawrence,  by  whom 
he  had  three  children." 

Magee,  James 

{See  later  edition).  James  McGce 
&  Co.,  Grocers,  72  South  Street, 
was  taxed  on  $7,500  in  1822.  The 
head  of  the  house  was  one  of  the 
first  Directors  of  the  Farmers'  Fire 
Insurance  and  Loan  Co. 

Majestre  &  Tardy 

Took  $10,000  of  the  U.  S.  Govern- 
ment loan,  1815—14.  Partnership 
was  formed  in  1812.  Tardy  had 
vessels  running  the  blockade  to 
Bordeaux  and  other  European 
ports  in  1812.  Mr.  Majestre  was 
from  Marseilles  and  was  in  the 
United  States  only  a  short  time;  he 
died  in  1851. 

Mann,  Asa 

Director  of  the  Fulton  Fire  Insur- 
ance Co.,  1822.  Taxed  on  $7,000 
personal  property  in  1815  and  1820. 
Alderman  of  the  city  of  New  York, 
1822. 

Mark,  Jacob 

Of  the  German  house  of  Jacob  and 
Philip  Mark,  largely  in  the  Holland 
trade.  The  firm  dissolved  in  1795; 
in  1795  Mr.  Mark  took  John  Speyer 
into  partnership.  The  firm  failed 
in  1799  and  out  of  this  failure  grew 
a  lawsuit  for  $500,000  which  was 
not  settled  till  1820.  Jacob  Mark, 
it  is  supposed,  returned  to  Ger- 
many after  he  received  the  money 
from  the  lawsuit.  Taxed  on  $15,- 
000  personal  property  in  1815,  and 
$5,000  in  1820.  A  shareholder  in 
the  Tontine  Coffee  House. 

Marshall,  Benjamin 

{See  later  edition).  Came  with  his 
brother  Joseph  from  England  with 
considerable  capital.  A  Director 
of  the  City  Bank  about  1825.  In- 
terested in  cotton.  He  established 
himself  in  Oneida  County  and 
prospered.  Taxed  on  $20,000  per- 
sonal property  in  1815,  and  on 
$5,000  in   1820.     One  of  the  first 


122     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Directors  of  the  Farmers'  Fire  In- 
surance &  Loan  Co. 

Martin,  Henry 

Director  of  the  Farmers'  Fire  In- 
surance and  Loan  Co.,  1822. 

Mason,  John 

(See  later  edition).  Began  life  as 
a  workman,  but  became  one  of  the 
"Old  New  York  merchant  princes," 
and  subscribed  $5,000  to  the  first 
Government  Loan  of  1813.  He 
lived  on  Broadway  between  An- 
thony and  Leonard  Streets,  and 
paid  taxes  on  $60,000  personal 
property  in  1815.  He  was  a  Direc- 
tor of  the  Bank  of  New  York, 
1814-41;  a  Trustee  of  the  Bank 
for  Savings,  1819-53,  and  virtually 
controlled  the  destiny  of  the  Chem- 
ical Bank  from  1831  until  his 
death  in  1839,  first  as  Director  and 
later  as  President.  His  estate  was 
estimated  at  $800,000,  equalling  in 
importance  that  of  A.  T.  Stewart. 

Masters,  Thurman 

Owned  118  Liberty  Street,  valued 
at  $5,000,  in  1822.  Tax  shows 
in  addition  personal  property  of 
$1,000. 

McGee,  James 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $15,000  in  1820. 
One  of  the  old  Irish  merchants  of 
New  York. 

Mead,  A.  B. 

Director  of  the  North  River  Bank, 
1821.  Taxed  on  $7,000  personal 
property  in  1820. 

Mead,  Benjamin 

A  partner  with  S.  Tooker  around 
1806.  The  house  went  into  the 
privateer  business  in  1812,  as  did 
manv  other  houses  of  the  time. 
Benjamin  Mead  died  in  1860.  The 
Meads  were  all  from  Greenwich, 
Conn. 

Mead,  Henry 

Alderman  of  the  city  of  New  York, 
J822. 

Mead,  S. 

The  tax  list  of  1823  gives  274  Pearl 
Street;  real,  $10,000. 

Melick,  Balthazar  P. 

A  prosperous  wholesale  grocer  of 
Greenwich  Village,  he  was  a  man 
of  influence;  a  Director  in  the 
Equitable  Fire  Insurance  Co.,  the 
Greenwich  Fire  Insurance  Co.  and 
the  Union  Marine  and  Life  Insur- 
ance Co.  His  name  first  appears 
in    the    city    directory    for    1795, 


where,  as  "Baltus  P.  Melick,"  he 
is  described  as  grocer  of  183  Wash- 
ington Street.  He  became  the  first 
President  of  the  Chemical  Banii  in 
1824,  and  in  his  leisure  hours  was 
Secretary  of  the  Black  Friars  Soci- 
ety, a  musical  and  social  club. 

Merritt,  Benjamin 

Tax  list  of  1823  gives  277  Pearl 
Street;  real,  $10,250;  personal, 
$5,000. 

Mesier,  Peter  A. 

Tax  list  of  1822  gives  28  Wall 
Street;  real,  $8,000.  A  bookseller. 
At  the  celebration  of  the  opening  of 
the  Erie  Canal,  Mr.  Mesier  was 
assistant  standard  bearer. 

Miller,  John  B. 

Tax  list  of  1822  gives  his  house  at 
109  Greenwich  Street  as  worth 
$9,000;  personal,  $10,000. 

Miller,  Thomas 

Director  of  the  North  River  Insur- 
ance Co.,  1822.  Taxed  on  $5,000 
personal  property  in  1815. 

MiLNER,  Joseph  K. 

Tax  list  of  1822  gives  6  Pearl 
Street;  house,  $12,000;  personal 
$15,000.  Taxed  on  $30,000  per- 
sonal property  in  1815  and  $15,000 
in  1820. 

MiNTURN,  A.  G. 

Tax  list  of  1823  gives  his  house  at 
78  Murray  Street;  personal,  $5,000. 

MiNTURN,  Jonas 

One  of  three  commissioners  ap- 
pointed to  receive  stock  subscrip- 
tions of  the  Mechanics'  Life  In- 
surance and  Coal  Co.,  1822;  also  a 
Director  of  that  company  and  a 
Director  of  the  Mechanics'  Insur- 
ance Co.,  1822.  One  of  the  three 
Minturns  in  the  firm  of  Champlin 
&  Minturn  which  failed  in  1815. 
Later  Jonas  went  into  the  auction 
business  under  the  name  of  Frank- 
lin &  Minturn.  "The  Minturns 
are  a  good-looking  lot  of  men,  six 
feet  tall,  rosy  cheeks,  and  black 
curly  hair." 

MoLLAR  &  Rankin 

This  firm  took  $20,000  of  the  U. 
S.   Government   Loan   of    1813—14. 

Montgomery,  John  B. 

Owned  78  and  80  Maiden  Lane  in 
1822,  valued  at  $5,000;  personal 
estate,  $5,000. 

Moore,  B.  (Estate  of) 

Tax  list  of  1823  gives  2  John  Street; 

Eersonal,     $35,000.      The     Moores 
oasted  direct  descent  from  Thorn- 


WEALTHY    C  I  T  I  Z  E  xN  S  '    BIOGRAPHY 


123 


as  DeMoore,  a  Norman,  who  came 
with  WilHam  the  Conqueror  into 
England  in  1066.  B.  Moore  was 
clerk  to  H.  C.  De  Rham.  Taxed  on 
$50,000  personal  property  in  1820. 

Moore,  Clement  C. 

Taxed  on  $17,000  personal  estate 
in  1820.  He  was  the  son  of  Bishop 
Moore,  and  author  of  "The  Visit 
of  St.  Nicholas,"  1822.  Born,  1781; 
in  1818  he  presented  to  the  Epis- 
copal Theological  Seminary  the 
block  on  which  the  Seminary  build- 
ings were  erected. 

Morris,  Andrew 

Director  of  the  Mechanics  Bank, 
1822,  and  Trustee  of  the  Bank  for 
Savings,  1819-23.  Taxed  on  $60,- 
000  personal  property  in  1815. 

Morrison,  John  C. 

Director  of  the  North  River  Bank, 
1821.  Druggist;  lived  at  188 
Greenwich  Street.  Taxed  on  $10,- 
000  personal  property  in  1820. 

Morse,  John 

(See  later  edition).  Director,  Ful- 
ton Fire  Insurance  Co.,   1822. 

Morse,  Oliver 

Tax  list  of  1825  gives  31  Park; 
real,   $13,000;  personal,   $500. 

Morton,  Jacob 

Counsellor-at-law,  and  Clerk  of  the 
Common  Council  until  1835. 

Morton,  Thomas  C. 

Tax  list  of  1823  gives  92  William 
Street;  real,  $9,250;  personal,  $7,- 
000. 

Morton,  Walter 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14. 

MoTT,  Henrv 

Tax  list  of  1823  gives  259  Pearl 
Street;  real,  $11,000;  personal  $10,- 
000. 

MoTT,  Doctor 

A  celebrated  phvsician  of  25  Park 
Row;  real,  $16,000. 

MoTT,  William  F. 

(See  later  edition).  Taxed  on  $12,- 
500  personal  property  in  1820. 
One  of  the  first  Directors  of  the 
Manhattan  Fire  Insurance  Co., 
1822. 

MowATT,  John  (Estate  of) 

Tax  list  of  1823  gives  217  Pearl 
Street;  real,  $15,000;  personal,  $40,- 
000.  Taxed  on  $60,000  personal 
propertv  in  1815  and  $40,000  in 
1820. 

MuiR,  Alexander  M. 

Director  of  the  North  River  Bank, 


1821;  and  North  River  Insurance 
Company,  1822. 

MUMFORD,  Gurdon  S. 

Took  $20,000  of  the  U.  S.  Govern- 
ment Loan,  1813—14.  One  of  the 
llrst  members  mentioned  in  the 
"Brokers  of  the  New  York  Stock 
Exchange."  In  1817  there  were  only 
28  members.  When  the  New  Eng- 
land Society  for  friendship,  char- 
ity and  mutual  assistance  was 
formed  in  1805,  four  Mumfords 
;oined  it.  He  was  elected  to  the 
9th  Congress  for  the  City  of  New 
York  in  1805;  re-elected  to  the 
10th  and  11th  Congress,  and  held 
his  seat  until  1811.  Came  as  a  broker 
to  Wall  Street  in  1816,  and  was 
one  of  the  founders  of  the  Stock 
Board.  He  died  in  1830;  his  fu- 
neral was  one  of  the  largest  ever 
held  in  New  York. 

Munson,  Reuben 

Director,  Fulton  Fire  Insurance 
Co.,  1822 

MuLFORD,  Hervey 

Owned  61  South  Street,  taxed  at 
$7,000,  1822. 

Murray,  George  W. 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan  of  1813-14. 

Murray,  James  B. 

Tax  list  of  1823  gives  54  Warren 
Street:  real,  $6,300;  personal,  $3,- 
000. 

Murray,  John 

Treasurer  of  the  Bank  for  Sav- 
ings, 1819-23.  Partner  of  Richard 
Cunningham  and  Hugh  McCor- 
mick,  who  owned  a  tannery  and 
manufactory  near  the  old  powder 
house  and  sun-fish  pond  at  the  foot 
of  Murray  Hill.  Was  treasurer  of 
the  New  York  Hospital,  and  in 
1792  a  Director  of  the  Bank  of 
New  York.  Murray  Hill  was 
named  after  him;  he  once  owned 
it  all. 

Murray,  John  B. 

Taxed  on  $25,000  personal  prop- 
ertv in  1815;  on  45  Barclay  Street, 
1823,  $7,500,  and  $15,000  personal. 

Murray,  Lindley 

The  well-known  grammarian.  Old 
Jlerchants  says  that  he  used  often 
to  leap  across  Burling  Slip,  twenty- 
one  feet,  with  a  pair  ot  fowls  in 
his  hand,  as  he  came  from  mar- 
ket; his  lameness  was  afterwards 
imputed  to  this  cause.  It  was  his 
mother  who  entertained  the  British 


124     A  CENTURY  OF  BANKING  IN  NEW  YORK 


officers  so  charmingly  for  two 
hours,  at  her  house  on  Murray 
Hill,  while  General  Putnam,  with 
a  large  detachment  of  the  Con- 
tinental army,  retreating  in  haste 
before  a  superior  force,  success- 
fully reachea  the  main  body  at 
Harlem  Heights.  He  earned  an 
immense  sum  by  his  various  works, 
but  the  profit  was  invariably  de- 
voted to  charity.  When  he  died, 
he  left  by  will  several  bequests  to 
charities  in  England.  The  resi- 
dence, after  his  wife's  death,  was 
to  be  transferred  to  New  York  for 
a  permanent  fund  to  be  used  to 
help  liberate  the  slaves. 

Murray,  R.  I. 

Tax  list  of  1823  gives  47  Cliff 
Street:  real,  $8,500;  personal,  $5,- 
000. 

Neilson,  William 

A  merchant  who  owned  ships  trad- 
ing between  New  York  and  Newry, 
in  Ireland.  He  married  twice,  the 
second  time  Lady  Catherine  Duer, 
1801.  After  the  war  he  resumed 
business  at  Great  Dock  Street. 
In  1797,  he  took  his  son  into  the 
firm.  His  house  at  1  State  Street 
was  taxed  at  $16,000,  1822. 

Nevins,  p.  I.  _  . 

{See  later  edition).  Director,  Hope 
Insurance  Co.,  1822. 

Nevins,  R.  L. 

Tax  list  of  1822  gives  42  Wall 
Street:  personal,  $1,000. 

Nevins  &  Townsend 

40  Wall  Street:  real,  $14,000.  A 
highly  respected  Wall  Street  bro- 
kerage firm. 

New  BOLD,  George 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
One  of  the  Directors  of  the  Bank 
of  America. 

Newton,  Joseph 

Director  of  the  North  River  In- 
surance Co.,  1822. 

NiBLO,  William 

Tax  list  of  1822  gives  47  Pine 
Street;  house,  $2,400;  45  Pine 
Street;  house,  $10,000;  personal, 
$5,000.  He  kept  the  Bank  Coffee 
House.  The  following  poster  is 
interesting:  "Niblo's  Garden.  The 
greatest  curiosity  in  the  world,  and 
the  most  interesting,  particularly 
to  Americans,  is  now  exhibiting  at 
the  Saloon  fronting  on  Broadway, 
in  the  building  recently  erected  for 


the  dioramic  view,  Joice  Heth, 
nurse  to  General  George  Washing- 
ton, (the  father  of  our  country), 
who  has  arrived  at  the  astonish- 
ing age  of  161,  as  authentic  docu- 
ments will  prove  and  is  in  full 
possession  of^her  faculties.  She  is 
cheerful  and  healthy,  although  she 
weighs  but  49  pounds.  She  re- 
lates many  anecdotes  of  her  young 
master;  she  speaks  also  of  the  red- 
coats during  the  Revolutionary 
War,  but  does  not  appear  to  hold 
them  in  high  estimation.  She  has 
been  visited  by  crowds  of  ladies 
and  gentlemen,  among  whom  were 
many  clergymen  and  physicians, 
who  have  pronounced  her  the  most 
ancient  specimen  of  mortality  the 
oldest  of  them  has  ever  seen  or 
heard  of,  and  consider  her  a  very 
great  curiosity.  She  has  been  a 
member  of  the  Baptist  Church  for 
upwards  of  one  hundred  years,  and 
seems  to  take  great  satisfaction  in 
the  conversation  of  ministers  who 
visit  her.  She  frequently  sings 
and  repeats  parts  of  hymns  and 
psalms." 

NiCOLL,  Edward  H. 

Director,  Globe  Insurance  Co., 
1822,  and  of  the  Branch  Bank  of 
U.  S.  He  married  Mary  Town- 
send,  daughter  of  Capt.  Solomon 
Townsend.  Was  of  the  firm  of 
Smith  &  Nicoll.  A  stepson  of  Hon. 
John  Smith,  of  the  U.  S.  Senate. 
Tax  list  of  1822  gives  8  Green- 
wich Street;  house,  $7,500;  per- 
sonal, $40  000. 

NiCOLL,  Francis  H. 

Director,  Merchants  Fire  Insur- 
ance Co.,  1822.  Taxed  on  $25,000 
property  in  1815,  and  $10,000  in 
1820. 

NiLES,  P.  F. 

Tax  list  of  1823  gives  221  Pearl 
Street;  real,  $15,000. 

Nixon,  Thomas 


Taxed    on   $20,000   personal   prop- 
Noble,  John 


erty  in  1815,  and  $25,000  ir 


The  tax  list  of  1822  values  his 
house  at  29  Greenwich  Street  at 
$7,500;  personal  tax,  $6,000. 

Oakey,  Charles 

Taxed  on  $5,000  personal  propertv 
in  1820.  Bousjht,  in  1819,  twent'v 
lots  in  Cornelia  Street  for  $8,000. 

Oakley,  James 

Owned  114  Libertv  Street  in  1822 


WEALTHY    CITIZENS'    BIOGRAPHY 


12f 


Tax  reports  show  his  estate  $5,000 
in  real  and  $2,500  personal. 

OgdeN,  Abraham 

Tax  list  of  1822  gives  52  Green- 
wich Street;  house,  $10,000.  Taxed 
on  $10,000  personal  property  in 
1815. 

Ogden,  Isaac  G. 

Tax  list  of  1822  gives  48  Wall 
Street;  real,  $8,000;  tax  list  in  1823, 
75  Warren  Street;  real,  $7,000; 
personal,  $2,000.  One  of  the  first 
twenty-eight  members  of  the  Stock 
Exchange. 

Ogden,  Jonathan 

Began  his  business  career  in  1793 
and  ended  it  in  1833,  when  he  died. 
He  founded  the  house  of  Ogden, 
Fersiuson  and  Co.  Married,  1804, 
Miss  Charlotte  Walton.  An  Eng- 
lishman by  birth,  he  was  one  of 
the  first  members  of  the  St. 
George's  Society.  Barrett  says 
"he  was  small  in  size,  thick-set, 
and  was  one  of  those  pleasant, 
jolly-countenanced  English  gentle- 
men of  great  moral  worth  and  in- 
tegrity." In  1811  he  moved  to  4 
State  Street  and  lived  in  handsome 
style.  He  did  a  great  business, 
owned  ships  and  was  a  great  ship- 
per on  his  own  account.  He  had  a 
house  in  Liverpool  to  which  he 
sent  cargoes  of  cotton,  flour  and 
other  goods.  He  was  a  Director 
of  the  Merchants  Bank  from  1814 
to  1832.  He  paid  taxes  on  $85,000 
personal  property  in  1815  and  in 
1822  was  taxed  on  4  State  Street 
$16,000,  with  $20,000  personal. 

Ogden,  Thomas  L. 

Director,  Globe  Insurance  Co., 
1822.  Tax  list  of  1822  gives  17 
Nassau  Street;  house,  $14,000;  per- 
sonal, $2,000. 

Olmsted,  Ralph 

Owned  86  Liberty  Street  in  1822. 
His  estate  was  valued  at  $7,000, 
and  his  personal  property  at  $3,- 
000.     A  rich  dry  goods  merchant. 

OoTHOUT,  John^ 

{See  later  edition).  Director  of  the 
Bank  of  New  York,  1819-58. 

OoTWOUT,  Mrs. 

Tax  list  of  1823  gives  32  Court- 
landt  Street;  real,  $6,600;  personal, 
$22,000. 

OOTWOUT,  Miss 

Personal,  $25,000. 
OsBORN,  William 

Tax    list    of   1823    gives    20    Cliff 


Street;  real,  $8,000;  personal,  $10,- 
000.  A  celebrated  merchant;  when 
he  failed  in  1830,  his  collapse 
created  a  small  panic. 

Overing,  Henry 

Taxed  on  $70,000  personal  property 
in  1820. 

Painter,  Henry  H. 

Tax  list  of  1823  gives  28  Warren 
Street;  real,  $6,000. 

Palmer,  John  J. 

He  owned  96  Liberty  Street,  in 
1822.  His  real  estate"^  was  valued 
at  $6,000  and  his  personal  prop- 
erty at  $8,000.  Taxed  on  $20,000 
fersonal  property  in  1815,  and 
8,000  in  1820. 

Palmer,  William 

Tax  list  of  1822  gives  8  Wall 
Street;  house,  $6,000;  personal, 
$2,000. 

Parish,  Henry 

Taxed  on  $5,000  personal  property 
in  1815  and  1820.  The  tax  list 
of  1822  gives  his  personal  property 
as  $15,000.  Of  the  firm  of  HenrV 
&  Daniel  Parish,  drygoods  mer- 
chants. He  was  born  in  1788,  and 
came  to  New  York  about  1809. 
He  lived  at  115  Pearl  Street  in 
1822,  and  retired  from  business  in 
1825.  He  went  to  work  again  in 
1827  with  another  partner  and 
built  49  and  51  Barclay  Street  (one 
for  himself  and  the  other  for  his 
brother),  which  were  regarded  as 
palaces  in  those  days.  He  mar- 
ried Miss  Susan  Maria  Delafield 
in  1829.  He  went  to  Europe  for 
his  health  in  1842  and  made  a  will 
at  that  time,  leaving  his  wife 
$331,000,  and  left  other  property 
valued  at  about  $2,000,000.  After 
his  return  from  Europe  his  mind 
gave  way  and  he  died  shortly 
after. 

Patten,  Richard 

Tax  list  of  1823  i^nves  180  Water 
Street;  real,  $8,500;  personal,  $7,- 
500. 

Patton,  James 

Owned  a  stable  valued  at  $6,000 
on  Liberty  Street,  1822. 

Paulding,  William 

Born  at  Tarrytown,  N.  Y.  and 
came  to  New  York  City  in  1795 
to  practise  law.  He  married  a 
daughter  of  Philip  Rhinelander. 
In  the  War  of  1812  he  rose  to  the 
rank  of  Brigadier  General  of  mili- 
tia.    Elected    to    Congress,    1811. 


126  A  CENTURY  OF  BANKING  IN  NEW  YORK 

He  lived  in  one  of  the  finest  blocks  $15,000;  personal,  $20,000.    Direc- 

of  the  citv.  called  Paulding's  Row,  tor  of  the    Manhattan  Fire  Insur- 

in  Jay  Street  at  the  corner  of  Green-  ance  Co.,  1 822. 

wich.'     He   was   taxed  on   $28,000 
personal   property   in   1815.     Died 
in  1854. 
Pearson,  Isaac  G. 

Taxed  on  $15,000  personal  prop- 
erty in  1815.  He  was  a  builder, 
an3  purchased  in  1827  all  the  lots 
on  both  sides  of  Bleecker  Street, 
between  Mercer  and  Greene,  for 
about  $400  to  $600  a  lot. 
Phelps,  Anson  G. 

(See  later  edition).  Tax  list  of  1823, 
gives  52  Cliff  Street;  real,  $8,500; 
personal,  $15,000.  A  New  Eng- 
lander.  Founded  the  firm  of 
Phelps  &  Peck.  He  was  a  tinman 
and  was  apprenticed  to  that  trade; 
then  he  became  a  peddler  and  sold 
wooden  clocks  as  well  as  tin  ware, 
and  this  business  was  the  founda- 
tion of  his  fortune.  He  started  in 
New  York  In  1814;  Mr.  Peck  be- 
came a  partner  in  1818.  Their 
prosperity  increased  so  that  they 
were  able  to  purchase  32  Cliff 
Street  and  erect  a  large  store, — 
which  fell  down  the  following  year, 
killing  several  people.  Mr.  Peck 
left  a  princely  fortune  when  he 
died.  Director  of  the  Hope  In- 
surance Co.,  1822. 
Phelps.  Thaddeus 

Located  at  109  Liberty  Street; 
real,  $7,500;  personal,  $5,000.  Took 
$10,000  of  the  U.  S.  Government 
loan,  1813-14.  He  lived  In  Park 
Place  many  years.  "He  was  a 
great  merchant  but  awfully  pro- 
fane," says  Old  Jlerchants.  Was 
a  great  Democrat  In  Jackson's 
time.  His  daughter  married  Gov- 
ernor Mason  of  Michigan. 
Phelps  &  Co.,  Thaddeus 

Owned  72  South  Street,  taxed  on 
$9,000  In  1822. 
Phelps  &  Peck 

Tax  list  of  1823  gives  181   Front 
Street;  real,  $10,000. 
Pfister,  Alex.  V. 

Tax  list  of  1822  gives  13  Broad- 
way; house,  $20,000. 
Phyfe,  Duncan 

{See  later  edition).    Director  of  the 
North  River  Bank,  1821. 
PlERSON, Isaac 

{See  later  edition).    Tax  list  of  1822 
gives    9    Whitehall    Street;    house. 


Pike.  Benjamin 

Tax  list  of  1822  gives  12  Wall 
Street;  house,  $5,000;  personal, 
$500. 

PiNTARD,   John 

Born  In  1759.    Brought  up  by  his 
uncle  after  his  parents'  death  and 
educated   at   the   famous  grammar 
school  at  Hempstead,  L.  I.,  where 
he   was  considered   the  best   Latin 
scholar.      Joined    the   armv   during 
the  war  and  was  deputed  to  pro- 
cure articles  for  the  prisoners  and 
relieve  their  necessities.    After  the 
war    he    married    Eliza    Brashear. 
daughter  of  Colonel  Brashear.    He 
was    engaged    in     many    different 
businesses,   both  In  the  South  and 
New  York.    In  1805  was  appointed 
clerk   to   the   Corporation   of  New 
York  and  City  Inspector,  and  made 
many  wise  laws  for  the  firemen  of 
the    city.      In    1812    there    was    a 
scarcity  of  small  coinage,  and  the 
Corporation  appointed  Pintard  to 
sign  all  the  paper  notes  of  a  small 
denomination  issued  then;  he  was 
eminent    in    all    financial    matters. 
He   left    the   Corporation   In    1809, 
when  he  was  appointed  Secretary 
of  the   Mutual   Insurance   Co.;   he 
continued    to   be   a    Director   after 
he    ceased    to    be    capable    of   per- 
forming   the    duties    of   Secretary. 
He  was  seventy  when  he  resigned 
In  1829,  but  he  had  a  desk  in  the 
office  as  long  as  he  lived,    though 
he    was    both    blind    and    deaf    in 
his  later  years.     He  was  Secretary 
of  the  American  Museum,  founded 
In  1791  by  the  Tammanv  Society. 
The  Museum  was  housed  in  a  room 
In  the  City  Hall  and  articles  were 
sent    to    Mr.    Pintard    for    exhibi- 
tion;  it    was   open   every    Tuesday 
and   Friday  afternoons.     Mr.    Pin- 
tard   was    also    a    Trustee    of    the 
Bank    for    Savings    1819-41.     The 
tax  list  of  1822.  shows  that  he  was 
taxed    on    real   estate   $12,000   and 
personal  $1,000,  at  57  King  Street. 
He  died  in  1844. 
Post.  Allison 

[See  later  edition).  Tax  list  of  1823 
Indicates  that  he  lived  at  15  Court- 
landt  Street,  and  owned  personal 
property    valued   at    $18,000. 


WEALTHY    CITIZENS'    BIOGRAPHY 


127 


Post,  Gerardus 

Taxed  on  $40,000  personal  prop- 
erty in  1815  and  $20,000  In  1820. 

Post,  Henry,  Jr. 

Director  of  the  Mechanics'  In- 
surance Co..  1822.  Member  of  the 
firm  of  Post  &  Russell,  in  the  cot- 
ton business.  He  had  been  in  busi- 
ness since  1798.  He  married,  in 
1805,  Miss  Mary  Minturn,  daugh- 
ter of  William  Minturn  of  the  firm 
of  Minturn  &  Champlin.  He  did 
a  heavy  business  for  some  years; 
in  1812  the  house  became  Post  & 
Minturn,  which  was  dissolved  in 
1817.  Became  one  of  the  founders 
of  the  Board  of  Brokers.  He  was 
cashier  of  the  Franklin  Bank  from 
1818  to  1826,  when  he  became  Presi- 
dent, but  the  bank  failed  at  about 
that  time. 

Post,  William 

Taxed  on  $40,000  personal  prop- 
erty in  1815  and  $25,000  in  1820. 
The  tax  list  of  1823  gives  177 
Water  Street;  real,  $6,000;  per- 
sonal, $10,000.  He  was  a  paint 
dealer  in  Water  Street.  He  was 
called  a  miser,  and  died  rich. 

Post,  Wright 

The  tax  list  of  1822  values  his 
house  at  4  Bowling  Green  at  $20,- 
000;  personal  tax,  $20,000. 

Power,  L. 

Tax  list  of  1822  values  his  real 
estate  at  $10,000. 

Prall,  Ichabod 

Director  of  the  Manhattan  Fire 
Insurance  Co.,  1822.  He  took  $10,- 
000  of  the  U.  S.  Government 
Loan,  1815-14.  Lived  at  168  Water 
Street,  where  the  water  came  up 
to  the  door.  "A  fine  man,  but 
unfortunate  in  business."  General 
Jackson  gave  him  a  place  in  the 
Custom  House.  Taxed  on  $6,000 
personal  property  in  1820. 

Price,  Ichabod 

Tax  list  of  1825  gives  190  Broad- 
way; real,  $12,750. 

Price,  Thompson 

(See  later  edition).  Director  of  the 
Mechanics'    Insurance   Co.,    1822. 

Prime,  Nathaniel 

{See  later  edition).  Lived  at  the 
famous  No.  1  Broadway-  Head 
of  the  firm  of  Prime,  Ward  & 
King,  of  5  State  Street.  He  is 
said  to  have  once  been  in  the  ser- 
vice of  a  rich  man  of  Boston,  who 
loaned    him    money    to    commence 


a  brokerage  business  in  a  small 
way.  One  of  the  wealthiest  men 
of  New  York  of  his  time,  but  not 
considered  to  be  worth  a  million. 
In  1832  he  retired,  but  was  forever 
possessed  by  a  fear  that  he  would 
c^ie  in  poverty.  His  children  mar- 
ried into  the  first  families  of  New 
York  society.  He  was  the  first 
genuine  private  banker  in  New 
York,  and  a  shrewd,  far-seeing  man 
of  business.  Taxed  on  $75,000 
personal  property  in  1820;  the 
tax  list  of  1822  ^ives  taxes  on  3 
Broadway  at  $20";'000  in  addition. 
New  York  Director  of  the  U.  S. 
Bank,  Philadelphia,  1818,  and 
Director  of  the  Globe  Insurance 
Co.,  1818. 

Prince,  William  A. 

Tax  list  of  1823  gives  178  Broad- 
wav;  real,  $11,000;  personal,  $5,- 
000. 

Randall,  Thomas 

Mariner.  A  member  of  the  Ton- 
tine, 1794.  He  left  an  estate  to 
found  the  Sailors'  Snug  Harbor. 

Randolph,  Jeremiah  F. 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14.  Taxed  on 
$20,000  personal  property  in  1815 
and  $10,000  in  1820.  List  of  1822 
gives  11  Bridge  Street;  house,  $13,- 
000;  personal,  $6,000. 

Rankin,  Henry 

{See  later  edition).  Taxed  on  $30,- 
000  personal  property  in  1815  and 
$25,000  in  1820;  tax  list  of  1822 
gives  3  Carlile  Street;  house,  $4,- 
500;  personal,  $25,000.  Went  into 
partnership  with  Isaac  He3'er  in 
1815  as  hardware  merchants;  this 
was  dissolved  about  1824.  Was 
one  of  the  first  Directors  of  the 
U.  S.  Branch  Bank,  1815;  Director 
of  the  Merchants  Bank,  1820-30; 
Director  of  the  North  River  In- 
surance Co.,  1822. 

Rapelye,  George 

Born  at  Newtown,  February  15, 
1793  and  became  a  prominent  New 
York  merchant.  Carried  on  for 
many  years  a  wholesale  grocery 
business  on  Catharine  Street, 
where  he  accumulated  a  fortune. 
He  owned  a  fine  residence  on 
Madison  Street,  which  was  then  a 
fashionable  part  of  the  city.  Taxed 
on  $15,000  personal  property  in 
1815,  and  $10,000  in  1820. 


128     ACENTURY  OF  BANKING  IN  NEW  YORK 


Rathbone,  I. 

{See  later  edition).  Taxed  on  $50,- 
000  personal  property  in  1815  and 
$15,000  in  1820;  the  tax  list  of 
1823  gives  46  Cliff  Street;  real, 
$9,000;  personal,  $5,000.  Of  the 
firm  of  John  Rathbone  &  Co.  He 
died  in  1843,  aged  ninety-two. 
He  was  a  Connecticut  boy,  and 
came  to  New  York  soon  after  the 
close  of  the  Revolutionary  War. 
He  was  a  clerk  for  some  time,  but 
went  into  business  for  himself 
about  1795.  He  has  two  sons  and 
one  daughter;  his  son  John  was  a 
member  of  the  State  Legislature  in 
•1823  and  made  a  reputation  for 
himself  in  politics.  John  Rathbone 
&  Son  subscribed  $10,000  to  the 
U.  S.  Government  Loan  of  1813-14. 

Ray,  Cornelius 

(See  later  edition).  Director  of 
Branch  Bank  of  U.  S.,  1822.  One 
of  the  early  trustees  of  the  Sailors' 
Snug  Harbor,  given  by  Captain 
Randall.  One  of  the  four  members 
of  the  Committee  appointed  to  set- 
tle all  the  accounts  of  the  purchase 
and  building  of  the  Tontine  Coffee- 
House.  Taxed  on  $80,000  personal 
propertv  in  1815  and  $60,000  in 
1820.  List  of  1822  gives  56  Broad- 
way'; house,  $28,000;  personal, 
$60,000. 

Ray,  Robert 

Born  July  14,  1797;  died  March 
11,  1879.  He  married,  November 
25,  1819,  Cornelia,  daughter  of 
Nathaniel  and  Cornelia  Prime.  On 
their  marriage  Mr.  Prime  ic}-i>.) 
presented  his  daughter  with  a 
three-story  house  at  No.  3  Mar- 
ketfield  Street,  which  was  in  later 
vears  the  site  of  the  Washington 
Building.  In  1829  he  purchased 
from  Dr.  Alexander  H.  Stevens  the 
house  at  No.  17-19  Broadway  for 
$19,500;  in  earlier  days  this  had 
been  the  home  and  office  of  John 
Chambers,  a  noted  lawyer  and 
Judge  of  the  Supreme  Court.  Upon 
these  lots  Mr.  Ray  erected  a  man- 
sion which  still  existed  in  1907, 
when  it  had  been  converted  into 
offices  of  the  Anchor  Steamship 
Line.  For  a  description  of  his 
home,  at  2  University  Place,  on 
January  23,  1834,  see  Philip  Hone's 
Diary.  He  was  one  of  the  most 
noted  men  of  the  day  and  his 
home   one   of  the   most   beautiful. 


He    paid    taxes    on    3    Marketfield 
Street,  $9,000,  in  1822. 
Reed,  Stephen 

Tax  list  of  1822  gives  37  Wall 
Street;  real,  $10,000.  Taxed  on 
$30,000  personal  property  in  1815. 

Reade,  Robert  L. 

(See  later  edition).     Director,  Mer- 
chants' Fire  Insurance  Co.,  1822. 
Remsen,  Daniel 

Taxed  on  $6,000  personal  prop- 
erty in  1815  and  $20,000  in  1820. 
Married  a  sister  of  Henry  F. 
Rogers.  Was  of  the  house  of  Peter 
Remsen. 

Remsen,  Peter 

(See  later  edition).  Taxed  on  $50,- 
000  personal  property  in  1815  and 
1820;  tax  list  of  1822  gives  2 
Broadway;  house,  $14,000;  per- 
sonal, $50,000.  Bought  2  Bowling 
Green  in  1815  for  $9,500.  He  had 
a  grocery  store  in  Coenties  Slip, 
where  he  did  business  for  over 
fortv  vears,  commencing  about 
1796.  Died  about  1836.  He  did 
an  immense  trade,  and  had 
many  partners  who  all  made  for- 
tunes. He  was  an  extraordinary 
man,  and  served  as  director  of 
many  important  corporations,  in- 
cluding the  Merchants  Bank,  the 
Globe  Insurance  Co.,  and  the 
Farmers'  Fire  Insurance  &  Loan 
Co. 

Rhinelander,  William 

(See  later  edition).  Tax  list  of  1823 
gives  243  Broadway;  real,  $12,500; 
also  5  lots  on  Washington  Street; 
real,  $6,600.  Taxed  on  $30,000 
personal  propertv  in  1815,  and 
$40,000  in  1820.  Director  of  the 
North  River  Insurance  Co.,   1822. 

Rhodes,  Chris 

Tax  list  of  1823  gives  209  Pearl 
Street;  real,  $12,500. 

Rich,  Thomas  L. 

Tax  list  of  1822  gives  9  Wall 
Street;  house,  $6,000;  personal, 
$2,000. 

Richards,  Nathaniel 

Director,  Washington  Insurance 
Co.,  1822.  Taxed  on  $25,000  per- 
sonal property  in  1815.  List  of 
1823  gives  133  Chambers  Street; 
real,  $6,500;  personal,  $10,000. 

Richards,  Abraham 

Director,  Hope  Insurance  Co.,  1822. 

Richards,  Stephen 

Taxed  on  $10,000  personal  prop- 
erty in  1815. 


WEALTHY    CITIZENS'    BIOGRAPHY 


129 


RiKER,  Richard 

Recorder  for  New  York  City,  1822. 
Taxed  on  $10,000  personal  prop- 
erty in  1820. 

Roberts,  William 

Assistant  to  the  President,  Hope 
Insurance  Co.,  1822.  Bookkeeper 
in  Thos.  N.  Small  Co.  when  they 
failed.  Carried  on  business  under 
his  own  name  at  the  store  of  Wm. 
H.  Smith  &  Son,  166  South  Street, 
and  was  there  up  to  1829;  he  then 
established  himself  at  1  Wall 
Street.  He  kept  fine  brandies  and 
wines.  He  resided,  from  1831,  at 
2  Vesey  Street,  which  he  had 
rented  from  John  Jacob  Astor. 
He  adopted  a  young  lady  as  his 
daughter  who  became  the  wife  of 
Dr.  Alexander  F.  Vache. 

Robins,  John 

Born  in  1779.  He  had  an  adven- 
turous youth  travelling  between 
New  York  and  Philadelphia.  Went 
as  supercargo  twice  on  his  brother's 
boat.  He  started  a  dry  goods 
business  in  Pearl  Street.  He 
was  a  bachelor  and  his  mother, 
"a.  clever  woman  and  a  good  cook" 
kept  house  for  him;  she  lived  to  be 
ninety-five  and  died  in  1833.  He 
became  exceedingly  wealthy  and  in 
1861  paid  a  larger  personal  tax 
than  John  Jacob  Astor.  "He  has 
washed  his  hands  and  face  daily 
in  the  same  shilling  tin  basin  for 
sixty  and  odd  years,  and  in  the 
open  yard.  He  has  done  his  own 
marketing  all  the  time.  .  .  . 
He  has  never  fooled  away  his 
money  on  beggars."  He  never 
carried  an  umbrella,  and  never  had 
a  fire  in  his  sleeping  apartment. 
Director  of  the  Merchants'  Fire 
Insurance  Co.,  1822. 

Robinson,  Morris 

In  1820,  he  became  Cashier,  Branch 
Bank  of  the  U.  S.  One  of  the  best 
financiers  of  his  day.  He  had  sev- 
eral sons.  Tax  list  of  1822  gives 
65  Broadwav;  house,  $30,000;  per- 
sonal, $3,000. 
Robinson,  William  H. 

Tax    list    of    1822    gives    44    Wall 
Street;  real,  $13,000. 
Roe,  William 

Director,  North  River  Bank,  1821, 
and  North  River  Insurance  Co., 
1822.  Taxed  on  $10,000  personal 
property  in  1815. 


Rogers,  B.  W. 

Born  1775,  the  son  of  Moses 
Rogers,  a  famous  merchant.  Be- 
gan business  as  a  hardware  mer- 
chant in  1804,  and  lived  at  5  State 
Street  in  1826.  Was  a  vestryman 
of  Trinity  Church  from  1821  to 
1826.  Married  first  a  daughter  of 
William  Ba^'ard,  and  second  a  Miss 
Elwyn.  Each  of  his  daughters 
married  W.  P.  Van  Rensselaer. 
He  had  three  sons.  He  died  in 
1859  in  New  York.  Tax  list  of 
1822  values  his  house  at  5  State 
Street  at  $16,000;  personal  tax, 
$25,000.  In  1823  his  house  is  given 
as  235  Pearl  Street;  B.  W.  Rogers 
&  Co.,  real,  $13,000.  Director  of 
the  U.  S.  Bank  at  Philadelphia, 
and  of  the  Globe  Insurance  Co., 
1822. 

Rogers,  David 

Director,  Manhattan  Fire  Insur- 
ance Co.,  and  North  River  Insur- 
ance Co.,  1822.  Of  the  firm  of 
David  Rogers  &  Co.,  large  sugar 
merchants.  In  his  earlier  days  he 
commanded  the  Cliase,  a  vessel 
belonging  to  Melick  &  Burger  in 
the  St.  Croix  trade. 

Rogers,  John 

{See  later  edition).  Director  of  the 
North  River  Insurance  Co.,  1822. 

Rogers,  Moses 

Tax  list  of  1822  places  tax  on  his 
house  at  7  State  Street  of  $19,000; 
personal  tax,  $60,000;  $80,000  per- 
sonal property  in  1815,  and  $60,000 
in  1820. 

Rogers,  Nehemiah 

Came  to  New  York  from  New 
Brunsw'ick  in  1792  and  founded 
the  house  of  Rogers  &  Aspinwall 
at  45  Queen  Street.  In  1796  the 
firm  dissolved  and  Mr.  Rogers 
founded  the  house  of  N.  Rogers 
&  Co.,  with  David  R.  Lambert  as 
a  partner;  the  firm  changed  to 
Rogers  &  Lambert  in  1799.  Be- 
fore he  came  to  New  York  he  was 
the  first  Mayor  of  St.  John,  N.  B., 
and  entertained  the  Duke  of  Kent, 
father  of  Queen  Victoria.  He  mar- 
ried a  daughter  of  James  Bell  of 
Frederickton,  N.  B.  about  1786. 
He  was  born  in  1754  and  died  in 
1849,  aged  ninety-five, — almost  the 
last  of  the  old  merchants  in  active 
business  during  the  18th  century. 
His  wife  outlived  him,  dying  at 
ninety-four.      He     paid     taxes     on 


130     A  CENTURY  OF  BANKING  IN  NEW  YORK 


$50,000  personal  property  in  1815 
and  $20,000  In  1820;  the  tax  list 
of  1822  gave  him  as  at  4  Greenwich 
Street,  house,  $16,000,  and  personal, 
$20,000.  He  was  a  Director  of  the 
New  York  Bank,  1807  to  1827. 
RouLET,  Jonas  S. 

He  was  of  the  firm  of  Rossler  & 
Roulet,  21  Broadway,  who  were 
among  the  largest  merchants;  the 
house  began  business  In  1800. 
Subscribed  to  $10,000  of  U.  S. 
Government  Loan  of  1813-14. 
Roosevelt,  James 

Taxed  on  $50,000  personal  prop- 
erty In  1815  and  $20,000  In  1820; 
In  1823  was  taxed  on  201  Pearl 
Street,  $15,000,  and  personal,  $15- 
000. 
Roosevelt,  James  C. 

Taxed   on    $50,000    personal    prop- 
erty In  1815,  and  $10,000  In  1820. 
Roosevelt,  James  J. 

Taxed   on   $50,000   personal    prop- 
erty In   1815  and  $10,000  In  1820; 
in  1822  was  taxed  on  63  Broadway, 
$15,000,   and   personal,   $10,000. 
Russell,  John  W. 

Owned  73  South  Street;  was  taxed 
on  $7,500. 
Russell,  William  W. 

(See  later  edition).    Was  one  of  the 
first     Directors    of    the     Farmers' 
Fire  Insurance  and  Loan  Co. 
Rutgers,  Colonel  Henry 

In  1798  he  lived  three  or  four 
blocks  above  Rutgers  Street;  the 
grounds  about  his  house  occupied 
an  entire  block.  He  was  one  of 
the  most  prominent  men  of  the 
day,  and  possessed  an  Immense 
landed  estate  of  several  thousands 
of  lots  In  the  immediate  neigh- 
borhood of  his  private  dwelling. 
He  was  never  married.  Was  highly 
respected  by  all  who  knew  him,  a 
quiet  and  unostentatious  man,  very 
charitable,  and  distributed  his 
great  wealth  with  a  liberal  hand. 
He  gave  the  land  on  which  the 
Rutgers  Street  Presbyterian  Church 
was  built,  and  contributed  large- 
ly to  the  erection  of  the  church. 
He  sold  two  lots  to  Garrlt  Furman 
In  1827  In  Madison  Street,  for 
$4,300. 
Salle,  Laurent  (or  Lawrence) 

Tax  list  of  1822  gives  136  Water 
Street;  house,  $5,000;  personal, 
$50,000.  Was  an  auctioneer,  and 
bought  all  the  paper  that  some  of 


the  firms  took.  When  he  died,  he 
left  over  $600,000  In  business 
paper,  and  every  dollar  of  these 
notes  was  taken  at  maturity. 
Taxed  on  $50,000  personal  prop- 
erty in  1815  and  1820.  He  was 
said  to  have  such  a  huge  appetite 
that  one  boarding-house  proprietor 
informed  him  he  could  not  afford 
to  keep  him  for  $4  a  week,  so  he 
was  raised  to  $6.  Even  then  the 
man  requested  him  to  leave,  so 
he  was  In  turn  raised  to  $8  and  then 
$10.  When  he  again  requested 
Salle  to  leave,  he  said  "Charge  all 
you  want,"  but  the  landlord,  with 
tears  In  his  eyes,  replied,  "It's  no 
use.  I  will  not  have  you  at  any 
price.  The  more  I  charge,  the 
more  you  eat." 

Salter,  Thomas 

Tax  list  of  1823  gives  173  Broad- 
way; real,  $16,500. 

Saltus,  Francis 

(See  later  edition).  Taxed  on  $10,- 
000  personal  property  in  1815  and 
1820.  Director  of  the  Farmers' 
Fire  Insurance  and  Loan  Co.,  1822. 

Sands,  A.  L. 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
The  tax  list  of  1823  gives  103 
Chambers  Street;  real,  $5,300;  per- 
sonal, $15,000. 

Sands,  Austen  L. 

Director,  Globe  Insurance  Co., 
1822.  Taxed  on  $15,000  personal 
property  In  1815,  and  $12,000  In 
1820. 

Sanford,  Charles  W. 

Bought  several  lots  In  York  Street, 
1823. 

Sanford,  Nathan 

Director  of  the  Mechanics  Bank, 
1822.  U.  S.  District  Attorney 
about  1806.  Tax  list  of  1822  gives 
27  Pine  Street;  house,  $4,000; 
personal,  $40,000;  29  Pine  Street, 
house,  $2,500.  Taxed  on  $60,000 
personal  property  in  1815,  and 
$40,000  in  1820. 

Sands,  Joseph 

Tax  list  of  1822  ^Ives  5  Market- 
field  Street;  house,  $9,000;  per- 
sonal, $10,000.  Son  of  Comfort 
Sands;  he  was  a  member  of  the 
firm  of  Prime,  Ward  &  Sands  In 
1816. 

SchenCK,  David 

Tax  list  of  1823  gives  his  residence 


WEALTHY    CITIZENS'    BIOGRAPHY 


131 


at  213  Pearl.  (Thos.  Lovell); 
personal,  $10,000. 

ScHENCK,  Peter  H. 

Built  a  cotton  factory  at  Matte- 
wan;  when  New  York  was  block- 
aded cotton  was  carted  by  land 
from  Charleston,  S.  C.  to  Fishkill 
Landing,  New  York,  about  900 
miles.  He  did  business  as  a  grocer 
until  1824  at  49  Front  Street.  He 
was  taxed  on  personal  property  of 
$10,000  in  1815;  the  tax  list  of 
1822  values  his  house  at  2  Bowling 
Green  at  $18,000.  He  added 
greatly  to  the  wealth  of  New  York. 
Apparently  had  no  descendants. 
He  was  one  of  the  first  Directors 
of  the  U.  S.  Branch  Bank,  1816, 
and  a  Director  of  the  Manhattan 
Fire  Insurance  Co.,  1822.  He 
took  $10,000  of  the  U.  S.  Govern- 
ment Loan  of  1813-14. 

ScHERMERHORN,  Abraham 

(See  later  edition).  Director  of  the 
North  River  Insurance  Co.,   1822. 

SCHERMERHORN,   Peter 

{See  later  edition).  Tax  list  of  1822 
eives  68  Broadwav;  house,  $15,- 
000;  personal,  $40,000;  in  1823,  it 
gives  225  and  227  Front  Street; 
real,  $14,000;  224  Water  Street; 
real,  $7,250;  241  Water  Street; 
$5,500;  243  Water  Street,  $5,500; 
70  Gold  Street,  $4,250;  21  Park 
Place,  real  $10,000;  personal,  $12,- 
000.  He  married  Miss  White. 
Was  an  extensive  ship  chandler 
about  1800  in  Water  Street.  Died 
about  1823,  leaving  much  prop- 
erty for  those  days. 

SCHERiMERHORN,    John  S. 

Tax   list   of  1822   gives   32   Broad- 
wav;    house,      $10,000;     personal, 
$25,000. 
Schmidt,  J.  W. 

Taxed  on  $12,000  personal  prop- 
erty in  1820. 

SCHOFIELD,   I   (or  J.) 

Tax  list  of  1823  gives  6  Park 
Place;  real,  $11,000;  personal,  $3,- 
000.  Taxed  on  $15,000  personal 
property  in  1815. 

Schuyler,  Cornelius 

Director,  Mechanics'  Insurance 
Co.,  1822.  Taxed  on  $8,000  per- 
sonal property  in  1815. 

Seaman,  Edmund 

Tax  list  of  1822  gives  29  Broad- 
way; house,  $19,000;  personal, 
$45,000.     Taxed    on    $30,000    per- 


sonal property  in  1815  and  $45,000 
in  1820. 
Seaman,  Robert 

Tax  list  of  1822  shows  that  he 
lived  at  the  above  address;  per- 
sonal, $40,000.  Taxed  on  $10,000 
personal    property    in    1815. 

Senchich,  Nicolo 

Took  $40,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14. 

Schieffelin,  Jacob 

Was  among  the  wealthiest  and 
most  prosperous  men  in  1822.  He 
died  on  April  19,  1835,  leaving 
what  was  then  considered  a  large 
fortune.  He  lived  at  107  East 
Broadway  and  had  a  country 
seat  at  143rd  Street  in  Harlem. 
He  retired  from  the  drug  busi- 
ness in  1811  and  the  business 
was  carried  on  by  Henry  H. 
Schieffelin  and  his  brothers,  Ef- 
fingham and  Jacob  H.  In  1794, 
he  ^rented,  for  $1,000  a  year,  W^il- 
liam  Walton's  house,  built  in  1752, 
at  the  present  326  Pearl  Street. 
John  Pintard,  founder  of  the  N. 
Y.  Historical  Society,  describes  it: 
"A  brick  edifice,  fifty  feet  in 
front  and  three  stories  high,  built 
with  Holland  brick,  relieved  by 
brown  stone  water  tables  and 
jambs,  with  walls  as  substantial  as 
many  modern  churches  and  stand- 
ing along  the  south  side  of  Pearl 
Street,  lately  called  Queen  Street. 
The  superb  staircase  in  the  ample 
hall,  with  mahogany  hand  rails 
and  bannisters,  by  age  as  dark  as 
ebony,  would  not  disgrace  a 
nobleman's  palace.  It  is  the  only 
relic  of  the  kind  that  probably 
at  this  period  remains  in  the  city, 
the  appearance  of  which  affords  an 
air  of  grandeur  not  to  be  seen  in 
the  lighter  staircases  of  modern 
buildings." 

Sharp,  John 

He  bought  17  Bridge  Street  in 
1815  for  $5,100;  was  taxed  on 
$10,000  personal  propertv  in  1815 
and  1820. 

Sharpe,  Peter 

{See  later  edition).  Tax  list  of  1823 
gives  43  Nassau  Street;  real,  $9,- 
000;  personal,  $10,000.  Director 
of  the  Mechanics  Bank,  1822.  and 
Director  of  the  Fulton  Fire  In- 
surance Co.,  1822. 


132     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Shaw,  N.  A. 

Tax  list  of  1823  gives  174  Broad- 
way; real,  $12,500. 

Shepherd,  Allen 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  on  $28,000  in 
1820. 

Sherman,  Jacob 

Taxed  on  $40,000  personal  prop- 
erty in  1815. 

Sh ERRED,  Jacob 

Taxed  on  $30,000  personal  prop- 
perty  in  1820.  One  of  the  founders 
of  tbe  General  Society  of  Mechanics 
&  Tradesmen,  who  erected  their 
building  on  the  corner  of  Park  Place 
in  1805;  this  Society  was  one  of  the 
unique  institutions  of  the  city.  It 
was  started  after  the  war,  in  1786, 
but  was  not  chartered  by  the  Legis- 
lature until  1792.  Sherred  was  a 
painter  and  glazier  at  37  Broad 
Street;  he  had  no  children  nor  near 
relations,  so  John  Pintard  thought 
he  would  apply  to  him  for  help  in  es- 
tablishing the  Theological  Seminary 
of  the  Episcopal  Church.  Sherred 
was  of  the  Dutch  Reformed  Church. 
Inaddition  towriting  him  a  beseech- 
ing letter,  Pintard  convinced  Sher- 
red's  wife  of  the  value  of  the  prop- 
osition, with  the  result  that  when 
Sherred  died  the  Seminary  was  his 
"residuary  legatee"  and  benefited 
some  $60,000. 

Shotwell,  Joseph 

Taxed  on  $10,000  personal  prop- 
ertv  in  1815  and  $20,000  in  1820. 
Of 'the  firm  of  Shotwell,  Fox  &  Co.; 
they  succeeded  Leggett  Pearsall  & 
Co.,  an  auction  and  commission 
house. 

Shute,  John 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan,  1815—14.  Taxed  on 
$15,000  personal  property  in  1815. 

Smith,  Benjamin 

Director,  Globe  Insurance  Co., 
1822.  Ta.xed  on  $10,000  personal 
property  in  1815  and  $9,000  in  1820. 

Smith,  David  V. 

Taxed  on  $12,000  personal  prop- 
erty in  1820. 

Smith,  Edmund 

(See  laLer  edition).  Bought  15 
Bridge  Street  in  1815  for  $5,200. 
Taxed  on  $45,000  personal  prop- 
erty in  1815  and  $50,000  in  1820; 
taxed,  1822,  on  house  $12,000,  and 
personal  $40,000.  Director  of  the 
Globe  Insurance  Co.,  1822. 


Smith,  Flovd 

Tax  list^f  1823  gives  182  Broad- 
way; real,  $11,000. 

Smith,  Gamaliel 

Director,  Globe  Insurance  Co., 
1822.  Taxed  on  $20,000  personal 
propertv,  1815  and  1820.  Tax  list 
of  1822  eives  232  Front  Street: 
real,  $6,500;  personal,  $10,000. 

Smith,  Gershom 

Ta.xed  on  $20,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
Was  a  partner  of  Benjamin  De 
Forest  in  the  firm  of  De  Forest  & 
Smith,  which  began  business  in 
1809. 

Smith,  John  N. 

Tax  Hst  of  1823  gives  172  Broad- 
way; real,  $13,000. 

Smith,  Joseph 

Trustee,  Bank  for  Savings,  1819-32. 
Taxed  on  $8,000  personal  property 
in  1815. 

Smith,  Jotham 

Taxed  on  $25,000  personal  property 
in  1820. 

Smith,  Stephen 

Director,  Mechanics'  Life  Insurance 
and  Coal  Co.,  1822. 

Smith,  Thomas  H. 

Started  business  before  1800;  in 
1801  he  was  at  196  Front  Street  as 
a  wholesale  and  retail  grocer.  He 
prospered.  He  took  $10,000  of  the 
U.  S.  Government  Loan  of  1813-4. 
Besides  being  the  greatest  tea  mer- 
chant of  his  dav,  he  was  also  Presi- 
dent of  a  Club  called  the  "Fire 
Club,"  at  which  the  members  in- 
dulged in  a  sort  of  "Follow  my 
leader"  game;  the  fine  for  refusing 
to  follow  the  leader  was  a  dozen 
bottles  of  champagne,  and  many 
adventures  befell  the  members  in 
following  this  rule.  On  one  occa- 
sion a  bath  in  the  frozen  water  of 
the  harbor  was  in  the  program;  on 
another  occasion  a  stranger  from 
the  South,  elected  chairman  for  the 
evening,  took  a  keg  of  gunpowder, 
put  a  piece  of  fuse  on  the  table 
with  the  other  end  in  the  keg  and 
invited  the  club  to  await  develop- 
ments. As  the  cotton  began  to 
burn  the  room  gradually  cleared, 
until  the  stranger  was  left  alone. 
He  then  extinguished  the  cotton 
and  awaited  the  return  of  the  mem- 
bers. When  they  came  he  called  for 
his  champagne  and  read  them  a 
severe  lecture  on  cowardice.  Smith's 


WEALTHY    CITIZENS'    BIOGRAPHY 


135 


business  failed  in  1827  and  he  died 
owing  the  Government  $5,000,000. 

Smith,  Thomas  R. 

Director,  Fulton  Fire  Insurance 
Co.,  1822.  Taxed  on  $20,000  per- 
sonal property  in  1815  and  $6,000 
in  1820. 

Smith  &  Nicoll 

Tea  merchants;  took  $100,000  of 
U.  S.  Government  Loan  of  1813-14. 
They  failed  afterwards  but  the 
partners  died  rich. 

Smith,  Wilham 

Taxed  on  $70,000  personal  prop- 
erty in  1815.  An  alderman  of  New 
York  at  one  time. 

Spier,  Robert 

Taxed  on  $15,000  personal  prop- 
erty in  1815,  and  $10,000  in  1820. 

Stebbins,  David 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

Stebbins,  William 

One  of  the  first  Cashiers  of  the 
Chemical  Bank.  Had  been  Teller 
of  the  North  River  Bank,  where 
his  brother  John  was  Cashier.  He 
resigned  this  in  1828  to  accept  the 
position  of  Assistant  Cashier. 

Steenback,  Anthony 

Director,  Mechanics  Bank,  and  of 
Mechanics'  Insurance  Co.,  1822. 
Member  of  the  General  Society  of 
Mechanics  and  Tradesmen  of  New 
York,  1804;  a  tax  list,  1823,  gives 
four  lots  beyond  247  Broadwav: 
real,  $28,000. 

Stephens,  Benjamin 

{See  later  edition).  Taxed  on  $18,000 
personal  propertv  in  1815  and  $15,- 
000  in  1820.  Tax  list  of  1823 
gives  51  Dev  Street:  real,  $5,500; 
personal,  $5,000.  Director  of  the 
North  River  Insurance  Co.,   1822. 

Stevens,  E.  &  Son 

The  tax  list  of  1823  gives  221  and 
223  Front  Street;  real,  $11,000;  42 
Warren  Street;  real,  $8,500;  per- 
sonal, $5,000.  Ebenezer  Stevens, 
head  of  the  house,  was  one  of  the 
founders  of  the  Tammany  Society 
in  1789.  Had  been  a  soldier  in  the 
Revolutionary  War,  and  was  a 
member  of  the  New  England  So- 
ciety. In  1786  he  went  into  the 
lumber  business.  He  lived  at  226 
Water  Street;  his  store  was  on 
"Stevens  Wharf."  He  sold  wines 
and  spirits  which  he  imported. 
Was  elected  to  the  Assembly  in 
1800.    He  did  remarkable  business 


betvveen  1800  and  1820.  Died  in 
1823.  Was  a  very  witty  man.  His 
house  at  59  Beekman  Street  had 
a  Dutch  door,  as  was  the  custom 
then;  he  often  stood  looking  out 
from  the  upper  part.  It  had  a  large 
brass  knocker,  which  was  alwavs 
well  polished.  He  had  one  daugh- 
ter, and  several  sons,  one  of  whom 
was  president  of  the  Bank  of  Com- 
merce for  many  years. 

Stewart,  John 

Tax  list  of  1825  gives  192  Front 
Street;  real,  $12,000;  personal, 
$500. 

Stephens,  Garet 

Taxed  on  $20,000  personal  prop- 
erty in  1815,  and  $10,000  in  1820. 

Stewart,  Alexander  L. 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $25,000  in  1820. 

Stilwell,  Samuel 

Took  $10,000  of  U.  S.  Government 
Loan,  1813-14.  Lived  with  his  wife 
in  the  Bowery  for  forty  years;  they 
had  no  children,  but  adopted  Eliza 
Taylor  who  married  Edward  Dough- 
ty. Samuel  Stilwell  was  the  uncle 
of  Silas  M.  Stilwell,  who  was  said 
to  have  spent  $60,000  a  year  at  one 
time.  Taxed  on  $10,000  personal 
property  in  1815. 

Storm,  Garret 

{See  later  edition).  Taxed  on  $50,- 
000  personal  property  in  1815  and 
$22,000  in  1820;  tax  list  of  1822 
gives  13  Wall  Street;  real,  $16,000; 
personal,  $22,000.  Son  of  Thomas 
Storm,  a  grocer.  He  went  into 
partnership  with  his  father  in  1796. 
He  and  his  brother  Stephen  were 
largely  identified  with  the  growth 
of  the  city.  He  married  in  1808  a 
widow,  Susan  Murgatroyd,  with 
two  children.  He  had  two  children; 
one  of  them,  Louisa,  married  Rob- 
ert J.  Livingston,  the  other  Samuel 
V.  Hoffman.  He  retired  in  1824. 
"He  was  never  guilty  of  the  im- 
propriety of  paying  large  wages" 
says  Old  Merchants;  if  any  of  them, 
"like  Oliver  Twist,  in  their  inno- 
cency,  asked  for  more.  Garret 
would  have  certainly  collapsed." 
Took  $10,000  U.  S.  Government 
Loan  of  1813-14.  Director  of  the 
Globe  Insurance  Co.,  1822. 

Storm,  Stephen 

{See  later  edition).  Director  of  the 
North  River  Insurance  Co..  1822. 


134     ACENTURY  OF  BANKING  IN  NEW  YORK 


Storm,  Thomas 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
Married  in  1771  Elizabeth  Gra- 
ham. Was  in  the  grocery  business 
under  the  name  of  Storm  &  Sickles 
in  1785;  the  firm  dissolved  and  iMr. 
Storm  kept  on  alone.  In  1796  he  took 
his  son  Garret  into  partnership.  He 
went  into  politics,  and  was  elected  a 
member  of  the  Legislature  at  Al- 
banv.  Was  a  Director  of  the  New 
Yorlt  Sugar  Refining  Co.  A  promi- 
nent and  leading  merchant  of  extra- 
ordinary energy,  he  always  en;oyed 
good  credit.  He  retired  from  busi- 
ness and  purchased  a  farm  at  Kipp's 
Bay  (near  40th  Street  and  East 
River),  where  he  built  a  fine  man- 
sion and  lived  until  his  death  in 
1853. 

St.  John,  Sam. 

(See  later  edition).  Tax  list  of  1823 
gives  65  Alaiden  Lane;  real,  $10,- 
000;  personal,  $10,000.  Director 
of  the  Manhattan  Fire  Insurance 
Co.,  1822. 

Strong,  Benjamin 

President  of  the  New  York  Sugar 
Refining  Company  about  1804. 
Taxed  on  $28,000  personal  proper- 
tv,  1815  and  1820.  Director  of  the 
Alerchants  Bank,  1817-32,  and 
of  the  North  River  Insurance  Co., 
1822. 

Strong,  George  W. 

Taxed  on  $11,000  personal  prop- 
erty in  1815  and  1820. 

Strong,  Joseph 

Taxed  on  $20,000  personal  prop- 
erty in  1815.  Director  of  the  Hope 
Insurance  Co. 

SuFFERX,  Thomas 

Taxed  on  $20,000  personal  prop- 
erty in  1820.  An  Irishman  who 
succeeded  to  his  uncle's  business  as 
a  tobacco  merchant  in  1810,  but 
changed  to  the  Irish  drygoods  im- 
porting business.  A  pupil  of  Joseph 
Boeuf,  the  celebrated  French  teach- 
er, and  worked  very  hard  at  the 
language,  although  at  that  time 
(1834)  he  was  about  56  years  old. 
He  married  a  daughter  of  William 
Wilson,  a  wealthy  merchant. 

SuYDAM,  John 

{See  later  edition).  Taxed  on  $40,- 
000  personal  propertv  in  1815  and 
$15,000  in  1820;  the  tax  list  of  1822 
gives  4  Broadwav;  house,  $12,000; 
personal,  $15,000.    R.  &  J.  Suydam 


were  in  business  in  1791;  in  1794 
this  was  changed  to  Suydam  & 
Wyckoff,  at  11  and  13  Coenties 
Slip.  John  Suydam  lived  over  the 
store  at  11.  The  firm  dealt  in  teas, 
wines  and  groceries  generally.  John 
Suydam  was  called  "Boss  John;" 
He  was  the  son  of  Hendrick  Suy- 
dam, and  brother  of  Samuel,  who 
became  a  partner  of  Suydam  & 
Heyer.  Air.  Heyer  married  Jane 
Suydam,  the  sister  of  John.  Direc- 
tor of  the  Globe  Insurance  Co.,  and 
the  Fulton  Fire  Insurance  Co. 
SuYDAiM,  L.  &  C. 

Tax  list  of  1823  sives  212  Pearl 
Street;  real,  $13,000. 

SUYDA.M,  L. 

Located  at  13  Dev  Street;  real, 
$6,500;  personal,  $5,000. 

Suydam,  James 

Tax  list,  1823,  records  that  he  lived 
at  Mrs.  Todd's,  170  Broadway;  per- 
sonal property,  $5,000. 

Suydam,  Ferdinand 

Tax  list  of  1822  gives  5  Bridge 
Street;  house,  $11,000;  personal, 
$4,000.  Born  in  1786.  he  started  in 
business  in  New  York  at  37  Front 
Street  in  1808;  previously  he  had 
been  a  clerk  with  Suydam  &  Wyck- 
off. He  lived  at  5  Bridge  Street 
with  his  brother  Henry.  He  married 
a  daughter  of  Anthony  Lispenard 
Underbill,  and  left  three  sons.  He 
paid  $5,000  for  his  house  in  1815. 

Swan,  Benjamin 

Taxed  on  $26,000  personal  prop- 
erty in  1815  and  $30,000  in  1820. 

Swan,  Joseph 

Tax  list  of  1822  gives  68  Greenwich 
Street;  house,  $9,000;  personal, 
$40,000. 

Swift,  Joseph  G. 

Chairman  and  Director,  Mechanics 
Life  Insurance  and  Coal  Company, 
1822.  One  of  the  fifteen  members 
of  the  Committee  appointed  to 
celebrate  the  completion  of  the 
Great    Western    Canal. 

Swords,  James 

(See  later  edition).  Director  and 
President  of  the  Washington  In- 
surance Co.,   1822. 

SwARTWOUT,  John 

Son  of  Abraham  Swartwout.  He 
came  to  New  York  after  the  Rev- 
olutionary War  and  went  into 
business  in  1787.  He  married  Miss 
Smith,  a  relative  of  Melancthon 
Smith.    In  1794  he  went  into  part- 


0  IB   iil 

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Drawn  by  C   Burton  Engraved  by  IJ   bo\\elte 

THE   FIRST   merchants'    EXCHANGE 

Erected  in  1826  on  Wall  Street  east  of  William  Street,  on  the  present  site  of 

the  National  City  Bank;   (Below)    the   Merchants'    Room    of  the   Exchange. 

as  it  looked  in  1831 


Drvwn  by  A.  Duk, 


I  Uiiaudhx   I     \i,h, 


WEALTHY    CITIZENS'    BIOGRAPHY 


nership  with  his  brother-in-law  at 
66  Water  Street,  where  they  did  a 
large  business  in  paints  and  dye 
woods,  buvin?  the  latter  bv  cargoes. 
Went  into  politics  and  in  1798-99, 
1800  and  1801  was  elected  to  the 
Assembly  of  the  State;  he  was 
again  elected  in  1821.  Was  a  friend 
of  Aaron  Burr  and  this  attachment 
led  to  a  duel  between  him  and 
DeWitt  Clinton  in  which  he  was 
wounded  in  the  thigh.  In  conse- 
quence of  some  unfavorable  com- 
ments arising  out  of  this  duel, 
Swartwout  challenged  Dickey  Rik- 
er;  they  fought,  and  Riker  received 
a  wound  that  made  him  limp  all  the 
rest  of  his  life.  He  reclaimed  4,200 
acres  of  salt  marsh  at  Hoboken  and 
near  Newark.  He  w^as  a  Director 
of  the  Merchants  Bank,  and  of 
the  North  River  Bank,  1821,  which 
was  started  to  aid  him  in  "reclaim- 
ing certain  meadows  lying  in  New 
Jersev  opposite  to  the  Citv  of  New- 
York."  Was  taxed  on  $10,000  per- 
sonal property  in  1815,  and  in  that 
year  bousiht  12  State  Street  for 
$20,000.    He  died  in   1822. 

Targee,  John 

(See  later  edition).  Director  of  the 
Fulton  Fire  Insurance  Co.,   1822. 

Taylor,  Edward 

Ta.xed  on  $6,000  personal  property 
in  1815  and  $10,000  in  1820;  the 
tax  list  of  1822  gives  personal  prop- 
erty, $10,000.  _  He  lived  at  174 
Water  Street,  in  house  owned  by 
Hubbs.  He  was  one  of  twenty- 
six  pall  bearers,  corresponding  with 
number  of  states  in  union,  at  Wash- 
ington's funeral  services  in  New 
York. 

Talcot,  Noah 

Owned  64  South  Street,  taxed  on 
$7,500  in  1822;  was  taxed  on 
$30,000  personal  property  in  1815. 
Was  one  of  the  principal  cotton 
brokers;  others  were  G.  iMerle  and 
D.  Crassons.  N.  &  D.  Talcott. 
the  firm  name,  survived  the  War 
of  1812  with  unimpaired  credit. 

Taylor,  Jacob  B. 

Alderman  of  the  city  of  New  York, 
1822.  Was  one  of  the  pall  bearers 
at  the  funeral  of  John  Jacob  Astor, 
held  April  1,  1848.  Was  Alderman, 
8th  Ward,  from  1817  to  1826; 
father  of  Moses  Taylor,  and  the 
chief  business  man  for  John  Jacob 
Astor.    He  started  in  business  as  a 


cabinet  maker  at  94  Broad  Street 
in  1804. 

Taylor,  John 

Prominent  merchant;  married  Miss 
Waddell,  daughter  of  Captain  John 
Waddell.  Tax  list  of  1822  sjives 
183-5  Pearl  Street;  house,  $12,000; 
personal,  $40,000.  Ta.xed  on  $100.- 
000  personal  propertv  in  1815  and 
$35,000  in  1820.  A  Director  of  the 
Merchants  Bank,  1804-29.  He 
took  $150,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14. 

Taylor,  Moses 

The  tax  list  of  1822  gives  27  Broad 
way ;  house,  $4,000 ;  personal,$2, 000 
Son  of  Jacob  B.  Tavlor  {(J.i>-) 
Was  clerk  for  G.  G.  &  S.  S.  How- 
land;  was  backed  in  business  b\ 
John  Jacob  Astor  and  became  very 
rich.  Was  a  speculator  in  notes  at 
2  or  3  percent,  a  month.  Finally 
became  millionaire  &  President  of 
the  City  Bank.  Was  mentioned 
socially  by  Philip  Hone. 

Taylor,  Najah 

Was  taxed  on  $50,000  personal 
propertv  in  1815,  but  onlv  $5,000 
in  1820'.  Tax  list  of  1823 'gives  10 
Courtlandt  Street:  real,  $11,000; 
personal,  $5,000.  Trustee  of  the 
Bank  for  Savings,  1819-60. 

TeTEREL  &  WiLLIAiMS 

Took  $20,000  in  U.  S.  Government 
Loan,  1813-14. 

Thomas,  Henrv 

Was  ta.xed' on  $10,000  personal 
propertv  in  1815  and  $15,000  in 
1820.  Tax  list  of  1823  gives  IS 
CHff  Street;  real,  $8,000;  personal, 
$15,000.  Director  of  the  Globe  In- 
surance Co.,  1822. 

Thompson,  Ab'm  G. 

Taxed  on  $10,000  personal  prop- 
erty in  1820;  tax  list  gives  91  Beek- 
man  Street;  real,  $7,000;  personal, 
$20,000.  Was  of  firm  of  Boggs, 
Sampson  &  Thompson.  Abraham 
G.  Thompson  paid  $5,676.01  duties 
as  vendue  merchant  in  1830. 

Thompson,  Alexander 

Taxed  on  $15,000  personal  prop- 
erty in  1820. 

Thompson,  Fran's 

Taxed  on  $100,000  personal  prop- 
erty in  1815  and  $50,000  in  1820; 
tax  list  of  1823  gives  35  Beekman 
Street;  real,  $12,500;  personal, 
$50,000.  One  of  the  proprietors 
with  Isaac  Wright  &  Son,  of  a  line 
of  Liverpool  packets — the  famous 


136     A  CENTURY  OF  BANKING  IN  NEW  YORK 

old  Black  Ball  line.  Was  of  Quaker 
stock.  He  organized  the  firm  of 
Francis  Thompson  &  Nephews 
[Francis,  Jr.  and  Samuel];  it  failed 
about  1829. 
Thompson,  G.  L. 

Taxed   on   $25,000   personal  prop- 
erty in  1820. 
Thompson,  James 

{See  later  edition).  Taxed  on  $160,- 
000  personal  property  in  1815  and 
$90,000  in  1820;  tai  list  of  1822 
gives  49  Broadway;  house,  $19,000; 
personal,  $60,000.^  Subscribed  $20,- 
000  to  the  U.  S.  Government  Loan, 
1813.  Director  of  the  Globe  In- 
surance  Co.,  1822. 
Thompson,  Jeremiah 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  $50,000  in  1820. 
A  bachelor,  of  large,  well-propor- 
tioned dimensions  and  withal  a 
true  specimen  of  an  English 
Quaker.  Was  largest  shipper  of 
cotton  from  this  country  to  Europe, 
and  also  the  heaviest  importer  of 
British  clothes.  Next  to  Brown 
Brothers  &  Co.  and  Prime,  Ward, 
&  Sands,  he  was  the  largest  bill 
drawer  in  America.  Went  to  pieces 
in  1827,  financially,  and  lived  only 
a  few  years  afterward.  A  Trustee 
of  the  Bank  for  Savings,  1819-23. 

Thompson,  Jonathan 

{See  later  edition).  Tax  list  of  1823 
gives  24  Beekman  Street;  real, 
$11,000;  personal,  $1,000.  Collector 
of  the  Port  of  New  York  under 
John  O.  Adams;  father  of  Jeremiah 
Thompson.  Of  the  firm  of  Thomp- 
son &  Adams.  Elected,  1840,  to 
succeed  Maltby  Gelston  as  Presi- 
dent of  the  Manhattan  Bank.  Was 
a  power  in  the  land  and  the  inti- 
mate acquaintance  of  five  Presi- 
dents. 

Thompson  &  Edgar 

Took  $10,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14. 

Thorn,  Stephen,  Jr. 

Director  of  the  Washington  In- 
surance Co.,  1822.  Taxed  on  $30,- 
000  personal  property  in  1815  and 
$25,000  in  1820. 

Thurston,  William  R. 

Taxed  on  $18,000  personal  prop- 
erty in  1820 

TiBBETTS,  Elisha 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 


TiBBETTS,  iMrS. 

Taxed  on  $60,000  personal  prop- 
erty in  1820. 

TiGHE,  Richard 

Born  in  Ireland,  1806,  and  came 
to  New  York  when  thirty-two 
years  old;  the  second  son  of  an 
Irish  baronet.  The  title  reverted 
to  him  but  he  would  not  accept  it. 
He  bought,  in  1841,  No.  18  Union 
Square  for  $14,000.  He  was  for 
years  a  Director  of  the  Manhattan 
Fire  Insurance  Co.  Was  a  man  of 
learning,  having  been  educated  at 
Trinity  College,  Dublin.  He  mar- 
ried Miss  Caroline  CheesebrouRh. 
Died  in  1896. 

TiLLOTsoN,  Robert 

Appointed  U.  S.  District  Attorney 
by  his  relative.  President  Monroe, 
in  1820,  and  held  office  until  1829. 
Taxed  on  $5,000  personal  property 
in  1820.  Director  of  the  Mechanics 
Life  Insurance  and  Coal  Co.,  1822. 

Titus,  Walter 

Taxed  on  $10,000  personal  prop- 
erty in  1815  and  $12,000  in  1820. 

Todd,  William  W. 

Director,  Hope  Insurance  Co.,  1822. 
Born,  1781,  in  Washington  County-; 
son  of  Adam  Todd,  a  shipbuilder. 
His  daughter  married  John  M. 
Bruce.  Entered  employ  of  John 
Jacob  Astor,  and  went  on  perilous 
expeditions  for  furs  at  the  age  of 
sixteen.  He  remained  with  Astor 
until  1797,  when  he  left  to  enter 
the  employ  of  John  Duffie.  He 
obtained  a  fortune  by  the  judicious 

Purchase  of  real  estate.    Taxed  on 
9,000  personal  property  in    1815 
and  $5,000  in  1820. 

Tom,  Thomas 

Paid  taxes  on  $60,000  personal 
property  in  1815.  Was  associated 
in  business  with  Edward  Lawrence, 
on  Pearl  Street. 

ToOKER,  Samuel 

Originally  a  clerk  to  John  Duffie. 
He  started  in  business  in  1798  and 
did  an  immense  trade.  He  took 
as  a  partner,  in  1806,  Benjamin 
Mead,  and  the  house  went  largely 
into  the  privateering  business  dur- 
ing the  war.  He  came  from  New- 
burg.  Had  no  children,  but  adopted 
Ellen  Laverty,  who  married  Joseph 
Hudson.  He  died  about  1823.  He 
was  a  Universalist,  and  the  head 
of  the  church.  In  1820  he  was 
Alderman  ofthe  First  Ward.  Taxed 


WEALTHY    CITIZENS'    BIOGRAPHY 


137 


on  $20,000  personal  property  in 
1815  and  $10,000  in  1820.  Director 
of  the  Manhattan  Fire  Insurance 
Co.,  1822;  took  $20,000  of  the 
U.  S.  Government  Loan,   1813-14. 

Town,  Charles 

Director  of  the  North  River  In- 
surance Co.,  1822.  A  partner  in 
business  of  John  Hone,  auctioneer. 
Taxed  on  $10,000  personal  prop- 
erty in   1815  and  1820. 

TowNSEND,  Thomas  S. 

(See  later  edition).  Ta.xed  on  $28,- 
000  personal  propertv  in  1815  and 
$18,000  in  1820.  He  lived  at  92 
BceUman  Street  and  was  taxed  at 
rate  of  $7,500.  Director  of  the  Mer- 
chants' Fire  Insurance  Co.,  1822. 
He  was  probably  the  principal 
capitalist  in  the  house  of  Hicks, 
Lawrence  &  Co.  when  it  first 
started.  One  of  the  first  Directors 
of  the  Farmers'  Fire  Insurance  & 
Loan  Co. 

Tracy,  Frederick  A. 

In  1822  he  was  a  broker  at  43 
Wall  Street;  home,  74  Leonard 
Street.  His  son,  Frederick,  Jr., 
was  for  many  y^ears  a  clerk  in  the 
silk  house  of  Nelson  Carleton  Co. 
in  Pearl  Street,  about  three  doors 
from  Wall;  this  was  among  the 
first  stores  burned  on  the  night  of 
the  great  fire  in  December,  1835. 
Old  Frederick  Tracy,  "though  a 
Wall  Street  broker,  was  a  pure, 
devoted,  sincere  Christian,  if  ever 
there  lived  such  a  man."  Tax  list 
of  1822  values  his  house  at  $14,000. 

Tredwell,  Seabury 

Taxed  on  $17,500  personal  prop- 
erty in  1815  and  1920. 

Trumbull,  Mrs. 

The  tax  list  of  1823  gives  27  Park 
Place;   real,   $14,500. 

Tucker,  Richard,  Jr. 

Of  the  ancient  firm  of  Tucker  & 
Lauries — all  English,  or  rather 
Bermudians.  Richard  Tucker  lived 
for  many  years  in  Bond  Street;  he 
was  a  stately  merchant  of  the  old 
school.  Taxed  on  $10,000  personal 
property  in  1820.  A  Director  of 
the  Merchants  Bank,  1815-30,  and 
also  of  the  Fulton  Fire  Insurance 
Co.,  1822. 

Underhill,  a.  L. 

President  Fulton  Fire  Insurance 
Co.,  1822.  He  started  business  as 
a  grocer  about  1795.  He  lived  at 
44  Dey  Street  until  1835,  when  he 


moved  to  28  Courtlandt  Street,  but 
kept  his  office  at  the  Fulton  Fire 
Insurance  Co.,  of  which  he  was 
President  from  1819  to  1835,  when 
the  great  fire  made  the  company 
go  into  liquidation.  Moved  to 
Fourth  Street  in  1837,  and  then 
retired.  Was  vestryman  of  Trinity 
Church  from  181  Tto  1847.  Taxed 
on  $25,000  personal  property  in 
1815. 

Underhill,  Isaac 

He  built  28  Cliff  Street  in  1815, 
but  met  with  financial  reverses 
and  sold  it  in  1825  for  $6,120. 

Valentine,  Abraham 

Taxed  on  $30,000  personal  prop- 
erty in  1815  and  $16,000  in  1820; 
the  tax  list  of  1823  gives  58  John 
Street:  real,  $8,000;  personal,  $16,- 
000. 

Van  Antwerp,  James 

Tax  list  of  1823  gives  38  Maiden 
Lane;  real,  $5,400;  personal,  $10,- 
000. 

Van  Giesen,  M. 

Taxed  on  $60,000  personal  prop- 
erty in  1815  and  on  $15,000  in  1820. 

Vanden  Huvil,  J.  C. 

Taxed  on  $30,000  personal  prop- 
erty in  1815  and  $110,000  in  1820; 
the  tax  list  of  1823  gives  229  Broad- 
way: real,  $23,000;  personal,  $200,- 
000.  Gave  his  daughter  $70,000 
when  she  married  Thomas  Gibbs, 
a  large  sum  for  those  days. 

Vanderbilt,  R.  K. 

The  tax  list  of  1822  gives  218  Front 
Street;  real,  $9,000. 

Vandevoort,  p.  L. 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  on  $12,000  in 
1820;  tax  list  of  1822  gives  111 
Broadwav;  house,  $17,000;  person- 
al, $112,000.  Of  the  firm  of  Vander- 
voort  &  Flanders,  celebrated  dry- 
goods  dealers.  He  married  the 
daughter  of  Robert  Bruce. 

Vandevoort,  William  L. 

The  tax  list  of  1822  gives  21  Nassau 
Street:  house,  $14,000;  personal, 
$5,000.  He  also  married  a  daughter 
of  Robert  Bruce. 

Van  Horne,  Gerrit 

Taxed  on  $25,000  personal  prop- 
ertv in  1815  and  on  $8,000  in  1820; 
the  tax  list  of  1822  gives  31  Broad- 
way; house.  $9,000;  personal,  $7,- 
OOO.  He  was  senior  member  of 
firm  of  Van  Horne  &  Clarkson, 
merchants,  shippers  and  importers. 


158  A  CENTURY  OF  BANKING  IN  NEW  YORK 


at  129  Pearl  Street;  his  junior 
partner  was  David  M.  Clarkson. 
The  firm  dissolved  about  1810. 
He  lived  at  31  Broadway,  where 
the  firm  formerly  was;  in  later 
years  Clarkson  occupied  the  house. 
He  died  about  1826. 

Van  Horne,  J.  P. 

Taxed  on  $15,000  personal  prop- 
erty. 1815  and  1820;  tax  list  of 
1823  gives  99  Libertv  Street:  real, 
$7,500;  personal,  $10,000. 

Van  Ness,  Abraham 

{See  later  edition).  Bought  a  house 
on  the  block  bounded  by  Bleecker, 
Perrv,  Charles  and  West  4th 
Streets  for  $15,000  in  1819.  and 
lived  in  it  many  years;  the  land 
became  very  valuable.  The  house 
was  called  the  famous  "Van  Ness" 
Alansion  at  Greenwich.  Tax  list 
of  1822  gives  13  William  Street; 
house,  $6,000;  personal,  $12,000. 
Director  of  the  Washington  Insur- 
ance Co.,  1822. 

Van  Ness.  W.  P. 

Took  $25,000  of  the  U.  S.  Govern- 
ment Loan,  1813-14. 

Van  Schaik,  Minard 

Taxed  on  $8,000  personal  prop- 
erty in  1820;  tax  list  of  1823  gives 
.■^4  Courtlandt  Street;  real,  $6,600; 
personal,  $10,000.  Was  President 
and  Director  of  the  Croton  Water 
project.  Held  many  municipal 
offices.  Member  of  firm  of  John 
Hone  &  Sons.  He  married  the 
daughter  of  John  Hone.  He  retired 
with  a  modest  sum,  but  became 
rich  in  real  estate. 

Van  Wagenen.  Hubert 

Taxed  on  $22,000  personal  prop- 
erty in  1815  and  $10,000  in  1820. 
He  was  in  partnership  with  his 
father,  as  ironmongers  in  Beekman 
Slip.  The  old  Hubert  lived  to  be 
very  aged;  the  younger  was  a  very 
religious  man,  and  for  years  at- 
tended St.  George's  Church  in 
Beekman  Street  with  his  "inter- 
esting family."  Few  men  were 
more  universally  respected  than 
the  Van  Wagenens. 

Van  Wyck.  S. 

Taxed  on  $25,000  personal    prop- 
erty in  1815  and  1820;  tax  hst  of 
18^3    eives    30    Beekman    Street: 
real.  $12,000;  personal,  $10,000. 
Van  Zandt,  Thomas 

Director,  Farmers'  Fire  Insurance 
and  Loan  Co.,  1822, 


Varick,  Colonel  Richard 

Born  at  Hackensack,  N.  J.,  March 
25.  1753;  a  lawyer  by  profession. 
Joined  the  Revolutionary  Army  in 
1775  and  was  appointed  Captain 
in  the  First  N.  Y.  Continental  In- 
fantry under  Colonel  MacDougall. 
On  April  10,  1777,  when  he  was 
military  secretary  to  General  Scar- 
lett, Congress  conferred  upon  him 
the  position  of  Deputy-Muster- 
General  of  the  Northern  Depart- 
ment, with  the  rank  of  Lieut. 
Colonel.  In  1778  he  was  Inspector- 
General  at  West  Point  on  the  staff 
of  General  Arnold,  and  after  the 
discovery  of  Arnold's  treason, 
Varick  was  Recording  Secretary  for 
General  Washington.  He  was  tried 
as  being  implicated  with  Arnold 
but  was  fully  acquitted.  He  held 
many  other  offices.  He  married  the 
daughter  of  Isaac  Roosevelt,  but 
had  no  children.  Paid  taxes  on 
$100,000  personal  property  in  1815 
and  $70,000  in  1820;  the  tax  list 
of  1822  gives  taxes  on  110  Broad- 
way at  $16,000  and  personal, 
$70,000;  the  list  of  1823  elves  11 
Park  Place,  $7,000. 

Varet,  Lewis  F. 

Tax  list  of  1823  gives  129  Chambers 
Street:  real,  $6,100;  personal.  $25,- 
000.  Of  the  firm  of  F.  Varet  &  Co.. 
French  importers,  which  did  a 
large  business  in  silks;  this  house 
was  established  in  1798. 

Verplanck,  Gulian 

{See  later  edition).  Born  in  1786 
at  Wall  Street.  He  was  brought  up 
by  his  grandmother  when  his 
mother  died.  Graduated  from 
Columbia  at  fifteen,  studied  law 
and  was  admitted  to  the  bar  at 
the  age  of  twenty-one.  He  married 
in  1811.  Miss'  Mary  Fenno  of 
Boston,  who  died  in  Paris  in  1817. 
Returning  to  America,  he  was 
elected  to  the  Legislature  in  1819 
from  New  York,  and  in  1815  was 
elected  to  Congress.  He  was  for 
more  than  fifty  years  a  Trustee  of 
the  Society  Library,  and  for  four- 
teen years  a  Regent  of  the  Uni- 
versity of  the  State  of  New  York; 
for  twenty-six  years  a  member  ot 
the  vestry  of  Trinity  Church  and 
for  twenty-four  years  President  of 
the  Board  of  Education.  He  never 
married  again.  He  was  one  of  the 
best    known    literary    men    of   his 


WEALTHY    CITIZENS'    BIOGRAPHY 


[39 


time.  He  died  in  1870,  but  did  not 
leave  a  very  large  estate. 

Vroom,  G.  B. 

Tax  list  of  1822  gives  his  address 
in  the  Merchants  Bank,  25  Wall 
Street;  personal,  $1,000.  Cashier  of 
the  Merchants'  Bank,  1817-24.  He 
took  $500,000  of  the  U.  S.  Govern- 
ment Loan,  1813—14, — possibly  for 
somebody  else. 

Waddington,  Joshua 

A  native  of  England.  Was  elected 
a  Director  of  the  Bank  of  New 
York  at  the  first  meeting  of  the 
subscribers  in  1784,  and  continued 
to  serve  until  1843.  He  died  in 
1844  in  his  ninetieth  year,  uni- 
versally respected  and  esteemed. 

Waite,  George 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

Waite,  Thomas 

Taxed  on  $10,000  personal  prop- 
erty in  1820. 

Wakeman,  Thaddeus  B. 

Taxed  on  $13,000  personal  prop- 
ertv  in  1815  and  on  onlv  $5,000  in 
1820.  Tax  Hst  of  1823^  gives  279 
Pearl  Street;  personal,  $10,000;  also 
Stephen  Gorham's  house,  129  Flv 
Market  Place  (T.  B.  Wakeman 
&  Co.),  real,  $15,000.  Director  of 
the  Manhattan  Fire  Insurance  Co., 
1822. 

Wallis,  John 

Owned  116  Liberty  Street,  1822; 
his  estate  for  taxation  was  valued 
at  $6,000. 

Walton,  Gerard 

Taxed  on  $80,000  personal  prop- 
erty in  1815  and  $60,000  in  1820. 
He  was  the  son  of  the  first  William 
(called  "Boss")  Walton.  Was 
governor  of  the  New  York  Hos- 
pital till  1799.  All  of  the  family 
was  connected  with  the  Chamber 
of  Commerce.  Gerard  was  six  feet, 
two  inches  in  height.  He  attended 
Trinity  Church  and  sat  in  the 
family  pew.  It  was  believed  all  the 
Waltons  sided  with  the  English 
in  the  war,  for,  as  soon  as  it  was 
over,  thev  joined  the  St.  George's 
Society.  'Died  in  1821.  Old  Jler- 
cliants  says  that  the  Waltons  were 
a  singular,  proud  race;  they  had 
their  dignified  style  of  amusement, 
but  the  mass  of  the  community 
knew  no  more  about  them  than  if 
thev  had  lived  in  London. 


Walton,  William  H. 

The  tax  list  of  1823  gives  85  P^ulton 
Street;  real,  $6,000;  personal,  $5,- 
000. 

Ward,  Samuel 

The  tax  list  of  1822  values  his 
house  at  5  Bowling  Green  at 
$18,000;  personal  tax,  $30,000. 
Taxed  on  $15,000  personal  prop- 
erty in  1815  and  $20,000  in  1820. 

Warren,  John  G. 

Taxed  on  $5,000  personal  propertv 
in  1815  and  $10,000  in  1820;  tax 
list  of  1822  gives  46  Wall  Street; 
real,  $12,000.  He  was  one  of  the 
brokers  of  the  New  York  Exchange 
Board,  1817.  His  daughter  married 
Philip  Kearny.  Firm  name:  John 
G.  Warren  &  Son. 

Watts,  John 

A  rich  man — worth  perhaps  $300,- 
000.  His  daughter  married  John 
W.  Kearny.  He  was  one  of  the  in- 
corporators of  the  Society  Library, 
and  helped  to  raise  the  money  for 
the  Merchants'  Exchange.  Taxed 
on  $30,000  personal  propertv,  1815 
and  1820;  the  tax  Hst  of  1822  gives 
taxes  on  5  Broadwav;  house,  $18,- 
000;  personal,  $30,000. 

Weed,  Nathanial 

{See  later  edition).  Director  of  the 
Fulton  Fire  Insurance  Co.,   1822. 

Weeks,  Ezra 

Director,  Washington  Insurance 
Co.,  1822.  He  owned  the  City 
Hotel,  and  was  a  vestryman  of 
Trinity  Church. 

Wells,  Nathaniel 

Taxed  on  $10,000  personal  prop- 
erty, 1815  and  1820. 

Wendell,  John  G. 

Tax  list  of  1823  gives  9  Gold 
Street;  real,  $4,250;  personal,  $8,- 
000.  Brother-in-law  of  John  Jacob 
Astor.    He  kept  a  furrier's  store. 

Werckmister,  M. 

Tax  list  of  1823  gives  150  Broad- 
way; real,  $16,500;  personal,  $5,000. 

Weston,  Abijah 

He  bought  6  Bowling  Green  for 
$11,150  in  1815;  8  and  9  State 
Street  for  $16,004,  and  13  Bridge 
Street  for  $5,000,  in  1815. 

WeYxMAN,  Abner 

Tax  list  of  1823  gives  33  and  35 
Maiden  Lane;  real,  $14,000. 

Whelten,  John 

President,  Hope  Insurance  Co., 
1822.  Taxed  on  $30,000  personal 
property  in  1815. 


A  CENTURY  OF  BANKING  IN  NEW  YORK 


140 

White,  Campbell  P. 

Director,  Branch  Bank  of  the  U.S.. 
1822.  On  the  Committee  appointed 
to  make  arrangements  for  celebrat- 
ing the  completion  of  the  Erie 
Canal.  Son  of  Doctor  White,  who 
came  to  Baltimore  from  Ireland 
after  the  Revolution.  He  was  a 
leading  politician  of  Tammany 
Hall;  in  1826  and  1828  he  was 
Alderman  of  the  Third  Ward;  m 
1829  he  was  elected  to  Congress 
from  New  York.  He  married  Miss 
LeRov  in  1808  and  had  a  large 
familv.  His  store  was  burned  in 
the  great  fire  of  1835,  when  he 
moved  to  51  Stone  Street  and  con- 
tinued there.  Taxed  on  $10,000 
personal  property  in  1820. 
White,  Mrs.  E. 

Tax  list  of  1822  gives  11  Broadway; 
house.  $11,000;  personal,  $20,000; 
also  24  Dey  Street:  real,  $5,300; 
personal,  $12,000. 

White,  J.  ,  r>,      , 

Owned  106  and  108  Liberty  Street 
in    1822,    valued    at    $8,800,    with 
personal  property,  $1,000. 
White,  Thomas 

Owned  a  lot  in  W'all  Street  that 
was  sold  by  his  heirs  in  1828  to 
the  Fulton  Fire  Insurance  Co.; 
this  lot  was  again  sold  in  1836  for 
$40,100. 
Whitehouse,  James 

Taxed   on   $10,000    personal   prop- 
erty in  1815,  and  $15,000  in  1820. 
Whitney,  Stephen 

{See  later  edition).  One  of  the 
richest  men  in  New  York  of  his 
time,  through  his  Investments  in 
real  estate.  Old  Merchants  states 
that  "very  few  merchants  of  the 
past  fifty  years  have  stood  up  and 
retired  \vith  means  unless  thev 
have  invested  largely  in  real  estate. 
Born  in  Derbv,  Conn.,  he  marred 
Miss  Harriet  'Suvdam  in  1803.  He 
began  business  in  1805  at  4  Stone 
Street.  Taxed  on  $130,000  personal 
propertv  in  1815,  and  $160,000  in 
1820. 
Whitney,  Stephen  ,.  ^    nooo 

{See  later  edition).  Tax  list  of  1822 
gives  23  Pearl  Street;  store,  $2,000; 
house  at  25  Pearl  Street.  $10,000; 
personal,  $160,000.  Director  of 
the  Bank  of  America.  Son  ot 
Stephen  Whitney.  He  married  the 
daughter  of  Isaac  Lawrence. 


Tax  list  of  1822  gives  3  Wall  Street: 
house,  $6,000;  personal,  $2,000. 

W'lLKES,  John 

Born  in  London  August  30,  1764, 
and  came  to  the  U.  S.  in  1784  at 
the    suasestion    of   William    Seton. 
Soon  after  the  organization  of  the 
Bank  of  New  York  he  entered  its 
service,  and  In  1792,  while  acting 
as  Teller,  he  was  appointed  Cashier 
of  the  Branch  Bank  of  the  U.  S., 
then  just  established  In  New  York. 
He  declined  the  appointment  and 
was    afterwards    elected    Assistant 
Cashier  of  the  Bank  of  New  York, 
becoming    Cashier    in     1794.      He 
carried   out  his  duties  with  signal 
ablHtv.     In    1802   he   received    six 
months'  vacation  and  went  to  Eng- 
land;  in    1822   he   was  again   sent 
to  London  to  negotiate  a  loan  of 
£200,000  through  Baring  Brothers, 
which  he  concluded  successfully  at 
5  percent,  for  eight  years  and  170 
certificates   of  indebtedness,    vary- 
ing in  amount  from  £500  to  £4000. 
He  was  elected  President  m   1825, 
succeeding  General  Matthew  Clark- 
son.    He  died  in   1853,  leaving  six 
children,  the  eldest  of  whom  mar- 
ried    Francis     Jeffrey,     afterwards 
Lord    Jeffrev,    who  .visited    U.    S. 
in  1815.    He  was  Treasurer  of  the 
Historical    Society,    was    taxed    on 
$20,000  personal  property  in  1820, 
and  lived   at   51    Wall   Street;   he 
also    had    a    house    in    Greenwich, 
where     he     entertained     lavishly; 
many    great    men    were    frequent 
visitors.    He  died  In  Europe,  leav- 
ing a  daughter  who  married  Count 
Quelkechow,  a  member  of  the  body- 
guard of  the  Pope.   He  is  described, 
by   a   writer   of  the   time,    as    '  an 
humble  ujiassuming  young  Enghsh- 
man,  who  boarded  with  Mr.  Seton. 
Williams,  Ellphalet 

Taxed   on   $50,000   personal   prop- 
erty In  1815  and  $10,000  In  1820. 
Williams,  John  „,„„        , 

Tax  list  of  1825  gives  212  Broad- 
way; real.  $12,000;  personal,  $5,- 
000.'  Master  of  the  packet  ship 
Albion;  he  sailed  April  1.  1822,  but 
the  ship  was  lost  and  the  captain 
perished. 
Williams,  Richard  S. 

Tax   list   of  1823   gives   9o   South 
Street;  real,  $12,500. 


WEALTHY    CITIZENS'    BIOGRAPHY 


141 


Willis,  John 

Taxed  on  $20,000  personal  prop- 
erty in  1815  and  $15,000  in  1820; 
tax  list  of  1823  gives  35  Murray 
Street:  real,  $8,500;  personal,  $8,- 
000. 

Wilson,  Joslah 

Tax  list  of  1823  gives  160  Broad- 
way; real,  $1 1,000;  personal,  $2,000. 

Wilson,  William 

A  Scotchman  who  came  to  New 
York  soon  after  the  Revolutionarv 
War.  He  kept  a  store  in  1790  at 
215  Pearl  Street;  was  a  heavy 
importer  of  British  drygoods.  His 
correspondent  in  Manchester  was 
the  firm  of  Peel,  Yates  &  Co.,  that 
Peel  being  the  first  Sir  Robert  Peel, 
father  of  the  great  Prime  Minister. 
When  he  retired  uptown,  he  gave 
up  housekeeping  and  went  to 
boarding.  He  furnished  the  money 
to  build  the  Scotch  Church  in 
Murray  Street,  which  was  finished 
in  1812,— about  the  time  Mr. 
Wilson  went  out  of  business. 
Taxed  on  $40,000  personal  prop- 
erty in  1815  and  $35,000  in  1820; 
Trustee  of  the  Bank  for  Savings, 
1819-36. 

WiNTHROP,  Francis  B. 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  1820.  He  married 
a  daughter  of  Moses  Rogers  and 
became  a  partner  in  the  firm  of 
Rogers  Sons  &  Co.;  this  firm  be- 
came Rogers  &  Winthrop  in  1811, 
but  continued  at  the  old  store, 
229  Pearl  Street. 

WiTHINGTON,   John 

Director,  Fulton  Fire  Insurance 
Co.,  1822.  Taxed  on  $10,000 
personal  property  in  1820. 

WoLCOTT,  Oliver 

First  President  of  the  Merchants 
Bank,  1803.  One  of  Washington's 
Secretaries  of  the  Treasury,  and 
son  of  the  first  Governor  of  Con- 
necticut; he  was  also  Governor  of 
Connecticut.  Taxed  on  $15,000 
personal  property,   1815. 

Wolfe,  C. 

Tax  list  of  1823  gives  160  Fulton 
Street;  real,  $7,200;  personal,  $15,- 
000. 

Wolfe,  David 

Taxed  on  $25,000  personal  prop- 
erty in  1815  and  $8,000  in  1820; 
tax  list  of  1823  gives  115  Fulton 
Street:  real,  $4,400;  personal,  $8,- 
000. 


Wolfe,  John  D. 

(Sec  later  edition).  One  of  the  first 
Directors  of  the  Farmers'  Fire 
Insurance   and   Loan    Co. 

Woodhull,  Ezra  C. 

Director,  Hope  Insurance  Co., 
1822. 

Woodhull  &  David 

Tax  list  of  1823  gives  187  Front 
Street;  real,  $10,500. 

Woodruff,  Aaron  B. 

Director  of  the  Mechanics'  Insur- 
ance Co.,  1822.  Taxed  on  $10,000 
personal  property  in  1815  and 
$8,000  in  1820. 

Woodruff,  Thomas  T. 

[See  later  edition).  Director  of  the 
Fulton  Fire  Insurance  Co.,  1822. 

Woodward,  John 

The  tax  list  of  1822  gives  21  Wall 
Street;  real,  $9,000.  Taxed  on 
$5,000  personal  property  in  1815. 

Woolesey,  William  W. 

Tax  list  of  1822  values  his  house 
at  59  Greenwich  Street  at  $12,000; 
personal  tax,  $18,000. 

Wright,  Augustus  (Estate) 

Tax  list  of  1823  gives  99  Beekman 
Street;  personal,  $40,000.  Taxed 
on  $35,000  personal  property  in 
1815. 

Wright,  Grove 

Director,  Merchants'  Fire  Insur- 
ance Co.,  1822,  and  of  the  North 
River  Insurance  Co.,  1822.  Mar- 
ried Harriet  Ludlow.  An  eminent 
merchant  who  left  a  large  estate. 
His  business  was  at  185  Pearl  Street. 

Wright  Isaac 

Tax  list  of  1823  gives  3i  Beekman 
Street;  real,  $11,750;  personal, 
$25,000. 

Wright,  William 

Tax  list  of  1823  gives  his  address 
as  corner  of  Beekman  Street,  near 
No.  20;  real,  $12,500;  personal, 
$10,000. 

WyCkoff,  Henrv  I. 

Alderman  of  New  York,  1822.  The 
tax  list  of  1822  gives  6  Broadwav: 
house,  $12,000;  personal,  $15,000. 
Taxed  on  $30,000  personal  prop- 
erty in  1815,  and  onlv  $15,000  in 
1820. 

Wynkoop,  Augustus 

Director,  Fulton  Fire  Insurance 
Co.,  1822.  Tax  list  of  1822  gives 
,32  Greenwich  Street:  house,  $5,500; 
personal,  $10,000.  Ta.xed  on  $12,- 
5(X)  personal  property  in  1815  and 
$11,000  in  1820. 


142     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Yates,  Dr. 

The  tax  list  of  1822  gives  19  Wall 

Street;  real,  $8,000;  personal,  $2,- 

000. 
Yates,  Joseph  C. 

He  bought  15  LeRov  Place  in  1822 

for  $12,500. 
YouLE,  George 

Director,      Mechanics'      Insurance 


Co.,    1822.     Plumber    and   pewter- 
er,  of  284  Water  Street.    Taxed  on 
$10,000  personal  property  in  1815, 
and  on  $35,000  in  1820. 
Zabriskie,  Andrew 

Taxed  on  $15,000  personal  prop- 
erty in  1815  and  1820;  the  tax 
list"  of  1823  gives  187  Broadwav; 
real,  $12,000;  personal,  $5,000. 


As  already  noted,  even  Brooklyn  had  its  separate  list  of  finan- 
cial magnates  by  1847 — including  in  its  capitulation  all  those 
worth  $10,000  and  upwards,  and  significantly  listing  men  "and 
women/'  The  editor  remarks  of  his  "maiden  production  in  this 
department  of  literature": 

"Of  one  thing  we  are  certain;  that  the  statistical  matter  will 
compare  to  our  advantage  with  that  of  a  similar  pamphlet  pub- 
lished in  New  York,  which  has  had  an  enormous  sale  and  obtamed 
magnificent  pecuniary  reward. 

"Strange  as  it  may  appear,  it  is  undoubtedly  true  that  the 
great  city  of  Brooklyn — its  wealth,  importance,  and  extent,  the 
opulence  of  its  merchants  and  traders  and  the  exalted  monetary 
standing  of  a  large  body  of  its  inhabitants  (of  those  who  tenant 
its  unpretending  dwellings,  as  well  as  the  occupants  of  its  many 
palaces) — are  scarcely  known  beyond  its  geographical  limits. 
We  hope  to  obtain  for  it,  by  the  issue  of  this  book,  an  acquisition 
of  greater  general  importance  than  it  has  heretofore  possessed; 
and  show,  to  adjacent  as  well  as  remote  communities,  its  right 
and  title  to  be  regarded,  in  all  that  constitutes  a  city,  as  the 
sixth  in  greatness  in  the  United  States." 

The  following  are  the  names,  in  this  collection  of  more  than  a 
thousand,  of  Brooklyn's  leading  men  who  were  supposed  to  have 
more  than  $30,000: 


Allen,  Moses  $75,000 

Anthony,  Edward  100,000 

Appleton,  William  H.  55,000 

Arnold,  Daniel  H.  150,000 

Attwater,  G.  M.  40,000 

Austin,  Mrs.  S.  E.  75,000 

Ayres,  Daniel  35,000 

Bach,  Robert,  (estate  of)  70,000 

Baird,  William  50,000 

(This  gentleman,  a  native  of  Erin 
Isle,  commenced  his  career  in 
Brooklyn  as  a  humble  laborer,  and 
by  economy,  frugality  and  untiring 
industry  amassed  sufficient  means 
to  enable  him  to  commence  busi- 
ness as  a  contractor  on  public 
roads.      He     soon     manifested     an 


aptitude  and  ability  for  such  under- 
takings as  to  place  him  in  the  first 
rank  of  the  profession,  and  has,  by 
a  series  of  fortunate  operations, 
amassed  his  present  large  posses- 
sions. He  is  one  of  the  leading 
Democrats  of  the  county,  and  has 
considerable  influence  as  a  politi- 
cian). 
Baker,  John  H.  $35,000 

(This  gentleman  is  the  owner  of  a 
large  pin  factory  in  Raymond 
Street,  and  resides  in  a  magnificent 
house  in  Myrtle  Avenue.  He  has 
contributed  largely  to  the  prosper- 
ity of  the  eastern  section  of  the  city, 
is    exceedingly     popular     with     all 


WEALTHY    CITIZENS'    BIOGRAPHY 


143 


classes  of  his  fellow  citizens,  and, 
if  ambitious  of  political  distinction, 
may  hereafter  oecome  the  repre- 
sentative of  this  district  in  the 
national  councils.  He  is,  we  be- 
lieve, one  of  the  most  prominent 
leaders  of  the  Wliig  party  in 
Kings  Co.)- 
Bartow,  E.  J.  and  G.  A.  $500,000 
(Few,  if  any  of  our  citizens  are  more 
distinguished  for  their  munificence 
and  liberality  than  these  enter- 
prising and  opulent  merchants. 
Edgar  J.  has  at  his  own  expense, 
erected  the  "Church  of  the  Holy 
Trinity",  an  edifice  far  surpassing 
in  architectural  grandeur  and  cost- 
liness of  material  and  workmanship 
any  similar  structure  in  this  city. 
It  may  appropriately  be  termed  the 
Cathedral  of  Brooklyn,  and  will 
serve  to  perpetuate  the  name  and 
munificence  of  its  founder  in  ages 
to  come.  He  is,  we  believe,  in 
politics,  a  democrat,  and  was 
selected  by  that  party  as  its  chosen 
candidate  for  mayor;  but  he  de- 
clined the  honors  offered  him,  not- 
withstanding that  he  would,  be- 
yond all  reasonable  doubt,  have 
been  elected.  His  heart  and 
abundant  means  are  ever  open  to 
the  appeals  of  charity,  and  no  one 
in  this  community  has  done  more 
than  he  has  towards  relieving  the 
necessities  of  the  poor). 
Bassett,  Isaac  H.  $50,000 

Becar,  Noel  350,000 

Bedell,  Mott  50,000 

Benson,  John  50,000 

Bergen,  Tunis  G.  50,000 

Berry,  Richard 

(Williamsburgh)  120,000 

Bidwell,  Rev.  Walter  H.        140,000 
Blackburn,  Robbins  40,000 

Blake,  Anson,  jun.  100,000 

(The  in^mense  and  rapid  growth  of 
the  southern  section  of  the  city  is 
chiefly  owing  to  the  indomitable 
enterprise,  perseverance  and  public 
spirit  of  the  father  of  this  gentle- 
man. The  latter  became  unfortu- 
nate in  business  matters  some  years 
ago,  arising  from  the  panic  which 
prostrated  so  many  men  of  prop- 
erty, and  the  consequent  fluctua- 
tions in  value  of  real  estate.  He  is 
now,,  however,  in  the  full  tide  of 
successful  experiment,  and  will 
soon,  we  doubt  not,  reach  as  high  a 
position  in  wealth  as  his  fortunate 


son,    whose    extensive    business    in 
New  York  has  mainly  contributed 
to  his  success.) 
Bogert,  James  $200,000 

Bogert,  Judith  150,000 

BoKEE,  David  A.  40,000 

(Few  persons  in  the  community 
have  obtained  a  more  widely  spread 
popularity  than  this  gentleman; 
and  his  public  career,  as  a  member 
of  the  Common  Council,  has  ob- 
tained for  him  the  high  estimation 
of  all  classes  of  society,  and  the 
friendly  regard  of  a  large  majority 
of  his  political  opponents.  Pos- 
sessed of  great  ability  as  a  debater, 
and  an  uprightness  and  integrity 
impregnable  to  party  considera- 
tions, he  is  eminently  worthy  of 
the  highest  station  which  the  people 
of  this  district  can  confer  upon 
him.  Though  a  prominent  secta- 
rian in  religious  matters,  he  is 
liberal  and  tolerant  to  all  others, 
and  has  unostentatiously  contrib- 
uted to  many  charitable  institu- 
tions, besides  being  munificent  in 
his  donations  to  the  distressed  and 
poor). 
Boorman,  James  $35,000 

BowNE,  Samuel  500,000 

(Mr.  Bowne  is  now  the  sole  pro- 
prietor of  the  Main  and  Catherine 
Street  ferry,  from  which  he  derives 
a  large  income,  which  has  lately 
been  considerably  augmented  by 
the  legacy  of  a  deceased  brother. 
Is,  like  many  other  rich  men  of 
Brooklyn,  distinguished  for  his 
liberality  to  the  unfortunate  and 
destitute  of  his  fellow  creatures,  and 
in  any  movement  tending  to  ad- 
vance the  interests  of  this  flourish- 
ing city,  and  the  welfare  of  its 
population,  is  among  the  foremost 
and  most  generous  contributors.) 
Brice,  John  $40,000 

(This  gentleman,  now  far  advanced 
in  years,  commenced  his  career  in 
this  country  about  fifteen  years 
ago  as  the  proprietor  of  a  small 
drug  store  in  James  Street,  opposite 
the  Fulton  Market,  which  has 
since  become  one  of  the  most 
popular  retail  establishments  of  the 
kind  in  Brooklyn.  The  business  done 
there  is  immense,  and  its  founder 
some  time  since  retired  with  a  large 
fortune,  leaving  the  profitable 
concern  to  his  son  Israel  B.  Brice). 


144     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Broadhead,  Jacob  $55,000 

Brodie.  J.  W.  35,000 

Brouwer,  John  35,000 

Brownson,  Jolin  100,000 

Bruen,  Matthias  (estate  of)      70,000 

Brush,  Conklin  60,000 

BULKLEY,  Wilham  F.  35,000 

Burt,  Edwin  C.  40,000 

Callaghan,  Charles  40,000 

Gary,  William  H.  100,000 

(One    of    the    most    opulent    and 

successful    merchants,    and    by    his 

active   enterprise,    has   added   very 

materially    to    the    prosperit3'    and 

growth  of  Brooklyn). 

Chapin,  L.  W.  $35,000 

Chapman,  W.  P.  35,000 

Chew,  Thomas    J.  50,000 

Church,  Rodney  S.  35,000 

(A    distinguished    attorney    and    a 

prominent     democratic     politician., 

A  judge  in  the  municipal  court  for 

three  years  and  has  been  honored 

as  bearer  of  despatches  from  U.  S. 

Government      to      our       Ministers 

abroad.     Married    twice,   receiving 

with   his  present   wife  a  dowry  of 

£6,000  sterling). 

Clafflin,  Aaron  $60,000 

Claflin    Horace  35,000 

Clark,  Aaron  100,000 

(Formerly    Mayor    of   New    York, 

and    for    many    years    one    of   the 

leaders  of  the  Whig  party  of  that 

City.    He  is  a  man  of  most  e.xem- 

plary    character;    generous    to    the 

poor;    and    possessed    ol    splendid 

attainments.       Successful       lottery 

speculations,    it    is    said,    laid    the 

foundation  of  his  fortune). 

Clark,  Chester  (estate  of)      $100,000 

Cochrane,  Charles  P.  50,000 

Cochrane,  John  W.  40,000 

Coleman,  E.  W.  35,000 

Collins,  George  35,000 

CoNGDON,  Samuel  35,000 

Conklin,  Henry  N.  40,000 

Cook,  Moses  35,000 

Cook,  Thomas  35,000 

CooPE,  David  45,000 

CooPE,  Jacob  M.  65,000 

Cornell,  Peter  C.  100,000 

Cornell,  Simon  (estate  of)     100,000 

Cornell,  Sarah  50,000 

Cornell,  Whitehead  J. 

(estate  of)  150,000 

Crawford,  George  N.  100,000 

Cross,  John  A.  35.000 

(Now  one  of  the  Aldermen  of  the 

Seventh  Ward  of  Brooklyn  and  one 

of  the  "shining  lights"  of  the  W^hig 


party.  Possessed  of  brilliant  talents 
and  a  superior  address,  he  is  de- 
servedly popular  in  the  district  in 
which  he  lives,  and  wherever  else 
he  is  known). 
Cunningham,  George  D.  $40,000 

CuMMiNGS,  Abijah  P. 

(Williamsburgh)  35,000 

Dart,  Norman  50,000 

Davis,  Ann  50,000 

Davis,  Benjamin  W.  85,000 

Debevoise,  James  75,000 

(Is  one  of  the  oldest  residents  of 
Brooklyn — a  plain,  unpretending 
man — once  owner  of  the  valuable 
property  upon  which  Pierrepont 
and  adjacent  streets  now  stand, 
which  he  tilled  as  a  farm,  and  sub- 
sequently sold  for  a  considerable 
sum.)  , 

Degraw.A.  J.S.  $30,000 

(A  commission  merchant,  doing 
business  in  New  York,  of  which 
city  he  is  a  native.  Mr.  D.  com- 
menced his  mercantile  career  with 
N.  H.  Jewett,  Esq.,  of  New  York, 
then  Inspector  of  Pot  and  Pearl 
Ashes  for  that  city;  as  a  re- 
muneration for  his  services  he  was 
allowed  to  speculate  in  what  is 
known  among  the  dealers  in  those 
articles  as  "scrapings"  and  soon 
became  well  known  for  his  in- 
dustry, perseverance,  and  the  punc- 
tuality with  which  he  met  his  en- 
gagements. His  speculations  proved 
eminently  successful,  enabling  him 
in  the  short  space  of  four  years 
to  commence,  what  has  since  proved 
to  be,  a  highly  prosperous  busi- 
ness from  his  own  resources.  He 
is  now  but  twenty-four  years  of 
age;  and  if  the  future  should  prove 
as  brilliant  as  the  past  and  present 
he  will  undoubtedly  rank  with  the 
wealthiest  of  our  city — having 
made  the  above  sum  by  his  own 
individual  exertions  in  business). 
Delaplaine,  John  F.  $100,000 

Dellicker,  L.  iyi.  50,000 

Deming,  Frederick  150,000 

Denton.  N.  (estate  of)  76,000 

Dodge,  Richard  J.  35,000 

Duckwitz,  George  F.  40,000 

Duffield.  Mar£;aret, 

(estate  of)  50,000 

Duryea,  Harmanus  B.  30,000 

(General  Duryea  will,  in  all  prob- 
ability, ere  many  years  elapse,  be 
one  of  the  richest  men  in  Brooklyn, 
having  married  the  only  daughter 


WEALTHY    CITIZENS'    BIOGRAPHY 


145 


of  Samuel  Bovvne,  Esq.,  who  is  also 
a  millionaire.  He  Is  eminently  de- 
serving of  any  good  fortune  lie 
mav  attain,  and  possesses  qualities 
botli  of  head  and  heart  which 
endear  him  to  all  who  are  ac- 
quainted with  him,  and  render  him 
exceedingly  popular  among  all 
classes  of  the  community). 
DuYCKiNCK,  Richard  $75,000 

Elwell,  James  W.  100,000 

Embury,  Abraham  B.  70,000 

Embury,  Daniel  60,000 

Emmanuel,  Michael  150,000 

EvERTSON,  Bernardus  100.000 

Felt,  David  100,000 

Field,  Richard  40,000 

Filly,  Edward  50,000 

Fish,  Edmond  35,000 

Fisher,  William  40,000 

FiSKE,  George  B.  45.000 

(President  of  the  L.  I.  R.  R.  Co. 
Through  his  instrumentality  chief- 
ly, the  Company  has  obtained  its 
present  flourishing  position,  and 
the  stock  obtained  a  value  which 
renders  an  investment  in  it  certain 
of  profitable  return). 
Fleet,  Samuel 

(Is  descended  from  an  old  English 
family.  The  ancestor,  Thomas 
Fleet,  a  captain  in  the  British 
Navy,  came  to  this  country  about 
the  year  1650  and  purchased  a 
tract  of  land  on  the  north  side  of 
Long  Island,  near  Huntington;  and 
transmitted  it  to  his  posterity,  one 
of  whom  is  now  in  possession.  The 
subject  of  this  article  was  brought 
up  a  farmer,  and  made  a  snug 
property  during  the  last  war  with 
England,  when  grain  and  produce 
were  very  high.  He  afterwards 
removed    to    Brooklyn,    where    he 

f)urchased   two   farms   which   have 
ong   been    valuable    as   citv   lots). 
Forbes,  James  $45,000 

Freeland,  James  35,000 

Frere  Thomas  50,000 

Frost,  Jacob  50,000 

Garretson,  Samuel  I.  120,000 

Gascoigne,  Thomas  35,000 

Gerald,  Thomas  J.  30,000 

(An  enterprising  and  upright  man 
of  business;  president  of  the  board 
of  aldermen  in  this  city,  and  the 
acknowledged  leader  of  the  demo- 
cratic party  in  the  common  coun- 
cil. He  is  an  able  debater,  and 
possesses  a  thorough  knowledge  ot 
the    affairs    of   the    citv.      He    was 


f(3rmerly  a  schoolmaster  and  came 
to  this  section  of  the  country  some 
years  since  from  his  native  state 
(Vermont)  in  quest  of  fortune, 
which,  by  industry  and  good  man- 
agement, he  has  obtained). 
Godfrey,  George  $50,000 

Goodman,  Mvran  S.  50,000 

Graham,  Augustus  150,000 

(This  gentleman,  and  his  brother 
John  B.  are  well  known  as  enter- 
prising merchants,  and  the  liberality 
of  their  contributions  for  benevolent 
purposes.  They  were  born  in 
Scotland,  and  have  risen,  from 
comparatively  humble  stations,  to 
their  present  position). 
Graham,  J.  B.  $75,000 

Greacen,  John  ■  40,000 

Griffin,  F.  50,000 

Griswold,  N.  L.  100,000 

Hale,  Joslah  L.  40,000 

Hall,  Valentine  G.  250,000 

Hamblin,  Asher  P.  40,000 

Hamilton,  E.  C.  40,000 

Hang  rave,  Clifton  40,000 

Harper,  Joseph  W.  100,000 

Harris,  Captain  Isaac  35,000 

Harris,  William  M.  35,000 

Haslett,  John  50,000 

Hastings,  George  100,000 

Hatch,  William  T.  40,000 

Haviland,  D.  G.  50,000 

Haviland,  R.  B.  75,000 

Haxton,  a.  130,000 

Hazard,  W.  H.  50,000 

Heaney,  Cornelius  200,000 

(A  native  of  Ireland.  Was  con- 
nected with  Mr.  Astor  in  the  fur 
trade  some  years  since,  with  whom 
he  realised  a  large  amount  of 
money.  His  liberality  to  the  poor 
knows  no  bounds.  He  was  the 
greatest  donor  to  the  Catholic  Or- 
phan Asylum,  In  Court  Street,  and 
presented  to  the  Trustees  of  Free- 
man's Hall  the  ground  upon  which 
It  stands). 
Hebard,  Frederick  H.  $35,000 

Heerdt,  Clement  35,000 

Herriman,  William  S.  100,000 

Hicks,  Edwin  40,000 

Hicks,  George  50,000 

Hicks,  Jacob  M.,  estate  of        75,000 
Hicks,  John  M.  10,000 

(Was  formerly  very  wealthy,  but  lost 
a  large  fortune  by  reverses  In  busi- 
ness and  fluctuations  in  the  value  of 
real  estate.  He  now,  however, 
thanks  to  the  efforts  of  warm  per- 
sonal friends,  many  of  whom  sup- 


146  A  CENTURY  OF  BANKING  IN  NEW  YORK 


ported    him    without    reference    to 
political   considerations,    holds    for 
a  second  term,  the  most  valuable 
public  office  in  the  countv). 
HiNMAN,  William  J.  $40,000 

Hicks,  Robert  T.  50,000 

HoLBROOK,  Lowell  55,000 

Hopkins,  Lucius  35,000 

HoRTON,  A.  B.  100,000 

How,  Calvin  F.  200,000 

How,  Fisher  200,000 

HowLAND,  George  S.  200,000 

HoYT,  Charles  estate  of  80,000 

HuESTED,  S.  L.  25.000 

(A  self  made  and  self  taught  man. 
At  his  father's  death  he  was  thrown 
upon  the  world  penniless,  with  a 
widowed  mother  and  sister  depend- 
ing upon  him  for  their  support.  By 
hard  labor  he  acquired  means  to 
embark  in  business  in  the  fur  trade 
on  his  own  account,  and  is  now  the 
proprietor  of  a  large  and  flourishing 
factory;  in  addition  to  which,  he  is 
the  proprietor  of  the  splendid  line 
of  stages  running  to  and  from  Ful- 
ton Ferry  and  East  Brooklyn.) 
Humphreys,  James  $50,000 

(A  lawyer  of  distinguished  ability 
and  extensive  practice.  He  repre- 
sents the  First  Ward  of  this  city 
in  the  Common  Council,  and  at  the 
last  state  election  was  the  Whig 
nominee  for  Senator,  but  declined 
being  a  candidate.  His  manners 
are  very  popular,  and  he  is  highly 
esteemed  bv  all  parties). 
Hunter,  William,  jun.  $40,000 

HuRLBUT,  E.  D.  100,000 

HuRLBUT,  George  50,000 

HuRLBUT,  John^D.  55,000 

HuRLBUT,  Samuel  50,000 

HuRLBUT,  William  W.  35,000 

HuTTLESON,  Henrv  35,000 

Illius,  Charles      '  75,000 

IsNARD,  Augustus  35,000 

Ives,  George  R.  100,000 

Ives,  David  W.  40,000 

Jackson,  Maria  35,000 

Jackson,  Richard  35,000 

Jewett,  John  75,000 

Johnson,  B.  K.  35,000 

Johnson,  David  100,000 

(One  of  the  Directors  of  the  L.  I. 
Bank;  resides  at  Flatbush;  made 
his  money  in  the  grocery  business 
in  New  York  and  is  a  most  amiable 
and  e.xemplarv  man). 
Johnson.  Evan'M.  $150,000 

Johnson,  Jeremiah  100,000 

Johnson,  John  40,000 


Johnson,  Oscar  $50,000 

Johnson,  Parmenus  100,000 

Johnson,  Samuel  E.  100,000 

Johnson,  William  L.  100.000 

Johnson,  William  35,000 

Kellogg,  E.  60,000 

Kelsey,  Charles  80,000 

Kelsey,  Charles  and  Walter  30.000 
(These  \'Oung  men  commenced  bus- 
iness a  few  years  ago  with  very 
slender  means,  and  are  rapidly,  by 
their  industry  and  economy,  ac- 
quiring a  large  fortune.) 
Ketch  AM,  Joseph  $35,000 

Kiersted,  C.  N.  35,000 

Kimberly,  David  35,000 

KiMBERLY.  Henry  A.  50,000 

Kumbel.  William  40,000 

Laidlaw,  John  75,000 

(One  of  the  rich  proprietors  of  the 
great    White    Lead    works    of   this 
citv). 
Lamar,  G.  B.  $500,000 

(Brother  of  the  e.\-President  of 
Te.xas;  of  exalted  attainments,  un- 
blemished reputation  and  a  heart 
ever  "open  to  melting  charity." 
One  of  nature's  true  noblemen). 
Lapham,  Anson  $50,000 

Lake,  Richard  (Williams- 
burgh)  ^  50.000 
Lake.  Thomas  (Williams- 
burgh)  50.000 
Lake.  William  (Williams- 
burgh)  40,000 
Laytin,  William  (Williams- 
burgh)  50,000 
Leavitt";  David  500,000 
Leavitt,  Edward  50,000 
Leavitt,  Henry  S.  100,000 
Leavitt,  Sheldon  75,000 
Leavitt,  Sheldon  C.  75,000 
Leay'CRAFT,  Richard  (Williams- 
burgh)  200,000 
Lefferts,  Leffert  500,000 
Lefferts,  Remson  150.000 
Lefferts,  Sarah  100,000 
Leggett,  John  40,000 
Lewis,  Zachariah  50,000 
LoTT.  Jeremiah  100.000 
Lott,  John  A.  750,000 
Low,  Seth  40,000 
Luquier,  Nicholas  50,000 
Lyon,  Robert  A.  100,000 
Madden.  Amos  50.000 
Mali.  Hvpolite  50.000 
Manley;  Robert  F.  55,000 
AUrch,  Thomas  50,000 
Marquand,  Henry  60,000 
Martense,  Garritt   (Flatbush) 

100,000 


i 


WEALTHY    CITIZENS'    BIOGRAPHY 


147 


Martense,  Helen  $150,000 

Marvin,  A.  B.  35,000 

Maulsy,  Robert  F.  60,000 

MiDDAGH,  Martha  50,000 

MiNTURN,  E.  &  H.  (Williams- 
burgh)  150,000 
Moon,  John  50,000 
Morgan,  Samuel  75,000 
Morse,  N.  B.  30,000 
(For  some  years  past,  the  prose- 
cuting attorney  of  Kings  County; 
an  able  lawyer;  an  accomplished 
scholar,  and  a  most  worthv  man). 
Morton,  Peter  (estate  of)  $100,00 
Murphy,  Henry  C.  35,000 
(Laid  the  foundation  of  his  fortune 
by  holding  the  office  of  corporation 
attorney  of  Brooklyn  when  it  was 
very  lucrative,  infinitely  more  so 
than  at  present;  and  has  since  held 
a  very  prominent  position  as  a 
politician.  Although  yet  a  young 
man,  he  has  been  Mayor  of  the 
City,  and  twice  elected  to  Con- 
gress. He  possesses  very  superior 
abilities,  untiring  energy  and  in- 
dustry, and,  from  his  many  amiable 
and  excellent  qualities,  is  deser- 
vedly popular  with  the  masses.  He 
is  a  large  stock  holder  in,  and  one 
of  the  principal  Directors  of,  the 
Atlantic  Bank,  and  has  honorably 
distinguished  himself  on  numerous 
occasions  by  his  liberal  contribu- 
tions for  charitable  purposes). 
M'Bride,  James  $300,000 
M'Murray,  Joseph  130,000 
(The  history  of  this  gentleman  fur- 
nishes a  brilliant  example  to  per- 
sons of  humble  means  as  to  what 
may  be  accomplished  by  industry 
and  integrity  in  business  transac- 
tions. In  1824  he  arrived  in  New 
York  poor  and  friendless,  but,  by 
the  possession  of  superior  abilities, 
and  a  diligence  in  the  performance 
of  the  subordinate  duties  of  a  mer- 
chant's office  in  which  he  found  em- 
ployment, he  obtained  the  confi- 
dence and  respect  of  all  who  knew 
him.  After  laboring  many  years 
for  others,  and  being  thoroughly 
acquainted  with  mercantile  opera- 
tions, he  embarked,  with  slender 
means,  in  the  emigrant  passenger 
business,  and  soon,  by  pursuing  a 
course  of  fairness  and  liberality  to 
his  countrymen  and  others  on  their 
arrival  here  from  their  native  land, 
acquired  celebrity  and  wealth. 
Emigrants  from  Europe  are   sub- 


jected to  many  impositions  and  ex- 
tortions from  persons  who  charter 
\essels  for  their  passage  to  this 
land  of  promise;  but  the  subject 
of  this  sketch  stands  proudly  aloof 
from  the  herd  of  "land  pirates" 
who  victimize  the  poor  emigrant. 
Mr.  M'Murray  has  one  of  the 
largest  shipping  establishments  in 
New  York,  and  is  the  principal 
agent  in  this  countrv  for  the  Pro- 
vincial Bank  of  Ireland.  He  has 
two  sons  connected  with  him  in 
business,  who,  with  their  father, 
stand  prominent  in  the  commercial 
world  as  honorable  men). 
Nelson,  Thomas  S.  $40,000 

Nesmith,  James  75,000 

Nevins,  Thomas  35,000 

Oakes,  Ann  10,000 

(The  amiable  and  much  esteemed 
widow  of  the  late  lamented  Coroner 
of  this  city;  universally  known  for 
her  charitable  and  humane  dis- 
position, and  for  the  possession  of 
virtues  which  adorn  humanity,  and 
give  lustre  to  her  sex). 
O'Brien,  Francis  $25,000 

(A  gentleman  of  Herculean  pro- 
portions, with  a  heart  capacious  as 
his  body  for  the  virtues  and  chari- 
ties of  life.  Although  for  many 
years  a  resident  of  Brooklyn,  his 
sphere  of  business  operations  and 
political  mo^•ements  has  been  in 
New  York,  where  he  is  regarded  as 
one  of  the  most  influential  men  of 
the  Whig  party.  Few  men  are  to 
be  found  who  possess  so  many  rare 
and  good  qualities  as  Mr.  O'Brien). 
O'DoNNELL,  Jeremiah  $35,000 

(Like  Messrs.  Baird,  Collins  and 
other  fortunate  Irishmen,  has  accu- 
mulated his  wealth  by  successful 
operations    as    a    contractor    upon 


public  roads). 
O'Hara,  Peter 

$35,000 

Packer,  William  S. 

300,000 

Paine,  John 

200,000 

Pares,  Francis 

40,000 

Patch  en,     George     M.     and 

Henry  200,000 

Peck,  Curtis  50,000 

Peck,  John  100,000 

Peck,  William  N.  40,000 

Peet,  F.  J.  50,000 

Perkins,  Dennis  100,000 

Petit,  Joseph  40,000 

Philly.  Edward  35,000 

Pierrepont,  H.  B.  (estate  of) 

350,000 


148     A  C  E  N  T  U  R  Y  O  F  B  A  N  K  I  N  G  1  N  N  E  W  YORK 


PlERREPONT,  H.  E.  $100,000 

Pitcher,  Benjamin  L.  40,000 

PoLHAMUS,  Theodore  40,000 

PoLLEY,  Grahams    (Williams- 

bureh)  40,000 

Porter,^  Charles  100,000 

Powers,  Mary  L.  100,000 

PR./VTT,  H.  Z.  100,000 

Prentice.  John  H.  100,000 

Prince,  Amy  40,000 

Prince,  Anna  (estate  of)  70,000 

Prince,  Christopher  35,000 

PRiNCE,7ohn  D.  20,000 

(This  gentleman  is  said  recently  to 
have  become  heir  to  an  estate  in 
England,  valued  at  nearly   half  a 
million  of  dollars). 
Putnam,  Nathaniel  $55,000 

Rankin,  John  600,000 

Ransom,  Brazilla  _  40,000 

Rathbone,  Captain  John  40,000 

Raymond,  Henry  S.  50,000 

R.'^ynor,  Phebe  (widow  of  Eli- 
jah) 75,000 
(Mrs.    R.    belongs    to    that    much 
honored  class  of  citizens  the  "oldest 
inhabitant,"  having  been  born  on 
Long  Island  and  resided  for  the  last 
forty    years    in    Brooklyn;    and    is 
emphatically     one     of     the     "old 
school"    holding    the    antiquated, 
and  almost  obsolete  doctrine,  that 
honesty  and  sobriety  should  be  a 
principle  of  the  heart,  and  not  an 
outward  garment  to  be  put  on  and 
off  at    pleasure;    and    that    female 
accomplishments    should    ha^e    a 
wider    range    than    the    salon   and 
drawing  room  afford;  and  should  be 
made  as  familiar  with  kitchen  uten- 
sils as  with  the  piano  forte,  dancing, 
light  reading,  and  other  thousand 
blandishments  esteemed  in  modern 
refinement     indispensable.  Her 
husband  was  for  many  years  a  mer- 
chant in  New  York  and  Brooklvn). 
Reed,  John,  Jr.                        $100:000 
Remsen,  Abraham                        60,000 
RiCH.ARDS,  Benjamin                    40,000 
Richards,  Daniel                     100,000 
RiLLETT,  John                                50,000 
Ripley,  George  C.                       55,000 
Robinson,  Francis                      40,000 
Rockwell,  William                   55,000 
(Formerly     District     Attorney     of 
Brooklyn,  and  twice  candidate  for 
Mayor  of  the  City  as  the  nominee 
of  tlie  native  American  party.     As 
a  lawyer,  he  has  few,  if  any  superi- 
ors; and  in   private  life  is  greatly 
beloved) . 


Rockwell,  William  $35,000 

Rowland,  Henrv  and  James     35,000 
Russell,  William  H.  40,000 

Sales,  L.  (estate  of)  50,000 

Sampson,  George  L.  50,000 

Sanderson,  Svdnev  40,000 

Sands,  Austin  S.    "  100,000 

Sands,  Christian  H.  50,000 

Sands,  Captain  Joshua  R.  50,000 

Sands,  Joseph  100,000 

Sands,  Oliver  H.  50,000 

Sands,  Wilson  H.  40,000 

Saunders,  George  35,000 

(The  well  known  razor  strop  manu- 
facturer of  New  York,  formerly  a 
hair  dresser  of  considerable  cele- 
brity, and  a  portrait  painter  and 
artist  of  no  common  ability.  He  is 
rapidly  adding  to  his  comfortable 
possessions  by  an  immense  busi- 
ness, and  is  well  deserving  of  his 
good  fortune). 
ScHENCK,  John  $100,000 

Schermerhorn,   Abraham 

(estate  of)  500,000 

Schermerhorn,  Peter  600,000 

Scoles,  Maris  50,000 

(Widow  of  James  Scoles,  deceased, 
an    Englishman    of  very    eccentric 
habits  but  profuse  liberality). 
Selleck,  William  $50,000 

Sergeant,  Wilson  H.  40,000 

Seymour,  W.  A.  35,000 

Sharpe,  Alexander  W.  40,000 

Sheldon,  James  100,000 

Sheldon,  Henry  200,000 

SiLLIMAN,  B.  D".  ^  35,000 

Skillman,    John    (Williams- 
burgh)  35,000 
Skinner,  Salmon  55,000 
Smart,    Marv,    Hannah    and 

Elizabeth  45,000 

Smith,  Caleb  100,000 

Smith,  Cyrus  P.  40,000 

(Formerly     Mayor     of     Brooklyn; 

a    distinguished    politician    on    the 

Whig     side;     a     very     prominent 

churchman;    and    very    active    in 

promoting     the      welfare     of     the 

common  schools  and  the  cause  ot 

education  in  this  city). 

Smith,  D.  W.  $50,000 

Smith,  Eliza  40,000 

Smith,  Ira  150,000 

Smith,  Samuel  200,000 

Smith,  William  C.  40,000 

Spark.man,  James  D. 

(Williamsburgh)  300,000 

Spader,  Mrs.  100,000 

Speir,  Henrv  75,000 

Speir,  Robek  35,000 


WEALTHY 

C  I  T  I  Z 

Spencer,  William 

$50,000 

Spies,  Francis 

40,000 

Sprague,  Joseph 

45,000 

Spring,  Marcus 

55,000 

Squire,  Charles 

100,000 

Stacy,  George 
Stanford,  David 

40,000 

75,000 

Stanton,  Amos  P. 

200,000 

Stanton,  Charles 

r.5,000 

Starr,  Chandler 

50,000 

BIOGRAPHY 


[49 


(A     distinguished     merchant     and 

well  known  leading  politician  of  the 

Whig  school.   His  prominence  as  a 

party     man     is,     however,     better 

known     in     New     York     than     in 

Brooklyn,  not  having  as  yet  taken 

any     conspicuous     action     in     the 

public  affairs  of  the  day). 

Steele,  Joseph  $35,000 

Sterling,  Woolsey  G.  35,000 

St.  Felix,  George  E.  150,000 

St.  Felix,  John  R.  75,000 

Stoddard,  Charles  40,000 

Storm,  Isaac  A.  200,000 

Story,  Henrv  (estate  of)  50,000 

Striker,  Gerrett  100,000 

Studwell,  John  J.  35,000 

Sullivan,  Marv  35,000 

Talbot,  George  A.  75,000 

Talmage,  Thomas  G.  50,000 

Tappan,  Arthur  40,000 

Tappan,  Lewis  50,000 

Tatham,  Benjamin  100,000 

(One   of  the   firm   of  Tatham   and 

Brothers,  the  largest  manufacturers 

and  importers  of  lead  pipes  in  the 

U.  S). 

Taylor,  Charles  T.  $50,000 

Taylor,  Elisha  S.  50,000 

Taylor,  Jeremiah  40,000 

Taylor,  John  Allen  75,000 

Taylor  Peter  G.  35,000 

(One  of  the  Aldermen  of  the  Fourth 

Ward;    an    upright    merchant;    an 

excellent  and  charitable  man;  and 

much  esteemed   by  all   who   know 

him). 

Thomas,  Luke  W.  $35,000 

Thompson,  George  C.  50,000 

Thompson,  Samuel  150,000 

Thorne,  Richard  35,000 

Thorne,  Richard  V.  W.  50,000 

(A  distinguished  Democrat,  and  a 

general  favorite   with   the   people). 

Thurston,  F.  G.  $50,000 

Thwing,  J.  C.  75.000 

(A    shrewd     and     successful     Wall 

Street  broker.    For  many  years  he 

ploughed  the  ocean  as  the  master 

and  owner  of  several  vessels.  During 

his   early    life,    he    contracted    an 


asthmatic  disease  which  has  been  a 
great    aftliction    to    him,    and    has 
prevented   his   taking   repose   in    a 
recumbent   position). 
TiENCKiN,  Henry  $35,000 

(A  native  of  Holland,  from  which 
country  he  emigrated  a  few  years 
ago,  with  slender  means,  but  an 
indomitable  perseverance,  and  en- 
terprising spirit.  He  has  realized 
his  present  fortune  by  his  success 
in  business  as  a  retail  grocer). 
Trappal,  Michael  $75,000 

Trask,  Alanson  35,000 

Tread  WELL,  Adam  100,000 

Treadwell,  John  100,000 

Trowbridge,  Edwin  L.  40,000 

Tryon,  E.  G.  100,000 

(Formerly  a  merchant  tailor  in  ex- 
tensive business  in  New  York,  but 
realized  the  bulk  of  his  present  for- 
tune by  a  successful  "hit"  in  an 
entirely  accidental  lottery  specu- 
lation). 
Tucker,  Jonathan  $35,000 

Tucker,  Thatcher  35,000 

Tucker,  Dr.  Joseph  40,000 

Ulfard,  Levi  W. 

(Williamsburg)  40,000 

Underhill,  a.  50,000 

(One  of  the  wealthy  owners  of  the 
large    milk   establishment    at    East 
Brooklyn). 
Underhill,  Samuel  T.  $35,000 

Underwood,  J.  A.  35,000 

Unkart,  Edward  40,000 

Upjohn,  Richard  35,000 

Vanderbilt,  John  100,000 

(First  Judge  of  the  County  of  Kings, 
an  accomplished  scholar,  and  able 
lawyer.  Of  remarkable  suavity  of 
manners,  and  amiability  of  dis- 
position, he  is  eminently  popular 
with  all  who  know  him.  His  talents 
and  his  virtues  will  adorn  any 
station  to  which  he  may  be  ele- 
vated by  the  people). 
Vanderveer,  Adrian  $100,000 

Victor,  Theodore  35,000 

VooRHis,  John  35,000 

VOORHIS,  William  and  Peter  40,000 
(Manufacturers  of,  and  dealers  in, 
lime,  bv  which  business  they  have 
made  their  present  capital,  having 
commenced  with  comparatively 
nothing.  They  are  yet  young,  and 
afford  an  example  of  what  may  be 
accomplished  by  untiring  industry 
and  bold  enterprise). 
Vreeland,  James  $40,000 

Van  Beuren,  E.  K.  40,000 


50     A  CENTURYOFBANKING  INNEW  YORK 


Van  Brunt,  A.  $150,000 

Van  Cleef,  Cornelius  40,000 

Van  Doren,  Rev.  W.  H.  (Wil- 

llamsburgh)  40,000 

Van  Kleeck,  Charles  A.  35,000 

Van  Nostrand,  James  100,000 

Van  Nostrand,  John  150,000 

Van  Nostrand,  John  S.  50,000 

Van  Nostrand,  Henry  50,000 

Van  Pelt,  Dr.  A.  60,000 

Van  Sinderin,  Mrs.  Adrian    150,000 
Van  Wagenen,  Gerrett  100,000 

Van  WiNCKLE,  George  W.         40,000 
Wardwell,  Ben  40,000 

Waring,  H.  P.  35,000 

Warren,  John  D.  40,000 

Waterbury,     J.     (Williams- 
burgh)  175,000 
Waterbury,  L.  (Williams- 
burgh)  40,000 
Waterbury,    N.    (Williams- 
burgh)                                  200.000 
(Realized    a    great    portion    of   his 
wealth  as  lessee  of  the  Grand  Street 
ferrv) . 
Webster,  Hosea                      $100,000 
Weed,  H.  A.  50,000 


(Son     of    Nathaniel    Weed,     E 
President  of  the  North  River  Ba 


X 


New    York.     Mr.    W.    is    a    young 

lawyer    of  great   eminence;    e.xten- 

sive    and    lucrative    practice;    and, 

in  all  the  relations  of  life,  a  most 

worth V  man). 

Weed,  Maltbie  $40,000 

Wells,  Phoebe  R.  50,000 

Wendell,  John  50,000 

Wesson,  David  40,000 

Wetmore,  David  W.  150,000 

Wheeler,  Allen  35,000 

Wheelock,  Clark  40,000 


Whitcomb,  Moses  $50,000 

White,  Chandler  50,000 

White,  George  50,000 

White.  W.  A.  and  A.  M.  250,000 
(These  gentlemen  are  extensively 
engaged  in  the  fur  business  in  New 
York,  and  are  greatly  respected  as 
honorable  merchants  and  estimable 
citizens.  They  reside  in  a  splendid 
mansion  in  Washington  Street). 
Whitehouse,  Edward  $100,000 

Whiting,  W.  E.  50,000 

Whittlesy,  Elijah  75,000 

Wily,  George  S.  75,000 

Wily,  John  S.  75,000 

Willard,  George  L.  40,000 

Williams,  George  40,000 

Willink,  John  A.  300,000 

Wilson,  Charles  40,000 

Wintringham,  Sidney  50,000 

Wood,  George  ^  100,000 

(An  eminent  counsellor  and  dis- 
tinguished ;unst,  formerly  of  New 
Jersey,  but  for  a  few  years  past  a 
resident  of  a  splendid  mansion  in 
the  Third  Ward). 
Wood,  Samuel  S.  $75,000 

Woodruff,  Albert  50,000 

Woodward,    Charles    and 

Thomas  70,000 

Wright,  Amasa  75,000 

Wright,  Daniel  100,000 

Wrigley,  Joseph  40,000 

Wyckoff,  Henrv  S.  75,000 

Wyckoff,  J.  M.'  40,000 

Wyckoff,  Richard  L.  40,000 

Yelverton,  John  T.  35,000 

Young.  Daniel  T.  40,000 

Young,  Henry  500,000 

Young,  Nathan  40,000 


The  pages  following  present  a  photographic  facsimile  of  the 
sixth  edition  of  the  "Wealth  and  Biography"  pamphlet.  A 
former  owner  of  this  particular  copy  has  inscribed  it  "A  curiosity- 
to-be-kept,"  and  he  has  also  corrected  minor  details  and  added 
the  omitted  name  of  Dominick  Lynch  "son  of  Wm.  Lynch,  my 
father's  brother/' 


WEALTHY  CITIZENS 


NEW    YORK    CITY 


COMPRlSlfCO 

AN  ALPHABETICAL  ARRANGEMENT  OF  PERSONS  ESTL'^ATED  TO  BE 
WORTH  $100,000,  AND  UPWARDS. 

WITH    THE    SUMS    APPENDED    TO    EACH    NAME; 
Bciaa  osKFVt>  to 

BANKS,  MERCHANTS,  AND  OTHERS. 


SIXTH    EDITION, 

ENLARGED  TO  TEN  TIMES  THE  OBIOINAL  MATTER,  AND  NOW  CONTAINING 
BRIEF  BIOGRAPHICAL  AND  GENEALOGICAL  NOTICES 

OK  THS 

PRINCIPAL  PERSONS  IN  THIS  CATALOGUE. 

ALSO.  A  VALUABLE  TABLE  OF  STATISTICS. 


NEW   YORK; 

COMPILED  WITH  MUCH  CAKE  AND 

PUBLISHED    AT    THE    SUN    OFFICE. 
1845. 


PREFACE   TO  THE   SIXTH  EDITION. 

To  render  this  publication' more  interesting  to  the  general  reader,  we  have  proc^red  from 
varioua  authentic  sources,  brieC  genealogical  and  historical  or  biographical  notices  of  some  of 
thariore  remarkable  men  and  families  iii  this  coinnmnity,  into  whose  hands  wealth  has  concen- 
trated. We  have  endeavored  to  do  equiil  and  exact  justice  to  the  parties,  and  have  deemed  that 
we  have  been  rendering  an  especial  service  to  those,  more  particularly,  who  by  honest  and  la- 
borious industry  have  raised  themselves  from  the  iihscure  and  humble  walks  of  life,  to  great 
wealth  and  consideration.  If  there  be.  by  any  possibility,  any  erroneous  statements,  we  pledge 
ourselves  to  correct  theui  in  our  next  edition.  Our  aim  has  been  to  wound  the  ft;elings  of  no 
one,  but  to  do  strict  justice  to  all,  and  to  tell  the  whole  truth  and  nothing  but  the  truth.  This 
edition  has  been  carefully  revised,  and  almost  every  biographical  notice  entirely  rewritten  so  as 
to  remove  whatever  errors  and  objectionable  remarks  had  crept  into  the  former  editions.  It 
has  been  found  necessary  to  exclude  several  names,  while  new  names  lo  the  amount  ol  nearly 
one-third  the  whole  number  in  Oie  book  Uave  been  added  to  this  edition.  There  has  bten  added 
iiko  a  large  quantity  of  interesting  biographical  and  historical  matter,  as  derived  from  the  con- 
sultation of  books  and  living  authorities;  so  that  the  work  may  now  be  regarded  as  complete 
and  accurate  as  its  nature  and  scope  admits. 

New  York,  January,  1845. 


Entered  according  to  Act  of  Congress,  in  the  year  one  thon.sand  eight  hundred  and  forty -five. 

By  MOSES  Y.  BEACH, 
in  the  Clerk's  Office  of  the  District  Court  of  the  U  S.  for  the  Sonihern  Districtof  New  York. 


WEALTH 


WEALTHY  CITIZENS  OF  NEW  YORK. 


AbeelJohnH.         .       .       -       -       SIOO.O'^O 
In  partnership  with  Ganit  A.  Dun^comb,  constitu- 
ting the  linn  of  John  H.  Abeel  &  Co.  iron  merchants, 
one  of  the  oldest  houses  in  the  city 

Adams  John  -  -  -  -  ■  -  300,000 
Of  Irish  descent,  wlio  by  industry  and  integrity  as 
a  merchant  in  the  dry  goods  line,  has  acquired  a  re- 
spectable fortune,  which  he  enjoys  with  the  respect  of 
all  who  know  him.  He  is  Pre^ident  of  the  Fulton 
Bank.  He  married  a  daughter  of  John  Glover,  da 
cea^^ed,  some  twenty  years  since,  by  whom  he  has  re- 
ceived some  property.     See  Mrs.  i'ishcr. 

Addison  Thomas  ....  150,000 
A  distinguished  pencil-ca^e  maker,  a  piorteer  in 
this,  and  made  his  money  by  industry.  The  present 
ever-pointed  pencil-case  was  first  made  by  him,  and 
owes  its  form  to  his  ingenuity. 

Adee  George 100.000 

Son  of  William  below,  and  a  partner  of  the  firm  of 
Adee,  Timpson  Sc  Co. 

Adee  William  -----  200  OOO 
An  auctioneer,  and  formerly  senior  partner  in  the 
firm  of  Adee,  Timpson  &  Co.  From  Westchester  Co. 
Began  life  as  a  dry  goods  merchant,  and  has  now  re- 
tired from  business.  A  very  worthy  ,man  wlio  has 
made  all  his  money  by  active  indu-try,  and  the  most 
honorable  and  uimght  course  in  business. 

Aiaslie  Robert 100,000 

Formerly  a  merchant,  and  worth  this  sum  by.his 
wife,  a  daughter  of  Robert  Lennox,  deceased. 

Alcerley  S.  Dr.  -  -  -  -  .  -  150  000 
'  Formerly  an  eminent  Physicim,  who  distinguish 
ed  himseli  when  the  yellow  lever  was  raging.  Now 
r«  tired. 

Alien  S-ephen 400,000 

A  man  wfio  without  money,  without  family  con- 
nexions, and  without  eaucation,  hu3  made  his  way 
totndeveniience  in  lortune,  and  to  high  pubhc  sta- 
nons.  He  began  life  as  a  poor  sailor  boy,  afterwards 
vrxs  a  Sill  maker,  and  tioally  kept  one  of  the  largest 
S!.il-loft3  in  the  city.  In  h  s  business  he  was  indus- 
trious, scrupulously  exact,  aud  rigid  injustice.  By 
^la  reputatioa  for  integrity,  he  procured  large  ac- 
cessions to  h  is  business.  He  was  made  Mayor  of 
the  city  in  1821,  snd  re-elected  for  two  successive 
years,  and  afterwards  a  Senator  of  the  State,  an  I  a 
Slate  Commissioner  of  the  Croton  Water  Works,  in 
which  capacity  his  powerful  i.fluenco  did  much  to- 
ward the  success  of  t '. is  great  enterprise.  Mr.  Allc n 
13  an  ere^tetic  ai  d  deciJed  man,  always  adoptine  a 
policy  ofh  s  own,  aad  carryingit  out  with  gieat  scll- 
reliance.  He  is  just,  butnotgenerou" ;  and  in  mind 
and  maone'S  rude  .nd  unpolished.  At  -he  timed 
difficulty  in  the  New  Voik  Life  Insurance  and  Trust 
Co.,  he  was  made  the  President. 

AUeySaul 250,000 

The  intimate  friend  of  S.Allei  and  the  two  consult 
each  other  on  every  matter  of  inteiest  to  either.  He 
was  born  in  Providence,  R.  I.,  wheie  he  learnt  the 
trade  ol  Cabinet  maker,  andsubsequcntly  cirre  Ion 
the  busini  ss  at  Charleston,  S.  C,  where  he  tailed 
through  the  sole  fault  of  his  pa  itncr.  Mr.  Alley  came 
to  this  city  and  undertook  a  commission  business  in 
cotton  and  doniest  jc  goods.  His  creditors  at  Charles- 
ton having  confidence  inlhim  the  e  his  fij  st  patron?, 
and  sonohg  them  Moidecai/y'ohen,  a  rich  Jew,  enti- 


100,000 


few  years  he  paid  his  creditors,  and  by  business  tact 
integrity,  and  industry,  has  anias-cd  bis  wealth.  Hr 
retired  from  business  several  years  since.  Mr.  Adey 
is  an  example  of  a  man  of  strong  iinnd  pushing  his 
way  thiough  the  world  without  the  bcneliLs  ol  educa- 
tion and  under  many  dillitilltie.s. 
Al.tyneJ.hn =00,000 

Of  the  firm  of  Alstyne  ic  Dykers,  rich  brokers  »n 
WaU  street. 
Ames  Barret      -        -        ■  '     -        -        100,000 

Formerly  of  the  firm  of  Ames  &  Witherell,  iron- 
dealers.  A  new  England  man-made  all  bi=  money 
and  retired  from  business.  ,He  was  in  bu-dnese  at 
the  South. 

Amos Estate  of-       -        -        -       200,000 

Andariese  Bamef        •"       -        -        -   -     100,000 

An  excellent  Tailor  and  a  very  amiable  man. 
Anderson  Abel  T.      .       -       -       -       200,000 

A  respectable  lawyer,  who  inherited  most  of  his 
property  from  his  father,  who  acquired  his  fortune lU 
the  manufacture  of  boots  and  shoei. 
Anderson  Henry  J.     -        -        -        -        100,000 

The  respected   Professor  of  Mathematics  in  Co- 
lumbia  College. 
Andrew  Henry  -  -        100,000 

Native  of  Scotland,  made  his  fortune  in  the  Carpet 
trade,  was  prorain  ni  in  the  Whig  ranks,  and  sent  to 
tlie  Assembly  of  this  state  some  years  since;  a  very 
good  citizen. 
Anlhon  Charles         -        -        - 

A  brother  of  John,  and  prof -ssor  of  Latin  language 
andliteiature  in  Columbi.i  CoIle;ge.  Mr.  Anlhon  has 
published  many  works  ;  the  one  most  widely  known 
is  Anthon's  Classical  Dictionary.  Mi'.  Anlhon  has  a 
popular  reputation  as  a  scholar,  and  h  a  most  learned 
man.  In  his  Classical  Dictionary,  and  other  works, 
he  has  bjcn  charged  with  having  made  too  free  use  of 
the  labors  of  others. 

ArithonJohn 300,000 

y  His  father  was  a  very  respectable  andlearned  phy^ 
sician  of  this  city,  and  born  of  German  parents.  1  he 
son,  of  Dr.  Anthon  have  distinguished  tliems. Ives; 
John  as  a  lawyer,  Henry  as  a  divine,  and  Charles  a, 
a  scholar,  and  professor  of  the  Latin  language  and  h 
tcrature  in  Columbia  Colle,'e.  They  all  received 
something  from  their  lather,  but  John  by  the  adop- 
tion of  a  more  lucrative  prolission,  and  espocia  ly  by 
his  marriage  with  the  daughter  of  a  rich  auctioneer, 
John  tjoue,  possesses  much  the  largest  fortune. 
Appleton  Daniel         .        -        -        -  100,000 

Of  the  firm  of  D.  Appleton  Ic  Co.,  bootelers  ami 
publishers 

Appleby  Leonard       -        -        -        :        100,000 
Areularius  George    -        -       -        -        300,000 

Born  of  German  parents,  and,  with  hjs  brother 
Phillip,  obtained  hii  wealth  as  a  baker,  in  which  bu- 
siness he  has  been  famous  for  many  years,  and  in 
which  he  still  continues.  He  is  a  man  much  respects 
ed  for  his  numerous  good  qualities.  Gen.  Henry  A. 
late  Commissary  General  of  the  state,  is  one  of  his 
sjns. 
Arnold  Aaron 250,000 

An  Enghshman  who  brought  money  with  him  from 
England,  and  has  been  irfthe  retail  dry  gcods  busi- 
ncis  in  Canal  street,  and  now  in  partnership  wtthhl* 
«on  in-ldw nonstable,  an  Englishiaan  aUo. 


Arthur  Joho  -  =         100,000    tined  to  be  the  commercial  emporium  of  the  Northern 

AapfnwaU  Wni.  H  400  000     Nn^^v^T"^  '°,  I'k  '"P'^"'"'  "'"»  commodities  fron, 

^  "-    '  <JUl).UI)l)     New  \ork,  and  the  same  v&isel  was  also  to  conve\ 

supplies  to  tlie  Russian  trading?  settlemenU  farther 
nortli,  and  receive  furs  in  exchange.  With  the  fun. 
trom  the  Russian  posts,  and  from  Astoria,  she  was  to 

, P™ceed  to  Canton,  then  the  best  market  for  furs,  and 

Staten  Island,  and  his  residence  in    ''^'"ni  home  with  teas,  silks,  and  nankeens.    In  the 
'     ■  ■  projection  of  this  magnificent  enterpiize,  Astor  antici- 

pated that  the  settlement  would  prove  a  bill  of  costs 
for  the  first  two  years,  and  that  no  considerable  profit* 
would  be  received  in  less  than  ten  years.  At  the  ex- 
piration of  twenty  years  he  counted  on  receiving  a 
million  of  dollars  annual  profits.  TheTonquin,  the 
first,  and  the  Lark,  the  third  vessel,  dispatched  for 
Astoria,  were  lost,  yet  notwithstanding,  the  enterprise 
would  not  have  failed,  had  nut  Astoria  been  sold  to 


400,000 

Of  the  firm  of  How.wid  U  aspinwall,  shipping  mer- 
chants. Xhe  father  of  Mr.  Aspinwall  has  lonu  been 
known  as  an  intelligent  and  shrewd  broker,  and  is  of 
an  ancient  and  honorable  family.    IMr.  Aspinwall  has 

a  beauiilul  seat  on  Staten 

this  city  is  very  valuable. 

Astor  John  Jacob 

.John  Jacob  Astor        , 

him  best,  not  only  among  the  ric¥est'buTalso"am'on'L 
the  truly  great  men  of  the  world.  The  talent  which 
in  another  age,  and  in  another  state  of  society,  was 
exercised  in  the  art  of  war,  is  now  to  a  great  extent 
engaged  in  the  peaceful  occupations  of  the  countin 


25,000,000 
classed,  by  those  who  know 


room.     War  has  been  a  great  field  for  the  developi-  '^^  ""fxts  of  tlie  Uritish  North  West  Fur  Company. 

mont  of  great  talents.      But  commerce  affords  scope  'n'""*'^  ^'^^  treachery  of  one  of  Mr.  Aster's  partners, 

•or  a  greater  variety  of  talent,  and  is  a  field  on  which  "^(^"'chman  named  McDougal.    Astoria  had  to  strug 

the  most  gigantic  g?nius,  and  (he  most  soarin--  ambi-  °^  through  many  difficulties  in  consequence  of  being 

tion  may  e.'cpend  them  selves  in  unlimited  conquests,  c"!''"""*^  during  the  late  war;  and  just  as  peace  was 

m   this  department  of  human  action  Astor  has  dis-  "Pclared,aiid  as  it  was  to  be  restored,  it  was  wrench- 

p.ayed  a  great  mind.    Landing  on  our  shores  as  a  ^^  "°^  Mr.  Astor's  hands  Uy  the  treaahery  of  hU 

common  steerage  passenger— ii  poor  uneducated  boy  Partner.    From  the  time  of  the  establisiiment  of  the 

—a  stranger  to  the  language  and  the  people— he  has  A™f^"<;in   Fur  Company,  Mr.  Astor  became -largely 

by  the  so{e  aid  of  hi.s  own  industry,  accumulated  a  ^"Saged  in  commerce.    His  ships  freighted' with  furs 


any  individual 


the  globe,  and  has  executed  projects  that  have  become 
.„.ir!!?.'!l"!.Ji  'i*.^  history  of  his  country,  and  which 


ircely  second  to  that 
;d  proje 

- ,  of  his 

ill  perpetjiate  his  name  to  the  latest  age.    He  wa, 
born  in  July,  1763,  in  the  village  of  Waldorp,  near 
Heidelberg,  in  the  Duchy  of  Baden,  Germany.    His 
i*'.^^I.  *as  a  very  wortliy  man  and  held  the  offii 
bailift.    At  the  age  of  eig'  ' 


a;hteen  young  Astor, 


ei'e  of  leaving  his  home  for  a  foreign  land,  resolved 
to^bihoiwslana  induslHous,  ami  never  to  gamble.  In 
March,  1734,  he  landed  at  Baltimore,  a  steera<re  pas- 
senger, having  sailed  from  London  in  November,  and 
been  detained  by  the  ice  three  months.  On  his  voy- 
age he  became  acquainted  with  a  fellow  countryman 
"'.'"^l^""''^'''  ""^^  induced  Mr.  Astor  to  learn  tliis 
art.  The  main  portion  of  Mr.  Astor's  property  at  this 
time  consisted  of  seven  flufes  from  his  brother's  man- 


for  France,  Eng'and,  Geimany  and  Russia^and  with 
peltries,  ginseng,  and  dollars  for  China,  now  plough- 
ed every  sea,  to  receive  these  products  of  the  New 
World  and  exchange  them  for  the  valuable  commodi- 
ties of  the  Old.      Mr.  Astoi's  instructions  to  his  cap- 
__        tains  were  minute  and  exceedingly  par:icular.    He 
,  pj.     evinced  almost  as  intimate  a  knowledge  of  the  vari- 
the     °"*  markets  in  which  he  traded,  as  though  he  had 


resident  at  each  respective  mart.  In  the  dis- 
uiDuMon  of  his  cargoes  at  home,  and  in  exchanging 
MS  commodities  with  the  natives,  Mr.  Astor  exercised 
a  minute  inspection  even  to  the  smallest  details,  and 
seemed  to  possess  an  almost  intuitive  knowledge  of 
the  market,  not  only  in  the  United  States,  but  also  in 
Canada.  Yet  Mr.  Astor  did  not  bestow  at  his  countin- 
house  more  than  half  tlie  time  most  merchants  feel 
compelled  to  give  their  concerns.    It  has  been  re- 


ufactory,  at  London,  which,  with  a  few  other  articles  marked  of  him,  by  one  of  his  intimate  friends,  a  man 

ot  merchandize,  he  sold,  and  invested  the  small  pro-  **'  '^ome  eminence;  that  Mr.  Astor,  was  capable  of 

ceeds  in  furs,  and  commenced  learning  the  fur-trade  commanding  an  army  of  500,000  men.  During  a  good 

tie  was  soon  after  engaged  as  clerk  in  the  fur  esta  Portion  of  Mr.  Astor's  active  life,  he  resided  in  a  large 

blishment  of  Robert  Bowne,  the  first  cousin  of  Wal-  ^^^^'^  '"  ">e  'o»'er  Pa't  of  Broadway,  and  lived  in  a 

ter  s  fatlier,  (see  Walter  Bowne,)  a  good  old  nuaker,  ^'^'^  °^  princely  magniflcenfce,  attenlted  by  servant* 

who  prized  Mr.  Astor  very  much  for  his  untirino-  in-  '™™  ^"^^  °^  '^e  various  nations  with  which  he  trad- 

..ustry  and  fidelity.  .  Subsequently,  by  the  aid  of  a  few  ^°'  and  among  them  some  from  the  Empire  of  the 

housands  from  his  brother  Harry,  a  rich  Bowery  C'«"l««''a>s-     His  house  was  furnished  with  the  lichcsl 

butcher,  he  engaged  in  business  for  himself,  associa-  1''*'*^'  ""f'  ^li^  ajiartments  adorned  with  works  of  art, 

ted  with  the  late  Cornelius  Heyer.    Afterwards  he  be-  ainons  which  ^vas  a  Cupid  by  Mignard,  which  wa- 

caine  associated  with  Mr.  Smith,  the  father  of  Gerrit  regarded  as  a  work  of  rare  merit,  and  for  which  Astor 

.Smith.    At  the  close  of  the  revolutionary  war,  Oswe-     ""^''-■"--' - 

JO,  Niagara,  Detroit,  and  other  posts  being  in  pos- 

!^"?h".?Lf  •'''*K°"P''"'7'v*  *F'°"^  embarrassment 
wa..  thrown  in  the  way  of  the  fur  trade.  Soon  after 
Mr.  Astor  entered  the  business,  in  1794-5,  by  a  treaty 
these  posts  were  surrendered,  when,  contemplatin- 
the  grand  opportunity 'then  offered  to  him,  he  said, 
'•Now  I  will  make  my  fortune  in  the  fur-trade.'- 
His  prediction  was  verified.  Astor,  with  an  industrv 
and  sagacity  unparalelled,  improved  his  6pportunity, 
and  after  the  lapse  of  six  years,  dm-ing  the  first  ye*; 
nL  ofiS'^n^r.'",  ^f"'"'??, '"'.  *>*''  amassed  something- 
like %iM,<m  dollars.    By  the  natural  course  of  accu-      ,  •  -        = r-r--^  ...  - v...  ...^ 

raulation,  this  sum.  at  the  present  time,  would  have     'nan 'ts  real  value.     In  this  mode,  together  with  the 


Notwithstanding  the  magnitude  and  success  of  Mr. 
Astor's  business  operations,  yet  the  greatest  source  of 
his  wealth  has  resulted  from  the  increased  value  of 
real  estate  consequent  on.  thd  continued  growth  of 
the  city.  At  an  early  day  he  foresaw  the  future 
greatness  of  this  commercial  emporium  of  the 
Western  Continent,  and  was  wont  to  convert  two- 
thirds  of  his  annual  gains  into  real  estate,  not  one 
foot  of  which  lie  ever  mortgaged.  It  has  been  his 
policy  to  invest  in  mortgages  on  the  best  property  of- 
fered, and  in  case  of  fore-closure,  which  has  often 
liappened,  he  ha.^  bought  the  property  in  at  much  less 


founded  the  American  Fur'company,  for  the  purpose 
of  competing  with  the  powerful  British  associations 
which  were  in  a  fair  way  to  monopolize  the  traffic  in 
furs  throughout  the  Northern  and  South  Sr^por 
'— °  "'  "■-  <--ontme»t.    The outpostsof  this  newcom- 


property.    Mr.  Astor  has  vast  tracts 
Missouri,  Wisconsin,  Iowa,  and  other  part 


too  the  bulk  of  h: 

of  laud  in  Missoi;    ,      , , ^.  ^„,v 

of  the  West,  the  prospective  value  of  which  is  verv 
great.    The  greater  portion  of  his  property  is  in  real 

.,„„„.    .u.-.  r o,.cwuuui-    <«'ate  and  mortgages  in  this  city.    Could  Mr.  Astor's 

pany  stretched  into  new  and  hitherto  untrodden  fields  Property  be  kept  unbroken  and  under  its  present  ma 
ana  secured  the  richest  spoils  of  beaver,  otter,  and  "ageinent,  it  would  become  the  largest  individual  es- 
K^5  fv."  ",.''*'^  "l^®ed  previously  as  well  as  now  'ate  ever  known  on  the  globe.  The  esUmatcs  of  the 
been  the  policy  of  Mr.  Astor  to  extend  his  conquests  ^'a'"e  of  his  properly  given  above  is  moderate ;  those 
1J?»  ."T.i^^"  "^'  T''"  projection  and  establish-  knowing  lus  aftairs  best  placing  it  at  $30,000,000; 
ment  oj  this  company  did  not  safisfy  his  gigantic  in-  and  some  as  high  even  as  ,f  50,000,000.  His  income 
teuect.  HIS  grand  project  of  the  Astoria  settlement  ""  a  moderete  e.-.tiuiate  must  be  .'J>,000,000  a  year,  or 
was  now  formed.  It  was  his  design  to  establish  a  se-  »1G6,000  a  month,  which  is  about  $41,600  a  week  : 
V^^w    p°  ""^  "*®  Viicinc  Ocean,  and  on  the  Co-    ««.''6",a  day,  .1^40  an  hour,  and  $4  a  minute.    Mr. 

lomoia  Kiver,  in  connexion  with  our  government,  and  ^stor  has  made  a  donation  of  S3fi0,000  for  a  librarv 
thus  monopolize  the  fur  trade  west  of  the  Rocky  in  this  city,  the'intcrest  of  which  is  to  be  expended  ii'i 
«  lom  I!^*  1.  ''f '  P""''  Astoria,  was  established  employing  agents  to  purchase  books,  and  in  the  erec- 
t  M  'w^D  ^'■'^  °'Z'^y  ™<'"  "nder  the  command  ""n  of  a  building.  Mr.  CogsweU,  late  editor  of  the 
«t  air.  w.  f .  Hunt.    Thii  setUement,  which  was  des-     ^'-  ^-  Review,  is  the  agent  unU  librarian.    Mr.  Aetor 


h«s  two  Ronn,  Wm.  B.  sndonewho  hasbern  imbc- 
cile  from  his  birth  ;  one  of  his  daughters  became  tlie 
Countess  of  Rumpff,  and  lately  deceased  at  Paris,  an- 
other (deceased)  was  married  to  Mr.  Bristcd,  an  Eng- 
lishman, author  of  a  work  on  the  Resources  of  Ame- 
rica, and  now  a  clergyman  at  Bristol,  R.  I.  A  grand- 
son Charles  Bristed  is  at  Cambridge,  England. 

AstorWm.B. 5,000  000 

The  son  of  John  Jacob,  and  holdins  a  power  of  at- 
torney for  the  transaction  of  all  his  father's  bu:^ine3s, 
and  exercisii\g  generally  a  superintendence  over  that 
immense  property  of  which  he  undoubtedly  expects 
to  be  the  principal  heir.  Yet  Wm.  B.  has  received 
much  of  his  property  from  his  deceased  uncle,  Henry 
Astor,  long  celebrated  as  a  butcher  in  the  Bowery,  in 
which  business  he  accumulated  his  wealth.  The 
amount  received  from  his  uncle  did  not  exceed  half 
*  million,  yet  bv  fortunate  investments,  chietiy  in 
real  ^tate,  and  by  donations  from  his  father,  who  has 
given  him  the  Astor  House,  it  has  increased  to  this 
extraordinary  amount. 

Auftcn  David 400,000 

A  distinguished  auctioneer,  who  made  money  at  a 
time  when  auctioneers  reajied  their  .$50,000  a  year 
profit.  By  his  marriage  with  a  sister  of  John  Ha  i^ 
gerty,  he  received,  no  doubt,  an  accession  to  his  for- 
tune. At  the  present  time  auctioneers,  like  all  others, 
can  reap  but  slow  profits,  and  that  by  careful  indus 
try,  and  close  attention  to  business.  Mr.  Austen  is  an 
•acellent  business  man,  and  a  most  estimable  citizen. 

iiymar  Ber,j:iinin  ...  -  300000 
This,  and  the  next  below,  his  brother,  are  English 
dscent,  and  self-made  m«n,  though  of  humble  origin. 
They  are  very  enterprizing  merchants,  and  bear  ex- 
cellent characters  as  gentlenSen  and  citizens.  They 
have  been  principally  engaged  in  West  India  com- 
merce. 

AymarJohnQ.        ....       200,000 
The  brotlier  mentioned  abof  e. 

B 
Bache  Robert 200,000 

A  rich  Distiller,  residing  in  Brooklyn. 

Baldwin  J.  G. 200.000 

Banks  David 100,000 

A  Law  Book  seller,  of  the  firm  of  Gould,  Banks  & 
Co.,  ex-alderman  of  the  fifth  ward,  now  President  of 
the  Harlem  Rail  Road  Co.,  and  an  influential  man  in. 
the  Democratic  party.  Married  the  daughter  of  Paul 
B.  Lloyd,  and  acquired  all  his  money  by  industry  and 
integrity  in  his  business. 
Banks  David 300  OOO 

A  retired  West  India  merchant  of  an  English  family, 
and  married  a  daughter  of  Robert  Lennox,  by  whom 
he  received  a  large  property. 

BanyerMts 100,000 

Sister  of  Peter  A  Jay,  deceased. 
Bard  William 100,000 

Is  a  Son  of  Dr.  Samuel  Bard,  and  fully  retains  the 
reputation  of  an  honorable  sire. 

Barclay  George        -       -       .       .        1.50,000 
Estimable  son  of  the  venerable  Colonel  Barclay, 
British  Consul,  deceased. 

Bamum  Phineas  Taylor       -        -  150;000 

The  proprietor  of  the  American  Museum,  and  guar- 
dian of  the  celebratfd  Torn  Thumb,  was  born  in  Dan- 
bury,  Ct.,  where  he  wa<  tt  one  time  eng»gf  d  as  a  lot- 
tery dealer,  and  merchant,  and  afierwards  fdi'or  and 
proprietor  of  an  influentinl  n°wspaper,  enfitled  the 
Herald  of  Freedom,  which,  being  free  with  the  fail- 
ings of  orthodox  jiietendprs,  and  making  some  rather 
severe  strictures  on  Jurtge  Daggett,  then  of  the  Su- 
preme Court,  brought  down  the  ire  of  that  venerable 
sinner,  and  Barnura  was  imnrisoned  for  libel.  The 
day  of  his  liberation  was  celebrated  by  a  grand  gala 
scene  ard  oration,  and  the  martyr  to  univefsplism_ 
wa«  nominate!  by  his  friends  tVr  Governor,  ^oon  af-' 
terwnrls  ^  ecume  to  this  city,  and  son*  became  known 
»s  the  exhibitor  of  Joice  Heih.  Subsoqu^ntly  ob- 
taining possession  of  the  Am-rican  Musfum,  he  be- 
came the  proprietor,  and  meeting  with  Tom  Thumb, 


hehas  made  his  fortune  roiinty  by  niFsna  of  that  ju- 
vnile  wondT.  Mr.  Barnunj  is  row  in  Europe,  ex- 
hibiting Tom  Thumb,  by  whom  he  Is  coining  money. 

Barrow  Dr. 100,000 


Barealon  Vicfor 


I'JO.OOO 


Barstow  H.  W. 100,000 

BattelJe  Joseph  ...        -        100,000 

Of  a  Connecticut  family,  and  of  the  fitm  of  Egglos- 
ton  &  Battelle,  iron  merchants.  Mr.  Battelle  has  made 
a  profitable  use  of  his  capital. 

Beach  M.  Y. 250,000 

Motes  Yale  Beach  waobom  inWallingf.  rd.  Conn., 
a  conne  tion  on  hismother'ssideof  Elihu  Yale.  Esq., 
founder  of  >  ale  College,  and  for  many  years  Governor 
of  the  East  India  Crmpany.  / 1  an  early  age  he  was 
ppren  iced  ro  the  Cabinet  miking  business,  in  Hart- 
ford, Connecticut,  where,  by  over  work,  ard  "•  rk- 
ing  nights,  managed  to  save,  hy  th-timeh"  hud  at- 
tained his  eighteenth  year,  $'100,with  which  he  pur- 
chased of  his  employer  the  rtmainderffhis  lime,  and 
commenced  Lusiness  on  his  own  account  iA  Massa- 
chusetta  Soon  after  he  it  arried.  and  has  since  then, 
pafsed  thr'-ugh  the  rough  and  varied  scenea  cf  a  bu- 
siness life.  Sr^on  after  the  commencement  of  the 
Sun  newspaper,  he  purchased  Mr.  Wisner's  interest, 
being  rne-h«lf,  paving  for  Iheexperim'-nt  $52C0  As 
foon  as  he  found  ihis  to  be  a  safe  and  permanent  bu- 
f  iness,  he  bought  out  his  partner,  for  which  he  paid 
,^19,000.  From  this  poinr,  his  star,  rr  rather  "in,  ha» 
been  steadily  in  the  nscendant,  and  now  we  find  him 
the  publisher  of  tie  most  extensively  cin  ul»ted  news- 
paper uponthe  globe,  and  the  prinr ipal  stockholder  in 
fcur  Banks,  a  1  in  good  standing,  and  prosperous,  be- 
sides doing  und't  his  own  name  a  large  amount  of 
bankin?.  For  assistance  in  his  unparalelled  business, 
he  has  the  services  of  five  sons,  brought  up  in  active 
life  under  his  own  eye,  and  who  may  yet  prove  "chips 
of  the  old  block." 

Beekman  Henry  -  -  -  .  200,000 
Descendant  of  Gov.  W.  Beekman,  about  220  years 
since  Dutch  Governor  of  South  Fort,  on  the  t)ela 
ware.  If  any  of  the  Dutch  noblesse  of  the  very  earli- 
est colonizations  at  New  Amsterdam  (now  New  York) 
remain,  here  is  one  who,  like  all  the  intermediate 
liUKs  from  the  Governor  down,  have  nobly  upheid 
the  renown  and  rank  of  their  ancestors.  The  Beek- 
mans,  however,  have  never  been  numerous.  Two 
others  of  the  family  follow.  Governor  Beekman  was 
one  of  those  stalwart  men,  who,  as  early  as  1683,  de- 
manded of  the  Holland  government  a  liberal  charter 
for  this  city,  and  it  was  given. 

Beekman  James  W.  ....        100000 
Of  the  same  family,  and  married  a  daughter  of  Dr. 
Phillip  MiUedoler,  e.-c-Prctidtnt  of  Brunswick     Col- 
lege. 

Beekman  John         ....       150,000 

Beekman  S.  D.  Dr.  -       -       -       -        150  000 


Belts  Goo.  W. 100,000 

A  native  of  Norwalk.  Ct.,  and  one  of  the  pioieefs 
of  the  Carpet  business  in  this  city,  in  which  businros 
he  still  continties  Mr.  Beits  is  esteemed  as  one  of 
cur  most  worthy  <  itizens. 

100,000 
100  000 

A  native  of  Germany,  and  agent  of  the  Rothschilds, 
and  a  Banker. 

Bininger  Abrm.  (Estate  of)          -        -        000,000 
Binsae  Lewis 150  OOO 

From  France,  came  to  this  country  with  $50,000, 
and  manied  a  lady  who  kept  a  Boarding  School  a 
Bloomingdale,  and  subsequently  opened  a  school  in 
Beach  street. 


Belts  Samuel  R.  (Judge) 
Beltnont  Augustus     - 


Bishop  Japhfit 200,000 

A  hardware  dealer,  and  married  a  d&ushler  Of  David 
N.  Wolfe 

Blackbume  Henry      .        -        -        ■        200,000 
Blackwell  Drayton        -        -        -        .      200,000 

Abrother  of  widow  Howell,  and  son  of  Mr.  Black- 
■wdl,  who  eitablislied  the  first  foundry  in  the  city, 
which  was  at  the  comer  of  Canal  street  and  Broadway, 
and  astore  at  Coentics  Shp.and  was  succeeded  by  one 
of  his  sons,  who  is  now  deceased.  H  e  made  a  fortune, 
and  bought  Blackwell's  islnad,  and  hence  iU  name. 
Drayton  studied  law  under  Mayor  Hadclilfe,  but  has 
never  practised. 
Blatcbford  R  M.       -       -       -       -       200.000 

A  lawyer  and  n?ent  of  the  Bank  of  England.  He 
has  been  distinguislicd  as  a  politician  of  the  Whig 
party.  His  father  was  a  clergyman  at  Bridgeport,  Ct. 
where  a  brother  (now  deceased)  was  also  settled  a  few 
vears  since.  Mr.  Blatchiord  graduated  at  Union  Col- 
lege. 
Bleecker  J.W.  •       -       -       -       -       200.000 

Of  an  ancient  New  York  family. 
Bloodgood  Thomas    -        -        -        -        100,000 

Of  an  ancient  family  of  New  Amiterdam,  who  then 
spelt  their  name.-!  "  Bloetgocd  " 
Boardman  David  Estate  of         -        -        200,000 
Bog-ardus  Robert,       -        .        -        .    ■    l.mOOO 

The  Rev.  Everardos  Bogardus  was  a  great  name 
in  the  time  of  our  uutch  ancestors.  Whether  a  de- 
scendint  from  Gen.  Robeit  B  ,  an  eminent  counsel- 
lor, ite  know  not— but  his  n.itive  shrewdness  and 
peraeverance  necdel  no  ancestral  dignities  for  his 
advancement.  "  Gis  stock,"  'tis  said,  consummated 
his  fortune. 
Bogart  Eugene  .       -       -       -        ISO.'OOO 

Descended  from  a  Hugenol.  Anteriorlo  the  Ameri- 
can Revolution,  Cornelius  was  alar^^elandownerand 
merchant,  leaving  his  business  to  his  two  son-,  Henry 
C  and  Nicholas  C,  who  were  among  the  largest  mer- 
chants of  their  day ;  their  business  with  London  being 
verv  extensive.  N.  C.  married  a  daughtej  of  Myndert 
Schuyler,  an  eminent  merchant  of  this  city,  and  duiinpr 
the  Revolutionary  war  moved  to  Tappan,  Rockland 
Co.  Andre  was  confined  in  his  house,  and  Washing- 
ton and  other  officers  often  visited  him.  He  left  two 
•one,  Cornelius  N.  and  David  S.  The,  former  died  a 
tiachelor,  and  the  latter  was  graduated  at  Columbia 
College  in  1790,  and  settled  as  a  Clercymaji  at 
Southampton,  L.  I.,  from  1798  to  1813,  and  then  at 
Hemnstead  until  1S26,  when  he  came  to  this  citv,  and 
died  in  1839.  One  of  his  sons,  Alwyn,  is  a  physician 
in  this  city,  and  a  daughter,  Elizabeth,  is  di-lin^uished 
aa  an  authoress.  The  wife  of  David  S.  was  a  daugh- 
ter of  Jonas  Pratt.  Her  brother  Ebenezer,  was  taken 
a  prisoner  during  the  Revolutionary  war,  and  carried 
to  London,  where  he  married  a  sister  of  Sir  Benjamin 
West's  vrife,  the  daughter  of  Mrs.  Wright,  celebrated 
for  her  skill  in  wax  modelling.  Another  brother,  Col. 
Ridiard,  was  the  officer  who  received  the  gaHant 
Montgomery  in  his  arms  whileexpiring,  at  the  siege  of 
Quebec,  Dec.  31,  1775.  Eugene  isthe'son  of  David  S., 
and  early  entered  into  mercantile  pureuiLs,  in  which 
he  has  attaiijed  nis  wealth,  by  the  most  honorable 
course  of  dealing.  He  married  a  daughter  of  David 
Beck,  Esq.,  of  this  city.  He  has  retired  from  husines.s, 
leaving  the  brothers,  Alex.  A.  and  Orlando  M.,  to  suc- 
ceed him  in  the  firm  of  Bogart  &  Brothers,  Commis- 
sion Merchants. 
Bogert  Henry  H.      -       -       -       -        100,000 

Of  an  ancient  Dutch  family,  and  one  of  the  firm  of 
Bogert  i£  Kneeland,  cotton  .and  liquor  brokers,  and 
commission  merchants. 
Boaeit  James, 300,000 

Of  the  same  family,  and  residing  in  Brooklyn. 
Bogert  James  Jr.       ....       300,000 
Bolton  Curtis 250,000 

From  Georgia,  where  he  has  a  plantation,  and  in 
ihis  city  a  merchant. 

Bonnefoux  Laurent  .       -       .       -        100,000 

A  lynx-eyed,  clear-headed  French  gentleman— a 

second  Cassimlr  Peirier,  in  the  abUity  wiih  which 


he  conducts  his  private  banking  iMtitntloB,  and  to 
the  good  sense  with  which  he  discourses  upon  the 
currency  of  the  country. 

BonnettPeUr 150.000 

Boorman  Jstnes        .       -       .       -       500000 

Of  the  firm  of  Boorman,  Johnston  &  Co.,  exten- 
sive iron  merchants.  He  is  president  of  the  council 
of  the  University,  and  out  of  hisliberality  ha? endow- 
ed a  professorship.  An  adopted  daughter  married  Jo- 
siah  Wheeler,  a  lawyer 
Bouchand  Joseph      ....       200,000 

A  French  resident,  wlio  has  become  rich  as  an  im- 
porter of  French  goods. 

Bowne  Walter 150.000 

Of  an  ancient  and  very  numerous  Quaker  family 
of  L.I.  John,  who  was  bom  at  Matlock,  in  Derby- 
shire, England,  in  1627,  with  his  father,  Thoma«,  and 
a  sister,  came  to  Boston  in  1649,  and  in  1651  they  set- 
tled in  Flushing.  John  married  a  daughter  of  Robert 
Field,  of  Flushing,  a  sister  of  the  wife  of  Capt.  John 
Undeihill,  and  in  1661  built  the  house  there,  which 
has  been  occupied  by  his  descendants  until  recently, 
when  it  passed  into  the  possesion  of  James  Parsons, 
whose  mother  was  the  daughter  John  Bowne,  the 
fourth,  a  lineal  descendant  of  the  first  John,  and  is 
now  occupied  by  Mr.  Parsons.  In  this  house,  Geoijre 
Fox,  in  1672,  was  entertained  by  Mr.  Bowne,  and  his 
wife,  who  early  became  quakersr  In  leeQBownewa* 
imprisoned  for  three  months,  aiui  then  sent  to  Holland 
for  trial,  by  the  notorious  Governor  Stuyvesant,  on 
the  charge  of  •'  procuring  lodgings,  for,  and  frequent- 
ing the  Cortventicles  of  the  obstinate  sect  of  Quakers." 
He  was  acquitted  in  Holland,  and  a  severe  reprimand 
administered  to  the  Governor.  Walter  is  the  son  of 
James,  whose  father,  Samuel,  was  the  grandson  o( 
John.  Walter  was  elected  Mayor  of  this  city  in  1828- 
which  office  he  held  for  five  successive  years.  Subse- 
quently he  was  a  State  Senator,  and  was  one  .if  the 
U.  S.  commissioners  for  the  erection  of  the  Custom 
House.  Mr.  Bowne  was,  in  early  life,  "  an  out-door 
under  writer,"  and  has  been  a  merchant,  in  which 
line  he  h;}s  amassed  much  wealth  in  addition  to  his 
inheritance.  His  investments  in  real  estate  in  this 
citv  have  added  much  to  his  fortune.  Mr.  Bowne  is 
universally  respected  for  his  integrity  and  virtues, 
and  has  ever  been  an  intiuential  man.  Mary  Frant- 
lin,  the  flrst  wife  of  De  Witt  Clinton,  was  a  descend- 
ant of  the  Bownes.  Walter  maiTied  Elizabeth  South- 
gate,  by  whom  he  has  two  children;  Nathan,  who 
married  Eliza  Repclve,  and  Mary,  the  wife  of  John 
W.  Lawrence,  of  Flushing.  We  think  we  might 
with  safety  add  §100.000  to  the  present  estimate. 

Bowen  James        .        .      ^.        .        -    100,000 

Boyd  James 150,000 

Of  thefirrp  of  James  Boyd  &  Co.,  ship  brokers  and 


Bradford  William  ...  -  100,000 
A  descendant  of  the  Puritan  Bradford,  who  came 
over  in  the  May-Flower.  He  was  in  the  Dry  Goods 
business  in  this  city,  and  commenced  poor.  A  fortu- 
nate investment  in  Delaware  and  Hudson  Canal 
Stock,  enabled  him  to  retire  from  business. 

Bradhurst  J.  M.        -       -       -       -       300  000 

Made  his  money  at  the  drug  business,  and  has  been 
commissioner  of  the  alms  house. 

Bradhurst  Samuel  ...  -  100,000 
Has  been  Alderman  of  the  Twelfth  Ward.  A  son  of 
J.  M.,  and  married  a  daughter  of  Thomas  C.  PearsaU, 
deceased,  by  whom  he  received  the  greater  portion  of 
his  property. 

Brandegee  Jacob  ....  700.000 
Native  of  Louisiana,  and  he  has  been  largely  enga- 
ged in  tlie  trade  between  New  Orleans  and  New  York. 
He  has  immense  possessions  in  New  Orleans,  and 
owns  n  large  property  in  Lafayette  Place.  He  has 
resided  in  this  city  several  years. 
Brandreth  Benjamin  ...       150000 

The  celebrated  manufacturof  and  vender  of  .Bran- 
dreth's  pills.  He  resides  mostly  at  Sing-Sing,  where 
he  has  a  splendid  seat.    A  capital  good  fellow. 


Brevoon  Henry  Jr.  .      -      .      •    1,000,000 

■  Of  an  <ild  New  Torkfanrily.  His  parents  owned 
a  small  I'ann  of  about  11  acres,  bounded  on  the  Bouth 
by  Tenth-street,  in  former  days  the  produce  of  which 
they  sold  daily  in  the  market.  This  little  farm,  then 
of  comparative  little  value,  has  now  riaen  to  be  of 
immense  value,  being  situated  in  thecourt-part  of  the 
city,  »nd  hence  the  great  wealth  of  Henry.  He  also 
married  a  rich  southern  lady. .  Mr.  Brevoort  is  a  gen- 
tleman of  accomplished  edut'.ilion,  and  is  now  to  a 
consideral)le  extent  an  operator  in  Wall-street. 
Brevoort  Hmry        -       -       -       -       300,000 

Of  another  branch  of  the  ssine  family,  he  was 
formerly  in  the  hardware  business,  but  receivins  a  le- 
);acy  from  a  relative,  made  a  fortunate  investment  at 
and  near  "  Cato's."  He  has  been  twice  -Alderman  of 
the  Twelfth  Ward,  sent  by  the  democratic  party. 
Bridge  L.K. 200,000 

Oil  merchant. 
JDridge  Lewis 100,000 

A  successor  and  son-in-law  p^  Samuel  Judd,  oil 
merchant. 
Bronson  Arthur  Estate  of         -       -       400.000 

A  son  of  Dr.  Bronson,  of  Ct.,.who  was  distin- 
euished  in  that  State  as  a  financier,  and  was  a  large 
owner  of  the  slock  in  the  Bridgeport  Bank.  Arthur 
was  a  large  operator  in  stocks  and  real  estate. 

Bronson  Isaac  (estate)  •  -  -  1,500,000 
Atative  of  Connecticut,  where  he  resided  princi- 
pnlly  at  Greenfield  Hill,  a  very  extensive  amd-hithly 
cultivatedestate.  He  was  suigeoii  in  Gcixeral  Waeh- 
ineton's  staff  during  the  Bevolutionary  war,  and 
became  aftcrw.irds  a  successful  financier  and  banker, 
being  princ  pal  owner  of  the  Bridgeport' and  Kair 
fild  to.  Banks.  Mr.  Bronson  died  in  1838  possessed 
of  a  very  fine  estate,  consisting  chieUy  of  monied 
securities. 

Bronson  Frederick     -        -        -        -        250,000 
Son  of  Isaac  Bronson,  a>  wealthy  capitalist. 

Bronson  Silas 150.000 

A  raercliant  retired  from  business,  and  owns  the 
.l''ranklin  House.  He  is  from  Ct.,  and  distantly  rela- 
ted to  Arthur. 

Brooks  S.  R       -       -       -       -       -       300,000 

Went  through  bankruptcy  three  years  since;  mar- 
tied  'he  widow  Olney,  of  Portland,  a  daughter  of 
Aia  Clapi',  went  into  stock  principally  Hsrlcmand 
has  thus  made  a  large  fortune.  Is  a  gentleman  of 
fiiie  taste. 
Brooks  Sydnfiy         -       .       -       -       500.000 

Son  of  the  richest  man  in  New  England,  Peter  C. 
Brooks,  of  Boston,  brother  of  the  late  Governor 
Brooks,  of  iVIass.  Edward  Everett  married  a  daugh- 
ter of  Peter  C.  Brooks  and  also  Mr.  Frothingham, 
Unitarian  Clergyman,  at  Boston.  Sydney  Brooks  is- 
one  of  the-firiri  of  Davis,  Brooks  &  Co.,  doing  a  large 
Commission  business. 

Brown  Geo.  W.         ...        -         200,000 
Brown  James    -        -■      -        -        -         500,000 

Firm  of  Brown  &  Co  ,  Biltiraote,  and  Brown  Bro- 
thers &  Co  ,  of  this  city.  Originally  from  the  north 
of  Ire  and,  (of  great  lepute,)  highly  respectable. 
Brown  Silas-  -  .  .  '  100,000 
Brown  Stewart  .  -  -  -  300,000 
Bruce  George 200  000, 

A  worthy  mechanic,  who,  in  company  with  his 
brother,  from  a  printer,  some  years  ago,  became  a 
type  founder.  By  great  industry  and  care,  the  pos- 
s(v;.sion  of  much  natural  shrewdness,  and  judicious 
operations  in  real  estate,  he  has  rendered  himself 
wealthy,  and  is  now  ma.ster  of  a  handsome  fortune. 

Bruce  J.  M. 150  OuO 

Brupn  Matthias         ....       700  000 

When  the  great  China  merchant,  Thos.  H.  Smith, 
of  this  city,  failed,  Bruen,  throueh  hi.s  son,  Geo.  W. 
B.,  who  had  married  to  Smith'sdaughter,  became pos- 
ryssed  of  all  .Smith's  shijis,  teas,  &c.  as  Smith's  bonds- 
man. Government  unwisely  relinqui.shed  the  greater 
part  of  what  was  due  to  the  revenues,  say  $600,000, 
and  this  has  made  Ih  viugh  riw  of  Smith's  assets, 


Iwuses,  Ice,  a  Tart  property  for  the  Bruens,  a  New 
Jersey  family,  and  originally  dry  goods  merchant!. 
George  W.  lived  in  Italy  and  was  in  the  Leghorn 


Bryson  David 


400,000 


An  honest  upright  Irishman,  one  of  the  tanners  and 
curriers  of  the  "Swamp,"  with  the  Bloodgooda.  Has 
been  Alderman  of  the  fourth  ward. ' 


Buchanan  Miss         -    •  -       -       -       160,000 

Daughter  of  Thomas,  (deceased.) 
Bucklty  Henry  ....       100,000 

F  Son  of  Thomas  and  inherited  a  large  estate  by  mar- 
riage with  the  daughter  of  Townsend  Macoun,  de- 
ceased, late  Mayor  of  Troy. 
Buckley  Thomas       -        .       -       -       lOO.OOO 

En.'jlish  Quaker,  merchant,  who  made  a  very  good 
adventure,  the  first  impulse  to  his  fortune,  when  he 
married  a  daughter  of  the  rich  John  Lawrence,  de- 
ceased- 
Buloid  Robert    ...       -       -       150000 

A  most  worthy,  upright  merchant,  and  made  his 
fortune  by  a  retail  Grocery  in  Broadway,  celebrated 
for  its  rarest  delicacies  that  cani>ampertlie  appetite  of 
ejilcures,  in  delicious  wines,  liqueurs.and  coinfitiires. 
Bunker  Wm,  J.         -       -       -       -       200,000 

Of  a  numerous  Nantucket  family,  of  whom  Elisha 
S.  is  one  of  the  first  captains  that  ever  directed  a 
steamboat  through  Long  Island  Sound.  Wm.  J.  has 
Ion"  been  celebrated  as  keeper  of  the  Mansion  House, 
one  of  the  largest  hotels  in  the  city.  In  this  busincs;- 
he  has  acquired  a  great  portion  of  his  wealth. 
Burke  Mrs.  -wi Jow  of  M.  R.,  -  150,000 

Burnbahi  Michael  Estate  of  -  200,000 

Bu'ler  Benjamin  F.'-       -       -       -        150,000 

With  native  powers  of  mind,  and  most  unpretend- 
ing deportment  in  the  profession  which  he  adorni^ 
and  respected  everywhere  for  his  sincere  piety  and 
pure  life.  Mr.  Van  Buren  saw  in  him  one  whosester- 
liii"  name  would  bring  much  capital  to  the  democratic 
ranks.  An  early  alliance  of  friendship,  and  the  yield- 
ing temper  of  Mr.  Butler,  met  with  their  full  rewards 
in  the  very  lucrative  post  to  which  his  friend,  Mr. 
Van  Buren,  finally  assigned  him  as  U.  S.  District  At- 
torney lor  New  York  City.  i 
Butler  Francis 100,000 

Of  a  New  York  family,  and  in  the  paint  business  of 
the  firm  of  Butler  i:  Barker.    A  good  fellow. 

c 

Cammann  O.  F.         -        -        -        *     $100,000 
Campbell  George  W.  •  -  100,000 

CiropbellJno.  -        -         200,000 

Mr.  Campbell,  likehis  father,  the  late  deceased  and 
much  respected  proprietor  of  a  large  Paper  establish- 
ment, madethe  greater  part  of  his  fortunein  thatline, 
and  has  besides  acquired  much  by  inheritance.  Tliey 
are  Scotch.  He  is  now  of  the  firm  of  John  Campbell 
&  Co. 
C.rmanRicha'rdR  -       -       -       -       250,000 

Bc"an  life  asa  poor  boy,  making  packing  boxes  for 
merchants,  and  laboring  until  ten  or  eleven  o'clock 
every  night.  Accumulated  some  money,  and  com- 
menced as  a  carpenter  and  builder,  in  which,  by 
means  of  his  untiring  industry,  integrity,  and  talent, 
he  amassed  means  and  reputation  sufficient  to  enable 
him  to  make  large  contracts,  in  183C,  for  rebuilding 
in  the  "  burnt  district."  At  the  time  of  taking  his  con- 
tracts, wages  and  materials  were  high,  but  long  before 
the  completion  of  his-work,  the  price  of  labor  and 
materials  had  depreciated  to  such  an  extent,  that  he 
rcalised'an  immense  profit.  He  has  continued  build- 
in",  and  has  invented  his  proceeds  in  real  estate,  the 
value  ot  which  has  greatly  risen  since  his  purchase. 
He  has  a  beautiful  seat  at  Fort  Washington,  in  the 
upper  jiart  of  the  island,  where  he  resides  in  the  sum 
n'er.  He  is  now  building  a  village  two  miles  this  side 
of  Fort  Washington,  named  Carroanville.  In  184J 
Alderman  Carman  was  elected  by  the  whigs  of  the 
twelfth  ward,  and  held  his  seat  for  one  year.  Mr.  tar-| 
man  is  one  of  those  strong-minded  men  for  whom  na- 
ture has  done  more  than  education,  and  is,  moreover, 
a  very  liberal  and  eiceUent  man.  No  man  is  more 
reifecled. 


CarDfE  Francis  (estate  ofhU  laughters)  200,COO 
A  pentleman,  every  inch  of  hi m— and  b'Jt  few  such 
specimens  of  a  hi'.-hlveducat.-d  merchant.  Resided  a 
long  while  in  Paris,  wlure  he  was  lield  in  great  con- 
wderation  both  aiiiorii.'  his  countrymen  and  the  elite  of 
trench  society,  fur  iiis  fine  taste,  classical  acnuire- 
ments,  polished  manners,  and  ready  wit.  He  is 
yankee  born,  of  !;re,it  respectahilitv,  and  after  many 
ups  and  downs  of  life,  and  localin-f  himself  with  his 
accomplished  second  wife  at  New  York,  his  two  beau- 
Vif  a*"Shters,>just  grown  and  %vife,  have  come  into 
the  above  inheritance,  through  death  of  a  maternal 
sreat  uncle. 

Carow  Isaac  -  -  -  .  .  400,000 
Made  his  money  in  the  Hardware  business. 

Carroll  Isaafi       -        -        -        -        .        150,000 

Gary  Henry  -  .  -  .  .  .  100.000 
A  merchant  retired. 

V.aiy  W.  H.        -        -        -  -        liOO.OOO 

An  natiring  shreivd  yankee,  commeuced  business 

by  selling  combs  ina  Bmall  way. 

Caswell  N. 100.000 

Present  firm  of  W.  H.  Howhnd  &  Co.  Came  to 
this  citv  a  poor  boy,  and  his  made  his  money  bj  his 
own  industry. 

Catlin  Georee  -.      -        .       .       .        100,000 
Tlie  distinguished  traveller  and  Indian  Biorrapher. 
He  received  a  lar^e  inheritance  from  the  estate  of 
bvi  father,  Lynde  Catlin. 

Cavanna  ATffu-tus   -      •-        -       .        IPO.OOO 

Formerly  a  distinguished  hair  dresser,  and  investing 


CebraJohnY.  ....        lOO  000 

The  cx-alderraan  of  the  first  ward,  and  an  old  and 
estimable  citizen  of  New  York,  and  tliough  in  years 
not  advanced,  may  be  deemed,  from  his  useful  public 
•ervices,  apart  from  his  standing  as  a  merchant,  one 
of  the/o/A<;rs  of  the  city. 

Center  Robert  ....        200,000 

Long  a  distinguished  Shipping  Merchant,  of  a  nu 
merous  New  York  family  of  great  respectability. 
Chii.-stelain  J.  ....        100,000 

Chauncey  Henry  '    .        -        -        .  200.000 

From  Maine,  and  in  the  Crockery  business. 

Cheesman  Dr. 100  000 

.\  distinguished  Phyfician,  \7hnse  practice  is  one  of 
the  most  extensive  of  any  in  the  U.  S.  He  is  descend- 
ed of  a  distinguished  Quaker  family  of  Long  Island, 
and  his  uncle  died  nobly  at  Uiiebec,  under  Montgome- 
ry. He  married  a  daughter  of  Willard  Hicks,  a  Qua- 
ker. 

Chesebrorch  ?'lHrsaret      ...       500,000 

Widow  of  Aiidronicus. 
Cheseboroueh  Robert        ...        250  000 

A  retired  dry  gocd  merchant  and  once  President  of 
the  Fulton  Ba'nk. 

('hesterman  James    ....       30O  000 
Long  a  distinguished  tailor  at  the  corner  of  John 
and  Nassau  sts.  but  has  lived  for  some  time  retired  at 
Harlem.    A  very  worthy  and  upright  man. 

Childs  Samuel,  R.  (Estate  of  his  wife,)     100,000 

ClappJohn 200,000 

A  retired  Flour  merchant,  and  made  all  his  money. 
He  is  a  very  close  but  good  man  of  a  quaker  family. 
U  now  President  of  the  Mechanics  and  Traders  Jiank. 

Clark  Aaron 100  000 

Formerly  a  distinguished  lottery  dealer,  in  which 


CJark  Chester, 150,000 

Betides  in  Brooklyn,  and  in  bu»ine»»  with  Mr. 


Spaulding,  constituting  the  firm  of  Chester,  Clark  & 
Co.,  Dry  Good  Jobbers. 

Clark  Mrs.  .....  100,000 

Widow  of  Benjamin,  from  New  England,  .-ind 
famed  as  the  Quaker  lawyer  and  friend  of  Daniel 
W  ebster. 

Clark  Ralph 150,000 

Clsrk  Rithard  S.    .          -           -  100,000 

Clason  Augustus  W.         -        -        -  100,000 

Clayton  Edwin  B 100,000 

Formerly  a  Printer,  and  now  a  Paper  Merchant. 

He  has  been  Alderman  of  the  first  ward,  elected  b> 
the  Whigs. 

Clinton  Mrs.  H.  (widow  of  Geo.)  -  100,000 
Mr'.  Hannah  Clinton,  daughter  of  Walter  Frank. 
lin,  Esq.,  an  eminent  Quaker  mcrchaht  of  this  city, 
from  L.  Island.  Her  husband  was  nephew  to  Vice 
President  Geo.  Clinton,  and  brother  of  the  great  Gov- 
ernor, Dewitt  Clinton—"  Satis  est"  for  Clinton  a 
household  name— but  the  rich  Franklin  brothers, 
merchants  of  New-York,  deserve  a  memento  for  the 
many  noble  ways  in  which  they  through  intercession 
with  the  Tory  authority  and  Hessian  troops,  were  en- 
abled generously  to  dispense  their  wealth  to  their  poor 
miserable,  suffering  countrymen,  the  American  pris- 
oners confined  in  theSugarHouse,  Provost,  &c.  during 
the  Americajj  Jtevolution.  Mrs.  Hannah  C.  is  a  sister 
also  ofrGQV.  Dewitt  Clinton's  lirst  wife,  descend- 
ant of.  file  Bowiies,  by  whom  alone  Gov.  D.  C.  ha<l 
issue. 

Clinton  Chirlea  A.  (Estate  of  hia  wife)      100  000 

This  oldest  son  of  the  ever  to  be  lamented  and  never 
to  be  forgotten  Governor  Dewitt  Clinton,  every  way 
worthy  of  that  illustrious  man,  is  happily  placed  be- 
yond the  reach  of  the  pecuniajy  distress  which  that 
father  heroically  succumbed  to  for  the  sake  of  en- 
riching ungrateful  millions  with  the  benefits  of  those 
magnificent  works  of  internal  improvement  which 
immortalize  his  name.  The  estate  of  Mr.  Charles  A. 
Clinton  cOmes  through  his  marriage  with  a  daughter 
of  J  no.  Hone. 

Cobb  Oliver        .        .        .        :        ^        100,000 

Coddington  Jonathan  I.    -       -'      -       100,000 

A  merchant,  and  late  worthy  Postmaster,  and  from 
the  first  jump  of  his  parentageon  this  continent,  two 
centuries  since,  in  the  person  of  the  famous  Wm.  Cod- 
dinrton,  Esq.,  of  England,  first  of  Boston,  then  the 
founder  and  first  governor  of  Rhode  Island,  (1638.) 
He  was  the  first  merchant  of  New  England,  built  the 
first  brick  house  in  Boston,  and  at  his  house  at  New- 
port was  held  the  first  Quaker  meeting.  Jonathan  ia 
a  lineal  descendant  of  Gov.  C.  and  was  long  a  distin- 
guished merchant  of  our  city,  and  like  his  g.eat  pro- 
genitor, he  is  a  very  worthy  man,  and  was  the  demo- 
cratic candidate  for  Mayor  at  the  last  election. 

Coe  Wm.  S. 100,000 

Coit  Henry,  -    -       -    •  -        -       -       100,000 

Colt  Henry  A. 200  000 

Son  of  Levi  Coit,  formerly  a  distinguished  mer- 
chant. The  son  failed  in  business,  and  afterwards 
married  a  rich  heiress  of  Philadelphia. 

Coles  Benj.  U.  (Estate  of)  .  150,000 

The  Coles  of  Long  Island  and  of  New  York,  and 
probably  those  of  Virginia,  are  descendants  of  Mr. 
Robert  Coles  and  others  of  that  name,  (doubtless  all 
bro  hers,)  who  settled  at  Boston,  Lynn,  &c.  about 
two  centuries  since,  and  are  among  the  most  ancient 
and  r^pectable  of  American  names.  The  ancient 
Earldom  of  Enniskillen  in  Ireland  belongs  to  the 
familj  of  Coles,  but  their  Irish  descendants  who 
cauie  over,  brought,  we  opine,  precious  little  of  the 
moveables  thereof  with  them. 

Coles  Isaac  U. 100,000 

Of  a  Long  Island  family,  inherited  his  money. 

Coles  Oicar 100,000 

Of  Long  Island,  and  inherited  lis  properly  fromh.s 


father.    He  married  the  dauf;hter  of  George  W.  Brown, 
from  whom  Ik;  expects  much. 

Coles  William  J.     -  -  -  100  0€0 

Coleman  (widow  of  William)        -  100,000 

This  estate  was  hravcly  acquired   by  her  deceased 


Colgate  William         -       -       -       -       300,000 
A  very  worthy  man,  and  made  all  his  money  by  un- 
tiring industry,  in  the  business  of  a  lallow  chandler. 

Colgate  .lohn           -            -            -  250,000 

Colgate  B.     -            -           -           -  250:000 

Collins  E  K. 300  000 


One  of  our  most  distinguished  shipjiing  merchants 
and  owners  of  packet  lines.  A  ^on  of  New  Enslanri, 
and  descended  from  a  family  that  occupy  an  illustri- 
ous paj-e  in  the  annals  of  those  heroic  men  who  reso- 
lutely resisted  puritan  persecution.  Married  a  daugh- 
ter of  Aid.  Thomas  T.  Woodruil',  an  iafluential  demo- 
crat. 

200,000 


Coneh  William  -        -        -        - 

A  reliicd  grocer,  made  all  his  money. 
Conser  Abraham  B.  -  -  200,000 

X  lawyer. 
Conger  Jol^n  -  -  -  100  000 

An  edje-lool  manufacturer.  Acquired  his  property 
St  the  anvil,  ut  which  he  now  works  every  day  as 
hard  a^  any  man  in  his  employment. 

ConkKn  Jonas' 100  000 

From  Washington  County,  a  dry  good  merchant, 
one  and  of  the  directoii  of  the  Bank  of  the.-tateof 
New  York. 

Conover  Ste  phen 100,000 

Of  an  old  Knickerbocker  famay,  and  i  very  worthy 
man.  In  the  hardware  buiiness,  in  which  he  has 
made  lus  money. 

Contoii  John  H. 200,000 

His  father,  John  H.,  came  from  France  a  pastry 
cook  and  confectioner.  He  supplied  some  of  the  first 
families  in  the  city,  and  opened  a  shop  in  Broadway, 
between  Murray  and  Warren  sts,  where  he  became 
celebrated  for  his  ice  cream.  He  afterwards  invested 
in  real  estate,  which  has  nowrisen  immen.sely  in  value, 
and  opened  the  present  New  York  Garden.  His  son, 
Uie  prfsent  John  H.,  at  twenty-one  succeeded  him, 
and  still  keeps  open  the  garden..  His  principal  wealth 
has  resulted  from  his  father's  fortunate  investments  in 
real  estate. 
Cooper  Francis         ...       -       200,000 

Been  a  director  of  the  Mechanics  Bank  for  thirty 
years,  and  has  been  treasurer  of  the  Catholic  Cathe- 
dral. Born  in  Germany,  and  early  in  life  made  mo- 
ney as  a  blacksmith.  He  has  married  two  rich  wives, 
but  has  no  children. 
Cooper  Peter     -----        100,000 

Manufacturer  of  the  oeletratad  Cooper's  refined 
Ising  Glass." 

Cook  Levi 150,000 

Corbin  Oliver 200,000 

Of  the  firm  of  Oliver  Corbin,  &  Co.,  large  Grocers, 
in  which  he  has  made  all  bis  money. 

CorliesJohn 100.000 

Made  money  in  the  crockery  business,  and  by  keep- 
ing boarding  house,  and  now  retired  to  Shrewsbury. 

Corlies  Joseph  W.     -       -       -       -       250,000 

A  rich  auctioneer  of  the  firm  of  Corlies,  Haydock 
k  Co.,  made  all  his  money,  and  formerly  in  the  crock- 
cry  business.    Of  a  New  Jersey  family. 

Cornell  Robt.  C. 


Their  progenitor  escaped  from  the  honid  ma-ssacre  at 
Throg'rt  Neck,  1043,  in  which  the  immortal  Anne  Hut- 
chinson, the  head  of  the  colony,  and  most  of  the 
others  jierishcd.     ■ 

Cornell  Whitehead  J.        -        .        -        100,000 

Cornell  Peter  C.        -        -        -        -        100,000 

Corse  Barnejr    -        -        -        -       -        100,000 

Son  of  widow  Israel  Corse,  and  worth  this  sum 
mainly  by  expectations  of  his  father's  estate,  and  of 
his.  wile,  the  daughter  of  Samuel  Leggett. 

Corse  Israel  Jr. .150,000 

Called  the  handsome  young  Quaker— is  unmarried 
Corse  widow  of  Israel        -        -        -        100,000 
Her  husband  was  a  leather  merchant,  and  descend- 
ant of  the  distinguished  Colonel  Israel  Corse,  of  thi* 
revolution,  and  native  of  Long  Island. 

Cor.^8  Miss 100,00f) 

Daughter  of  Israel  Coisc. 
Corson        .  .  -  .  200,000 

Coursen  Abraham  -  -  -  200,000 

Cosier  Girard  H.      -       -       -       -        100,000 

A  son  of  John  G.  who  has  cost  his  father  much  mo 
ney,  and  has  acquired  this  .sum  in  mercantile  busi- 
ness in  which  he  is  now  engaged,  and  by  his  wife,  a 
daughter  of  flie  late  Edward  Prime,  the  founder  of  the 
house  of  Prime,  Ward  4;  King. 

Cosier  John  G.  (estate  of)  -  -  700,000 
Two  brothers,  John  G.  and' Henry  A.,  the  former 
lately  deceased,  and  the  latter  twenty  years  ago,  are 
of  a  respectable  lamily  in  Amsterdam,  and  began 
here  as  merchants  soon  atler  the  revolution,  and  by 
honest  industry  amassed  a  great  fortune.  While  Na- 
poleon held  Holland,  they,  through  confidential  cor- 
respondence were  enabled  to  know  how  far  to  push 
the  trade  thither,  and  thus  in  return  importations  of 
gin  found  so  rich  a  harvest,  that  their  wealth  rapidly 
accumulated  from  that  hour*  They  were  gentlefioen 
born  and  of  irretroachable  integrity.  The  millionii 
the  two  brothers  amassed  is  nearly  all  melted  away 
before  it  has  barely  got  into  the  hands  of  their  chil- 
dren. Dr.  Hosack,  deceased,  made  a  deep  gouge  into 
that  of  Henry's  widow,  but  where  is  it.' 

Henry  A.  Coster  left  about  f  .'^OOCCOO,  yet  but  little 
of  It  ij  left.  John  G.  met  withiieavy  los.scs  through 
the  instrumentality  of  his  children  who  were  unsuc- 
ccsslul  in  business.  John  II.,  a  son,  and  Mr.  Berry- 
man,  a  son-in-law,  went  into  business  as  importer*;, 
and  lost  a  Urge  sum.  Berryman  and  his  wife  are 
dead. 

Coster  John  H.         -       -        -       -        150  000 
The  son  of  John  G.  mentioned  above,  and  worth 
this  sum  by  his  wife,  tnc  Jaughttj  of  the  late  Daniel 
Boardman. 

Cotheal  David 150,000 

With  hi.<  brother  Henry,  of  the  firm  of  H.  &  D.  Co- 
theal, Importers  of  Horns  Hides,  Indigo,  &c.,  from 
South  America.    He  has  invested  in  real  estate. 

Cotheal  Henry 100,000 

The  brother  of  David. 


Cottinet  Francis    - 


200,000 


Now  one  of  the  oldest  and  always  has  been.one  of 
the  most  respectable  and  prominent  of  our  French 
importers  of  silks,  &c.  He  married  the  accomplished 
daughter  of  General  Edward  Laight,  being  one  of  the 
few  instances  of  the  alliance  of  respectable  Frencii 
and  American  families. 


Cozzens  William  B. 


150.000 


Of  an  ancient  New  York  family,  formerly  kept 
Tammany  Hall,  neit  at  West  Point,  and  now  of  the 
American  Hotel.  He  is  Alderman  of  the  Third  Ward, 
of  the  American  Republican  party. 


250,000 

Of  the  ancient  Cornell  family,  (originally  Comhill 
ir  Cornwall,)  of  Cornwall  Hall,  Cornbury,  li.  Inland. 


A  rich  distiller;  his  daughter  was  married  to  Mason» 
a  nephew  of  John  Kemble.  Mason  on  hisjaarriage 
retired  from  the  stage. 


8 


CV.flttwenCharleaT. 

Truly  and  lineally  a  descendant  of  the  great  Si 
Oliver.  Mr.  Cromwell  belongs  in  this  city,  and  has 
-ained  his  fortune  in  the  arduous  laljors  of  the  legal 
;)rofe>sion.  He  married  a  Miss  Brooks,  of  Bridgeport , 
Connecticut. 


Crosby  Wm.B. 


As  thcgreat  nephew  of  the  rich  Col.  Henry  Rutgers, 
of  the  ancient  Rutgers  family  of  this  city,  he  inherited 
an  immense  estate.  His  wife,  through  her  mother  is 
srand  dau-hter  of  Gen.  Wm.  Ford,  one  of  the  signers 
of  the  Dcdarat;:)n  of  Independence. 

Crowe  Thomas  -       -       -     .  -    *  100^000 

An  Irish  linen  merchant,  and  married  a  wif6  worth 


100,000    Dawson  WiUinin       ....       200,000 

100,000        ''  '"  English  gentleman  in  tlie  Broker  line,  and  if 
not  worth  this  sum  bini£elf,  will  inherit  it  through  his 
wife,  the  daughte;  of  Peter  A.  Jay. 
DayMahlon       .....        125,000 

Lonj  a  bookseller  in  Franklin  Square. 
Dehon  Theodore       -       ...       .        150  000 

A  partner  of  the  firm  of  D^vis,  Brooks  ic  Co.,  and 
his  sister  is  married  to  Sydney  Brooks.  Dehon  i:>  s 
bachelor. 


1,000,000 


Cruger  Mrs.  Douglas  -  -  -  400,000 
Her  father  was  Geo.  Douglass,  a  Scotch  merchant, 
who  hoarded  closely.  His  wine  cellar  was  more  ex- 
tensive than  his  library.  Whm  George  u^ed  to  see 
people  speculating  and  idle,  it  dislrc"ed  him.  Ho 
would  say  "  People  get  too  mnny  iilers  in  their  heads. 
Why  don't  they  work?"  What  a  blessing  he  is 
rot  alive  in  tins  moonshine  age  of  dreamy  sdiem- 

ihe  Cnigers  were  of  Bristol,  f,ng.,  of  which  the  one 
th.it  tirst  came  out  here.  "  Old  Harry,"  father-in-law 
of  the  prcicnt  jufl','C  Thos.  Oakley,  of  the  Superior 
Court,  had  been  Mayor.  Mrs.  Crugcr  is  the  sifter  of 
Geo.  and  Wm.  Douglass,  which  see.  Her  husband  is 
a  lawyer. 

.Crydef  John  -  -  -  100,000 

Cashman  Don  AlonzQ       -       -       -       200  000 

Resides  "in  Chel-ea.  Made  his  money  in  the  dry 
good  business.    From  Connecticut. 

CuWinsP.B. 150,000 

.  Tlie  Rev.  Mr.  Cutting,  his  piandfaUier.  was  the 
principal  of  a  famous  Grammar  School  at  Hcmp-^tead, 
before  the  American  Revolution,  and  from  him  ibo 
Ulustrious  Dr.  Samuel  L.  Mitchell  received  hi-  first 
l-ivsons,  as  did  also  many  of  the  "oiis  of  thegcntlrmeu 
of  Long  Island  of  those  times. 

His  sun  William  married  a  Livingston,  and  by  this 
and  that  hourly  source  of  accumulating  wealth,  the 
Ftlton  stenm  ferry  boats  established  by  him — they 
have  become  cxtremcry  rich.  He  is  a  lawyer  in  part- 
fcership  witli  F.  R.  Tillou. 

Catting  Mrs  (Widow  of  William)        -        200,000 
Ar.d  the  mother  of  F.  B.  Cultinjj. 


Dait  Russell  -  -  -  $100,00u 

D«shJohnB.    -       -    .  -       -       -       200,000 

A  retired  Hard  Ware  merchant. 
DaterPhilliD     -  ..  -       -       -       -       400  000 

Dutch, 
of  Abrah; 

rable  forge  on  tlic  Ramapo,  in  Rockland  county.  New 
York,  of  the  celebrated  tinn  of  Lee,  Dater  &  Co., 
Wholesale  Grocers. 

Davis  Chaa.  A.  ....       200  000 

Originally,  on  his  father's  side,  it  is  said  of  aPortu- 
gue^ae  family,  through  a  Portuguese  lady  saved  miracu- 
lously from'the  earthquake  of  Lisbon,  to  become  the 
betrothed  wife  of  the  grandfather  gf  Charles  A.,  who 
.  was  then  British  Consul  at  that  Capital.  Mr.  Davi<  is 
the  author  of  the  N.  Y .  sei  ie«  of  Jack  Downing's  letters, 
and  of  the  lirm  of  Davis,  Brooks  k  Co.,  Commis.<ion 
Merchants.  He  married  a  niece  of  Mrs.  Howell,  and 
resides  with  hi^  mfe's  aunt 

Davis  Charles 100,000 

A  nephew  of  Charles  A.  Davis,  the  Major  Jack 
Doling,  and  a  partner  of  the  same  firm.  Charles 
married  •  very  rich  heiress. 


Deforest  Alfred         ,       .       .       .  .     100,000 

A  nephewof  Benjamin,  below. 
Deforest  Benjannin    ....        400000 

Of  a  numerous  Connecticut  faipily,  from  the  vicinity 
of  Bridgeport,  and  has  been  very  successfully  engaged 
as  a  Commission  Meiciiant,  and  in  the  West  India  and 
South  America  Shipping  bu<iness,  in  which  he  has  ac- 
quired all  his  wealth.  He,  together  with  histwoson.'. 
constitute  the  firm 'of  B.  Defor.est  A;  Co. 
Deforest  G  uirge        ....        100,000 

A  son-in-Iiw  of  Benjamin,  above-  ' 

Deforest  Lockwood  -----       400,000 

From  Bridgeport,  and  a  cousin  of  Benjamin,  llg 
began  business  in  Bridgeport  a  poor  boy,  and  subse- 
qupntly  continued  it  in  this  city  with  his  son  William 
W.  His'business  has  been  the  samewiththatof  Ben- 
jamin. 
Deforest  William  W.  -       -       ^        IpO.OOO 

The  son  of  Lockwood,  and  of  the  firm  of  W.  W.  ■ 
Deforest   Ic  Co.,   Commission  and  West  India  and 
South  America  Shipping  Merchants. 
Dekay  George  -----        100,000 

Of  an  ancient  New  York  family,  and  while  yet  a 
youth,  was  in  high  command  as  a  commodore  in  the. 
naval  service  of  Buenus  Ayres,  where  he  gained  lau- 
rels, and  liberal  pay  and  prize  money  by  his  courage 
and  nautical  skill.  On  his  return  home,  he  married 
daughter  and  child  of  the  lamented  Dr.  Drake,  the 
poet.  The  wife  of  Dr.  Drake  was  thedaughter  of  Mr. 
Eckford.  Another  daughter  of  Mr.  E.  married  Dr. 
James  E.  Dekay,  brother  of  the  commodore. 

Dehfitid  EJward  Dr.        -       -       -     .150000 

An  eminent  Physician,  who  has  reaped  a  fortune  in 
his  profev-ion.  His  father  was  once  wealthy,  but 
failed.  He  received  an  accession  to  his  fortune,  by 
his  wife,  the  grsnd  daughter  of  the  late  Gen.  WiUiaui 
Floyd.  His  brother  John  has  been  an  immense  ope- 
rator in  Stocks,  and  his  brother  Joseph  is  a  man  of 
considerable  scientific  attainments,  aud  professor  at 
W&t  Point. 
Delano  Franklin  H.    -       -       -       -       500,000 

i  irm  of  Grinncll,  Minturn  &  Co.  Married  a  daugh- 
ter of  Wm.B.  Astor,  recently  a  generous,  sensible 
fellow,  of  most  pleasant  manners,  came  from  P>'«w  . 
Bedford  some  years  since,  and  commenced  as  clerk 
■with  the  above,  where  ho  -is  now  a  partner. 
Delaplaine  Elijah     -        .        -         -         100,000 

Brother  of  John  T.,  below.  The  father  was  of 
French  extraction,  who  married  a  Long  Isl«nd  qna- 
keress,  and  was  a  hardware  merchant.  Elij  ;  1  made 
the  bulk  of  his  fortune  in  connexion  with  th  e  'u/inest 
^f  hi  5  brother,  who  was  at  one  tiipe  a  larg  importer- 
/and  wholesale  dealer. 
Delaplaine  John  P.   -       -     .  •       -     '  150,000 

His  father  was  a  very  rich  old  New  Yorker,  and 
John  F.  has  made  money  as  an  Importer  and  Com- 
mission Merchant.     He  married  a  daughter  of  thp 
rich  Isaac  Clason,  deceased. 
Delmonico  (widow  of  John)     -       -       200,000 

Her  husband,  with  his  brother  Peter,  established  the 
celebrated  French  and  Italian  Restaurant.  No  paral- 
lel case  of  an  Italian  reaping  such  a  fortune,  has  evr 
occurred  in  the  lustory  of  this  city.  But  if  the  best  oi 
fare  und' choice  wines,  and  unceasing  politeness  t) 
their  guests  merits  fortune,  they  eminently  deserve 
what  they  have  earned.  The  Delmonicos  are  natives 
of  that  part  of  Switzerland  which  borders  on  ItAlj- 
They  may  be  said  to  have  first  introduced  into  oui 
city  a  taste  for  those  fashionable  comfort*  which  can 


no  sthtxe  elcebe  found  but  in  the  enitint  of  »  Frpnch 
Restaurateur.  John  bought  a  beaulitiilplaceonLong 
Island,  where  his  widow  and  children  resides.  His 
pahttinpi,  mostly  scripture  pieces,  are  very  eitcrtfive 
and  TaJuable. 
Dehnoni  CO  Peter       ...       -        100,000 

Peter,  witn  a  nephew,  succeeds  John  in  the  business 
of  the  Re-^taurant. 
Dcluze  Louis  P.    •     1       -       .        -        100  000 

A  Frenchm  n  n ,  and  of  the  firm  of  Dcluze  k  Lois  Volz, 
Importers  ol  French  and  German  Goods. 

Demaray  David  ...  -  100,000 
Acquired  his  wealth  tiy  Industry  and  close  appli- 

ntion  t«  the  Grocery  husiress  on  tlie  west  side  of 

the  city.    Stock  holder  and  director  in  the  North 

Ejver  Bank. 

Deming  BBTfill*  -  .  .  .  300  000 
Of  the  firm  of  Demin?,  Bulkey  &  Co.    Lon?  distin- 

Riiished  A>  manufacturers  of  Cabinet  Ware,  and  have 

made  large  sums  by  sales  in  the  southern  market. 

Demilt  Samuel  ....  200,000 
Of  an  old  family,  very  re.^pcctable  and  wealthy 


Deming  Frf  derick    •        •        -        -       300  000 
President  of  the  Union  Bank,  and  has  long  been 
rich  by  virtue  of  the  laws  of  inheritance. 

Denison  Ashbel         ....        100,000 
A  Grocer,  of  the  firm  of  Denison  &  Belden,  made 
his  money 

Denison  Charles       -        .       -       -        150,000 
The  brother  of  Lyman,  and  rp^idcs  in  East  Chester. 
Came  here  as  cabin  boy  f^om  Connecticut. 

Denison  Lvman       ....        150000 
Among  the  oldest  grocers  in  the  city,  and  with  his 
brotlier  tharles  in  the  business,  very  worthy  men,  and 
made  all  their  money. 

Depeyster  J.  W.  (estate  of  John  Watt?)    400,000 
A  soldier  under  Buonaparte,  a  well  known  Ger- 
man merchant  of  the  highest  standing  and  character. 

De  Rham  Henry  C.  -       -       -       -        100  000 
Of  a  Dutch  or  German  family,  and  of  the  firm  of 
De  Rhara  &  Moore,  Commission  Merchants  in  the  for 
eign  bublncss. 

De  Ruyter  John  D.   -       .        .        -        1.50,0C0 
Of  an  old  New  York  family.    Has  never  been  in 
business. 

Desbrosses  James  Estate  of     -         -        600,000 
De  Witt  Peter-     .--,--      100,000 
A  Lawyer,  of  an  old  Dutch  family.    He  U  very 
conversant  with  titles. 

Dickinsor.  Charles  (estate  of)  -  500,000 

Donaldson  James  ....  300,000 
With  hii  brother  Robert,  Scotchmen,  and  long 
Commission  Merchants,  in  which  business  they  ac 
quired  nn>~t  of  their  property.  James  received  some- 
thing by  his  wife,  a  da\ighter  ol  Robert  Lennox. 

Dfmaldson  Robert      ....       2r0  000 

The  brother  of  James.  Both  have  now  retired  from 
business. 

Doi-tic  S.  C. 100,000 

Douglaps  G-orge       -        -        .        .        700,000 

A  -son  of  George,  who  came  from  SeotJand,  and  ac- 
quired a  large  property  in  the  ConiiBis-ion  busines.s, 
in  which  he  has  been  succeeded  by  his  sons.  His 
property  was  divided  among  these  two  .sons  and  a 
daughter,  now  Mrs.  Cruger,  leaving  each  $400,600. 
Geor-^e  continues  in  business,  A  (laughter  of  his  mar- 
ried James  Monroe,  a  nephew  of  the  ex-Prcsident. 

Douglass  George        .        .        .         ,       l.M(,00O 

Conliecticut  origin,  commisaion  merchant. 


Douglass  William      ....       700,000 

The  brother  of  George,  and  retired  (rem  business. 
Downing  George  -  -  .  -  100  000 
Drake  Jacob        -        -     '  -        -        -       100,000 

Drake  James 100,000 

A  son  of  Jacob,  deceased. 

Drake  John 200,000 

A  brother  of  Jacob,  deceased,  and  formerly  an  in- 
spector of  the  state  Prison,  and  contracted  for  sup- 
plies. 

Dnke,  Mrs.  widow  of  James,  -         100,000 

James  Drake  made  his  money  In  selling  tlothes  to 
sailors,  and  in  a  general  clothing  bu.siness.  He  died 
ten  years  ago.  One  daughter  married  Richard  M- 
Lawrence,  aad  another,  John  R.  Towiisend,  a  law- 
yer.    J  here  are  sever»l  sons. 

Drake  Susanna,  ....  100  OOfi 

•   Widow  of  a  Dry  Good  mer.hant. 
Dra4£e  William         ...        -  100,000 

Another  ?on  dl  Jacob,  deceased. 

Drake  Wm.  H. 100,000^ 

A  merchant,  and  son  of  Sus>nna. 
Draper  Simeon  Jr.  .  -  -  •  100,000 
He  and  some  eight  or  nine -brothers,  (distinguished 
for  their  line  personal  appearance,  which  they  in- 
herited from  th«r  New  England  father.  Simeon  is  an 
Auctioneer,  of  the  firm  of  Haggerty,  Draper  &  Jones. 
He  married  a  daughter  of  John  Haggerty,  in  whose 
store  he  was  once  clerk.  It  is  a  brother-in-law  who 
is  now  his  partner. 

Drew  Dai  iel 300,000 

Has  made  all  his  money.  Formerly  kept  Bull's 
Head,  and  isnowof  the  firm  of  Drew,  Robinson  &  Co., 
large  brokers,  doing  business  in  this  city  and  Buffalo. 
Thev  are  the  proprietors  of  the  People's  Line  of 
Steamboat-,  between  this  city  and  Albany.  A  shrewd 
keen  money  making  man. 

DubeiceauL. 300,000 

Dubois  Cornelius  -  -  -  .  400,000 
A  very  rich  Grocei  and  highly  respectable  man, 
made  his  money  in  the  tobacco  business. 
DyoluBan  James  ....  100,000 
Faimer,  Fort  Washington,  a  gentleman  of  wealth, 
and  an  old  Dutch  family.  A  i  elation  of  the  Striker 
family. 
Dyckman  Malhew    ....        100,000 

Farmer,  Fort  Washington.    Son  of  James. 
DykersJohnH.        ....        200,000 

Of  the  firm  of  Dykers  4;  -Alstyne,  Brokers- 
Durand  Calvin         ...        -  100000 

A  partner  ot  the  firm  of  Jonathan  Goodhue  k  Co. 
DurandV. l'>0,000 

E 

Eagle  Henry $200,000 

An  Irishman,  and  formerly  a  Dry  Good  dealer  in 
Chatham  street,  in  which    business  he   made    his 
money.    He  is  now  retired. 
Edgar  H.L. 150000 

Son  of  an  Irishman,  who,  by  his  prudence  and  in- 
dustry  became  the  holder  of  a  large  estate.    This 
feBuly  is  albed  to  the  Le  Roys  by  marriage. 
E^ear  William 1.50,000 

The  brother  of  H.  L.  Edi;ar. 
Edgorten  Ab'l  T.      ...        -       «100,000 

From  New  Haven,  Copnecticiit,  and  has  had  a  Tai 
lArin"  F-stablishment  in  KuMon  street  for  the  last 
twenty-five  year-,  where  he  began  bo^i"^  \P"'>r 
boy.  Hemanied  a  niece  of  John  Hardenbrook,  de 
ceased,  by  whom  he  received  »bout  J25,0fV)  tome 
three  or  four  years  riiice. 


ao 


Esgleson  Thomas    -       .       -       -       150,000 

Of  the  firm  of  Eggleson  at  Batlelle,  Iron  Merchants. 
Elliott  Dr.  Samuel       ...        -      100,000 

An  Oculis>,  (ox  whom  "  Aconitine"  and  "  Patent  Sel^ 
AdjusUni;  spectacles"  have  done  a  vast  deal. 

Elliot  Diniel 100,000 

From  Mass.,  and  educated  as  a  Pljysician ;  but  for 
years  of  the  firm  of  Elliot,  Burnap  &  Babcock,  Paper 
Slerchants.  Mr.  Elliot  has  retired  from  business,  and 
now  resides  in  Westchester  Co. 

Emanuel  M.  • ^100,000 

Embu'y  Peter    -       -       -       .       -       150,000 
A  retired  Grocer,  and  very  worthy  man.    His  son's 
wife  is  the  distinguished  Poetcis,  Mrs.  Embury. 

Eno  Amos  R,     -        -        -        -        -        150,000 
By  industry  and  pewverance  during  the  last  15 
jears  has  amassed  his  fortune.     • 

Evertsen  Mis. .:     ISO'OOOO 

Widow  of  Nicholas,  who  was  a  distinguished  law- 
yer, and  descendant  of  Com.  Evertsen,  in  the  time 
of  the  Dutch  Governors. 


F»ile  EJwa-d  G.  .  -  -  .  8150,000 
He  and  his  brother  are  sons  of  an  old  Scotch  mer 
chant,  who  began  life  as  a  pedlar,  and  setlltxl  as  a 
merchant  in  East  Chester,  where  he  still  reside.'.  Fd- 
mund  G.  and  George,  his  only  sons,  came  to  this  city 
and  are  now  Wholesale  Grocers,  doing  a  good  busi- 
ness.   They  are  very  much  respected.    ■' 

FaileHall   ------.       100,000 

Fanshaw  Daniel 100,000 

A  Printer,  Bookseller  and  Publisher;  made  his 
money.  He  is  a  man  much  respected,  and  has  been 
candidate  for  Mayor. 

Favre  Frederick  W.  -  -  -  ■  -  150,600 
A  German,  and  married  a  daughter  of  P.  Gebhard, 
deceased.  Importer  of  Gin,  and  with  John  Jacob 
Schuckhardt,  just  deceased,  who  married  a  daughter 
of  Gebhard  also,  sucxeeded  his  father-in-law,  and  is 
now  engaged  in  importing  German  goods.  He  re- 
ceived a  large  sum  by  his  wife. 

Fearing  Henry  -  '  -  -  -  '  300,000 
Fearing  Wm.  S.  (estate  of)  -  -  300,000 
Fellows  James  -----        l.^jOOO 

Formerly  a  pedlar.    Is  frcm  Dutchess  County. 
Ferris  Charles  G        -        .        .        .        200,000 

His  father  was  long  an  Inspector  of  Flour,  has 
made  a  large  fortune,  which  he  left  to  his  cliildren. 
Charles  G.  has  been  a  member  of  Congress,  elected  by 
the  Democratic  party.  He  is  a  large  owner  o(  Real 
jEstate,  and  has  increased  his  inheritance  by  good 
management. 

Ferris,  Floyd  T,  .  .  .  -  '  100,000 
A  brother  of  Charles  G.,  and  a  physician. 

Fielder  Ernest  -  .  .  .  .  100,000 
A  Qprman  merchant,  and  married  an  heiress,  the 

dau^ihterotkli  Hart,  the  c«lebrateii  Hour  merchant. 

Is  a  Din  ctor  ot  the  merch  int  Eachango  Co.  and  a 

Ijrge  Hpporter  of  Qermiu  Goods. 

Fi' Id  Benjamin  H.  -  .  -  ,  100,000 
I  Brother  of  Mick-ou  W.,  formerly  in  the  Drug  line  in 
Burling  Slip,  and  invested  in  Real  Estate,  by  which 
he  made  much. 

FitW  David  Dudley  -       -       -        150,000 

From  Massachusetts;  a  Lawyer,  married  a  rich 
widow,  and  hence  a  jortion  of  his  wealth. 

Field  Hickson  W.     ....       300,000 
Formerly  in  {he   9onlmi=^^^n    business.      He   is 
now   in  connexion  with   Mattnew  Morgan,    build- 
ing the  large  hotel  In  the  upper  part  ot    Broad 


way,  and  has  been  engaged  in  the  ConSmission  and 
Dm '  business.  In  Burllnj  Slip,  in  copnexlon  with  M» 
brother  Benjamin  H. 
Field  Moses  (estaw  of)    .       .       -       <iOO,0(}0. 

Be»an  life  poor,  and  made  money  in  connexion- 
with  J.  &  M.  Broadhurst,  as  Druggist,  and  invested  in 
Real  Estate,  by  the  rise  of  which  mo«t  of  his  wealth 
was  acquired.  .  He  died  some  years  ago,  and  his 
widow  soon  after  him,  leaving  live  children,  who 
are  worth  more  than  ij  100,000  a  piece. 
Field  Heirs  of  Moses,  -  -  -  300,000 
Fish  Preserved  ....        150,000 

Made  all  his  money  as  a  Sea  Captain,,  and  after^ 
wards  an  extnnsivc  Shipping  Mfrchant,  '<  {  ihe  .  Id 
firm  of  ish  &  Grinnell,  the  orisrin  gf  ihe  present  flrm, 
Grinnell,  Minturn  &  Co.  .vlr.  Fish  is  aa  example  or 
an  uneducated  man,  of  strong  mind,  exercising  greaf 
influence  in  his  sphere.  He  has  been  distinguished  ,i,i 
a  democrat,  and  is  now  President  of  the  Tradesmen's 
Bank. 
Fisher  George       -       .  .     -        -        -     150,000 

Son  of  Leonaid  deceased,  and  a  fanner  at  Geneva 
with  hi-  brother  Thomas. 
Fisher  Henry 100,00<> 

A  retired  lawyer  and  son  of  Leonard  deceased. 
Fisher  James        -        -        -       .        .      100,000 

A  son  of  Leonard  deceased,  and  retired  from  the 
business  of  a  silve^^mith. 
Fisher  Leonard,  .....         150,000 

A  retired  Dentist.  His  father  left  an  estate  of  $600 
000,  which  is  divided  among  five  sons  and  one  daugh- 
ter, who  married  John  Heabberrt,  now  deceased. 
Leonard  Sr  having  acquired  his  fortune  mainly  by 
pun  bases  of  real  e.-tate,  which  at  his  death  was  wprtli 
nearly  100  times  what  he  gate  for  it.  Leonard  Hie 
son  has  been  industrious  and  saving.  Janeway  and 
Fisher  were  the  first  settlers  of  Chatham  and  V(  UVUa 
streets. 
Fisher  Mrs. 200,000 

A  daughter  of  John  Glover,  deceased  some  twenty 
years  since.  He  was  an  Irishman,  and  began  life  in 
this  country,  as  a  pedlar,  and  with  $100  bought  some- 
fifty  years  ago,  a  large  lot  in  Lam-ens  street,  which, 
with  the  buildings  now  on  it,  is  worth  ne.irer  a  mil- 
lion, than  a  hundred  dollars.  Her  sister  maixied  John 
Adams,  President  of  the  Fulton  Bank.  Her  brother 
Edward  married  a  poor  milliner,  and  his  mother 
bought  for  him  a  farm  of  six  hundred  acres,  UsterCo.^ 
this  State..  On  the  death  o-f  Edward,  his  mother  con- 
firmed this  farm  to  his  widow,  which  Mr.  Adams  anij 
Withersjioon  invoked  the  powers  of  Chancery,  in 
vain,  to  turn  it  to  their  own  account.  Jotin  J.  Glover. 
one  of  whose  daughters  mamed  the  Hon.  C.  C.  Cam- 
•breling,  is  of  another  family. 
Fisher  Thomas  -...-.        150,000 

The  brother  of  George  above. 
Fitch  A.saJr 300,000 

Of  a  New  England  Family,  and  was  for  a  long  timi- 
merchant  at  ftfarseilles.  Ho  i»  now  doing  a  large 
Commission  businejjs  With  hi«  brother,  in  Exchanjje 
Phce.  '-It  is  not  every /amfduc'c,"  a  favorite  ex- 
pression of  his,  that  could  come  out«o  tali,  and  loom 
so  large  and  lofty  in  haughte  socicte. 
Fitch  William 100,000 

A  brother  of  Asa. 
Foot  S.  A. 100,00ft 

Lawyer,  married  a  daughter  of  John  CampbeU. 
Foites  Jehial 100,000 

Resident  of  New  Haven,  but  much  of  his  business 
transacted  here. 
Ferbes -        -        -      .-     •  -        150,000 

Married  a  daughter  of  Samuel  Judd. 
Forbes  Widow         ...        -         250,000 

A  sister  of  Mrs  Howell  and   Drayton  Blackweli. 
Her  he  band  was  a  lawyer,  who  died  some  12  year* 
since. 
Poster  Andrew  -       .        -       -        150,000 

Of  a  Scotch  Fatnily,  originally  an  Auctioneer,  and  . 
now  with  Ids  ^ons  in  the  Commiuion  business. 


11 


FouIkeJosrph  ....        350,000 

An  fcngli*  gcnUeman,  who  has  maintained  the 
lilQhe^t  rank  amonj;  our  honorable  merchants;  He 
liai  Ion?  been  onsa^ed  in  theWost-India  ImpoHini; 
liuainess,  and  has  his  three  sons  in  business  with  hini. 

Foulke  Joseph  Jr.,    -       -       -       -  '     250,^00 
A  son  of  Joseph;  married  a  daughter  of  John  Beek 
man,  worth  a  large  sum  by  his  wile. 

Foulke  Louis  P         -       .       -        -        150,000 

Aimtliorson  of  Joseph,  and  married  an  )ieiress,  tlic 
daughter  of  Charles  Tuwn. 
Foulke  William        ....        100,000 

A  son  of  Joseph. 
Fowler  Theodocius  ...        -        300,000 

A  large  Grocer,  and  married  one  of  the  Depeau 
dau^'hters,  and  lives  in  Depeau  Kow. 

Fox  Geo.  .  ■     .    •   -       -       .        250,000 

The  brother  of  William  W.,  and  was  formerly  in 
the  Auctioneer  business  with  Thomas  W.  Peaisall. 
lie  resides  in  Westchester  Co. 

FoxGdO.  T. 100,000 

A  son  of  George.    A  merchant. 
Fo.\  Samuel  M.         -       -       -    .    -        300,000 

A  Shi)iping  merchant  of  the  firm  of  Fox,  Livingston 
&•  Co.,  ownew  of  a  Havre  line  of  Packets.  He,  with 
Livingston,  his  partner,  was  a  clerk  with  Mr.  Depcaj, 
dpceased,  and  each  maiTicd  one  of  his  daughters.  ^. 

Fox  William  W.        ....        300,000 
Two  Quaker  brothers,  in  the  Dry  Goods,  Jobbing 
anil  Auctioneer  business.    They  are  from  Westch^ter. 
Tliey  married  daughters  of  the  deceased. 

Forrest  Edwin  -  -  -  -  -  150,000 
The  distinguished  American  tragedian.^  ■  Waa  a 
poor  boy,  and  has  made  hi*  fortune.  He  married  a 
daughter  of  .Mr.  Sinclair,  tlie  English  vocalist.  Mr. 
Forrest  has  ivi-cly  investeJ  a  portion  of  his  funds  in 
up  town  lots,  and  in  the  erection  of  dwellings, 

Francis  J.  W,  -  -  -  ,-  -  100,000 
Furman  Gabriel  ....  200,000 
A  very  re>i)ectable  and  ancient  English  family,  one 
of  the  earlie.-t  among  tlio^e  who  colonized^Long  I^- 
lund.  Formerly  Superintendent  of  the  Alms  Hou-e. 
Judge  Jno.  T.  Irving,  deceased,  (brother  to  Washing- 
Inn  Irving.)  became  enriched  by  maiTiage  with  a 
ilaughtcr  ot  Gabriel  Furman. 

Fomiss  William  P.  ....  1,000,000 
Made  all  his  money  at  the  South,  and  is  now  a  Bro" 
kir  in  W:'ll  street.  He  built  the  Globe  Hotel,  and  is 
u  large  owiht  of  Real  Estate,  which  has  risen  much 
in  value  since  his  investment. 


Galalian  WiUiam  W.        -       -       -       $100,000 

An  Upholstferer,  of  French  descent.    Close  and 
tight-fisted. 


Gardiner  John 
Gardiner  David    - 
Garner  James  G.      -    . 
The  brother  of  Thomas. 
Garner  Tiiomas 


Gallatin  Albert 


150,000 


Of  a  very  respectable  Swiss  family.  He  came  to 
this  country  when  a  very  young  man,  and  has  highly 
distinguished  himself.  He  formerly  re«idx;d  in  Phila- 
ilelphia,  and  has  been  Secretary  of  the  Treasury.  He 
was  with  Clay  Ic  Adams,  one  of  the  negotiators  of 
the  treaty  of  Ghent.    He  w^as  for  a  long  time  Presi- 


Gallaiin  James  Jr. 


Gallatin  ^Ubert  R.      - 

A  son  of  Albert  Gallatin. 
CT«.rd;ner  Thomaa 


100,000 
the  Na- 

100,000 

'600,000 


-  J0O,00O 
150,000 
150,000 

150  000 

With  his  brother  James  G.,  failed  in  1932,  and  in 
IS.!.^,  liaving  again  entered  business,  paid  off  all  their 
old  obligations  with  interest.  Few  men  have  passM 
tlir(iugli  adversity  wiiuiinp  such  golden  opinions  for 
honorable  intentions  and  upright  purposes. 

Gebhard  F.  Estate  of        -        -        -         500,000 

Gelston  David  Estate^ol     -        -        -        200,000 

Late  President  of  the  Manhattan  Bank. 
Gelston  George  -      ^-        -        -        -        100,000 

Retired  Jeweller,  married  the  daughter  of  Mei- 
nell,  the  Leather  Dealer  of  the  Swamp. 

Gelston  John  M.       .    ■    .       .       -        100,000 

A  son  of  Maltby  Gelston,  and  in  the  Commission 
business.  '  ' 

Gelston  MaliSy         ...       -        300,000 

Late  President  of  Manhattan  Bank. 
Gerard  James  W.      -       -       -       -        100,000 

A  lawyer  of  great  eminence  in  this  city,  and  son  of 
an  auctioneer.  He  married  an  heiress  of  Philadelphia. 
Gerard  William         -       -       -       -        150,000 

A  brother  of  the  lawyer,  and  has  been  doing  a  suc- 
cessful business,  as  auctioneer. 
GeraudWm.     .--.--        J50,00O 

GibbB  Thomas 100,000 

A  highly  polished  gentleman,  married  some  twenty 

year*  since  a  rich  heiress,  daughter  of  J.  W.Vanden- 

hewel. 

t;.l)son  Mrs.  -  -  -  -  -  150,000 
Married  first  Miles  M.  Burke,  a  sea  o»pt|in,  de-- 

ceasetl,  and  is  now  the  wife  of  Mr.  Gibson. 

Gifford  Arthur  N.      -        -       -       -      -150,000 

Mr.  Gilford  was  educated  and  graUuated  as  a  Phy- 
sician, but  not  choosing  as  a  gentleman  to  wade 
tliiough  the  tortuous  and  muddy  paths  by  which 
some  of  the  membesr  of  aij  overpopulated  and 
starved  profession  are  compelled  to  get  their  bread, 
and  being  too  high-minded  to  resort  to  low  arts  and 
ciuining  to  obtain  distinction,  made  his  debut  in  the 
Broker  line  in  Wall  street,  and  has  there  operated 
to  an  extent  to  justify  hisj  moat  aanguine  expecta- 
tions. 
GihonJohn       -       -       -       -       -       300,000 

A  Frenchman,  in  the  Commission  and  Importing 
business. 
Gilbert 300,000 

A  retired  French  merchant 
Gilbert  Clinton         ....       150,000 

A  lialf-brother  of  Garritt,  and  son  of  the  widow  of 
W.W.Gilbert. 

Gilbert  Joshua,         -       -       -.     -       100,000 
A  Commission  Merchant,  of  the  thin  of  Joshua  Gil- 
bert and  son,  but  no  relation  of  the  family  of  Gairit 
Gilbert. 

Gilbert  Mrs. 150,000 

.  Widow  of  W.  W.  Gilbert,  who  was  the  Stewart  of 
his  day  among  the  Dry  Good  merchants.  In  business 
with  his  son  Garrit,  who  is  now  one  of  our  Police 
Magistrates.  W.  W.  Gilbert  was  a  Police  Magistrate, 
afterwards  a  member  of  the  Assembly,  then  Senator, 
and  member  of  the  Council  of  Appointment. 

GUleyMrs. 150,000 

Her  husband,  deceased,  by  birth  Scotch,  acquired 
his  fortune  in  the  book  line,  as  the  prlncipaj  partn<  r 
in  one  of  the  most  celebrated  stores  in  that  business 
of  wiu.  hour  city  could  then  boast. 


1% 


Oilman  Nathaniel     .       ~       ~       -       300,000  Griffin  George          -       -       .       -       200,000 

From  Ba^h,  Me.,  formerly  in  business  in  Portland,  The  fatherer  of   FrancU,  and   the  distinguished 

and  subsequently  in  Boston.    He  i»  now  one  of  the  -L-awyer. 

Leather  dealers  in  the  Swamp,  and  largely  in  impor-  Grinnell  Moses  H.    -        -        -        -        250.000 

tations  from  South  America  and  Africa.    A  man  of  „j,j         j.,,                     . 

great  energy  and  business  capacity.  '  ""om  New  Bedford,  and  with  his  brother  Henry, 


Giraud  Jacob  P. 


partners  of  the  lirm  of  Grinnell,  Minturn  &  Co.,  Ship- 

200,000     pinji  Menhants,  and  owners  of  a  line  of  Liverpool 

— !._._     rr., . ,_■ andhave 


.  „        ,  ,  ..,,...,       T        ^  ,  packets.    They  are  entarprisin"  young  men,  a 

A  Frenchman,  who,  wjth  his  brother  Joseph,  made  acquired  all  tlieir  propaty.    Moses  H.  has  „. 

their  fortunes  as  Coopers.    They  have  long  since  re-  member  of  Congress,  and  is  a  prominent  politician 

tired  from  business.    Jacob  P.  is  a  bachelor.  »  of  the  Whig  party. 

Giraud  Joseph  -       .        -       -        300,000    Grinnell  Henry  -        .       -       .       250,000 

The  brother  of  Jacob  P.,  and  has  two  sons   who       ^he  brother  of  Moses  H.,  and  was  formerly  a  part 
-succeed  him  in  the  Cooper's  trade,  and  another  a'   ner  with  Preserved  Fish. 

-        -       -        500,000 


merchant. 

GioverEstateofJohii  J.     -  -        400,000 

Gpel^tAlmieCwidotvofPeterP.)  .250,000 


Goelet  George  -       -       -        ■       -        100,000 

Goelet  Margaret  (widow  of  Robert  R.)      100,000 

Her  husband,  with  his  brother  Peter  P.,  was  of  En- 
!?lish  birth,  and  a  Hardware  Merchant,  and  accumu- 
lated a  large  property  in  his  business.    Both  these    ,;,fp  „,n„,.K,.t 
brothers    raarrial  daughters  of  Thomas  Buchanan,    """^  "'  pacnn 


Griswold  George      -       "       " 

Of  an  ancient  Connecticut  family.  One  of  the  an- 
cestors was  Governor  of  that  State.  He  is  in  partner- 
ship with  his  brother,  Nathaniel  L.,  and  engaged  in 
the  China  and  India  Shipping  business,  and  one  of  the 
largest  houses  in  the  city. 

Griswold  George  C.  -        -       -        -        100,000 

Son  of  George,  and  in  business  with  his  father. 
Griswold  John 200  000 

A  merchant,  and  has  long  been  agent  of  a  London 


Kipp.    Her  only  son  is  deceased. 

Goelet  Peter 400,000 

The  son  of  Peter  P.,  and  resides  with  his  mpther  in 


Gomez  A.  L 200,000 

The  father  of  Mr.  Gomez  was  M.  M.  Gomez,  an 
aged  and  respectable  descendant  of  the  Gomezes, 
who  were  among  the  first  Hebrew  Emigrants  to 
3England  and  the  Colonies  from  persecutions  in  Por- 
tugal, were  they  could  not  exercise'their 


Griswold  John  L.      "  ■■■       -        100,000 

The  orother  of  Nathaniel  L.,  Jr.,  and  his  partner. 
Griswold  Nathaniel  L.      -       -        -       500,000 

The  older  brother,  and  partner  of  George. 
Griswold  Nathaniel  L.Jr  '  -  -  100,000 
A  son  of  Nathaniel  L.,  and  with  his  brother  John  L., 
constituting  the  firm  of  John  L.  &  N.  L.  Griswold, 
Merchants,  in  South  street.  They  have  a  house  in 
Louisiana,  and  deal  largely  in  Domestic  Goods. 


Grosvenor  Jasper 
merchant,    and 


300,000 


connected   with   Ketchum, 
tai"th"underthe"penVli"roTdeli'thr'TheVe'iative'3  of    Rogers   &   Beinent,  Brokers,   in   Wall  street,  in   the 
his  father,  who  Ifrought  considerable  wealth  with     manufacture  ot  bteam  Engines  and  Locomotives,  at 
him,  were  distinguished   Nobles  of  that  Kingdom,     Patterson,  New  Jersey, 
and  held  lucrative  appointments,at  the  Court  of  the     p.  ,.„,,„_.,-  Oath 
Monarch  prior  t9.their  dep.irture.   Mr.  Gomez  =- ••--     l^^OSVenor  bettl 


true  representative  of  a  modern  English  Gentleman 
in  his  amiable  deportment  and  reftned  breeJing. 

Giodhue  Jonathan    -       -       .       -       500,000 

•  From  Salem,  Mass.,  and  has  for  many  years  been  a 
Shipping  Merchant,  and  owner  of  the  line  of  Liver- 
pool packets,  as  the  senior  partner  of  Goodhue  & 
Co.,  the  succcessor  of  Isaac  Wright  &  Son,  the  owners 
fif  the  fii'st  line  of  foreign,  packets,  which  was  a  line 


500,000 
Dry  Goods  Merchant  of  an  old  New  Ensrland  fami- 
ly, and  brother  of  the  once  distinguished  orator  and 
Congiersman,  deceased,  (Thomas  P.  G.)  Seth  -i» 
uncle  (if  tlie  widow  of  that  late  brilliant  meteor  in  ju- 
dicial acumen,  S.  A.  Talcott,  that  set  so  prematurely 
in  clouds  and  darkness. 

Gimther  Christian  G.  ...        1-50,000 

A  German  by  birth,  came  to  this  country  when 


to  Liverpool.    The  first  packet  was  sailed  by  Isaac     quite  a  youth,  has  made  his  fortune  in  the  Fur  busi- 
Wright,  in  1818,  who  commenced  with  a  line  of  four    ness,  and  -by  his   untiring_  effjrts_  has  become  tbe 


most  extensive  dealer  in  Fuis  in  this  country. 


Hadden  David 


S200,000 


A  Scotchman,  of  the  firm  of  David  Hadden  &  Son, 
Importers  of  Irish  Linen.    Thomas  Crowe  is  a  silent 
250,000    partner  of  this  firm. 


Haggerty  JoSin 


1,000,( 


ships.  This  was  the  first  line  of  packets  ever  in  our 
port.  Mr.  Goodhue  is  universally  respected  for  his 
integrity  and  honorable  conduct 

Goodwin  Eli 100,000 

Of  the  firm  of  Goodwin,  Fisher  i  Co.,  in  the  do 
mestic  Commission  business. 

Graham  Bernard       ... 

An  Irishman ;  formerly  Porter  to  Peter  Harmony, 

end  now  a  partner.    See  Peter  Harmony. 

Gray  WiiUhrop  G,     -        .        .        -         lOOOOO  Of  Ihsl,  descent ;  began  business  in  this  city  as  . 

'                   ^                                                  luuvwu  Jobber— afterwards  became  the  richest  Auctioneer  ID 

Green  John  C. 400  000  the  city,  with  David  Austen,  under  the  firm  of  Hag 

Greenwood  John 'Estate  of         -        -         1.50,000    when  Mr.  Haggerty,  at  an  advanced  age,  retired,  and 

the  firm  was  dissolved ;  two  sons,  John  A.  and  Wm., 
Greenwood  Isaac  .1.  .         .         -         250,000    retiring  also,   and    the    younger,    Oijilen,    entering 

^       ,     .  ,  .  into  the  new    firm  of   Haggerty,  Draper  &    Jone,;, 

Greele  Augustus  (estateof)        -         -        520,000    auctioneers,  at  the  corner  of  Pine  and  WiUiam  streets. 

Griffin  Francis^       ....        150,000    Haggeriy  John  A.      ...        -        200,000 

AbrotherofGeorge,  the  distinguished  Lawyer,  and    HaggeitvOgden         ....        150,000 
i  n  business  with  him,  constituting  the  flna  of  Griffin         °°     '     ° 


Haggerty  William 


200;000 


13 


Haight  D.  L. 200,000 

\  brother  of  Richard  K.  helaw.    Formerly  in  the 

Dry  Good  buaiuess,  but  now  retired. 

HafghtD.  R 200,t)00 

Brother  of  B.  K.  Hsight  below 

Haight  Rirhard  K, 300,000 

Son  of  D.  L.  above     Hi3  wife  is  the  author  of  an 

nntertainins  book  of  Travels  in  B^ypt. 

Haines  R.  T. 200,000 

Of  the  Hrm  of  Halsted,  Haines  &  Co.,  large  Dry 
Good  dealers  ;  ail  old  house. 
Hale  David       -       -        -        '    '  -        100.000 

Came  from  Boston,  and  was  Originally  an  Auc- 
tioneer. When  ArtlmrTappan  sold  the  Joiimal  of  Com- 
merce he  and  Girard  Hallock  bought  it.  Though  Tap- 
pan  sunk  320,000  by  the  concern,  the  present  proprie- 
tors have  found  it  to  be  a  source  of  profit.  Mr.  Hale, 
with  others  bought  the  Tabernacle  very  cheap,  and  he 
has  now  become  nearly,  or  quite  the  sole  proprietor. 
Hall  A. 200,000 

Hatter,  formerly  of  New  Jersey,  and  one  of  the 
most  successful  in  the  trade.     A  Directer  in  the 
Notlh  Hivor  flank. 
Hall  Francis        .        -        -        -         ■        150,000 

Senior  iiartner  of  the  firm  of  Francis,  Hall  is  Co., 
proprietors  of  the  Commercial  Advertiser  and  New 
York  Spectator.  Mr.  Hall  is  an  Englishman,  coming 
to  this  country  when  a  young  man,  and  wasfmployert 
in  the  office  of  the  Com.  Ad.,  and  afterwards  became 
with  Mr.  Lewis  a  partner;  the  latttT  of  whom  six 
years  afterwards  was  succeeded  by  the  late  Col.  Stone. 
The  success  and  reputation  of  this  paper  is  greatly 
owing  to  Mr.  Hall,  who,  from  his  connexion  with  the 
paper  to  the  present  lime,  has  constantly  exercised 
over  it  an  editorial  supci-vision.  Mr.  Hall  is  a  most 
excellent  man. 
Hall  J.  Prescott        ....         200,000 

-  An    eminent  lawyer,  whose  wife  brought  Mm  a 

fr«aier  fortune  than  Uie  law.  ' Originally  a  writing 

master. 

Hall  Valentine  G.     .       -       -       -       250,000 

Was  a  clerk  of  John  Tonncle,  Sr.,  and  married  his 
daughter,  and  is  now  of  the  linn  of  Tonnele  and  Hall 
jirobably  the  most  extensive  Wool  dealers  in  the  coun- 
try. 


HaUock  Girard 


1-50,000 


The  editor,  and  with  David  Hale,  the  proprietor  rf 
the  Journal  of  ■  ommerce.  In  addition  to  the  jirofits 
of  this  paper,  the  estate  of  his  wife  in  this  ciiy  has 
been  turned  to  good  account.  Hallock  has  a  heautiifui 
seat  in  New  liaven,  where  his  wife  belongs  and  his 
family  resides. 

HalBted  Caleb  O.       ....        250,000 
Halsted  William  M.  -  -        -  250,000 

Of  the  firm  of  Halsted,  Haines  &  Co.,  Dry  Good 
dealers. 

liamersley  A.  Gordon,  -  -  •  300,000 
Uaraersley  Andrew  S.  -  -  -  100,000 
Of  an  old  and  highly  respecl.ible  family,  who  have 
Inherited  a  fortune.  A  sister  married  Antoine  Ver- 
ren.  a  French  clergyman. 
Hamilton  J.  C.  ...        -         200,000 

A  son  of  the  reno%vned  statesman,  and  also  his  bio- 
frapher.  He  married  a  daughter  of  the  rich  Dutch 
merchint  Vanderheucl,  deceased,  and  owns  thereby 
the  American  Hotel.  Uis  time  is  chiefly  devoted  to 
literary  pursuits. 

Hammcrsley  Lewis  C.       -        -        -        200,000 

Of  an  old  and  wealthy  New  York  family.  Hla  fa- 
ther Thomas  acquired  a  Urge  fortune  In  the  Dry 
Good  line. 


Hardenbrook  William 
Olil  Kii)cketl)ocker. 


150,000 


Harmon  Phillip        .        .        .        •       100,000 

A  Commission  Merchant. 

Harmony  Peter        -        .        -        .       1,, 500,000 

Born  in  the  West  Indiec,  whiihcr  he  has  lately  re- 
tired from  business  with  a  princely  fortune.  C-imeto 
this  city  a  poor  cabin  hoy,  anti  eveniually  be  ame 
largely  engngeil  in  thcshipping  business  with  tcveraj 
partners.  The  ship  Warsaw,  sold  op  the  Mlh  of  Oc- 
tober, 1844,  made  him  $90,OnO  in  oi  e  voyage  round 
Cape  Horn.  He  has  been  largely  inieretted  io  the 
Ir8d«  between  Cuba  and  Spain,  and  -some  of  his  ships 
to  Africa,  it  is  said,  have  brought  out  cargoe-,  that 
hive  paid  a  profit  equal  lo  luc  difference  in  price  be- 
tween negroes  in  Africa  and  in  Cuba. 

Harper  &  Brotliers  -        -        -        500,000 

This  firm  consists  of  four  brothers,  James,  (the 
present  ai'ayor,  John,  Joseph  W.  and  Fletcher  They 
are  of  a  respectable  family  on  Long  Island,  and 
coming  to  this  city,  le«rned  the  Printer's  trade.  Ja... 
anu  J (ihn,  under  the  firm  of  J.  &  J.  lUrj  er,  after- 
their  time  was  out,  commenced  doing  job  woik,  and 
printing  for  Publishers.  The  distinguiished  house  of 
Collins,  Keese  it  Co.,  (now  Collins,  Brothers,)  lares 
publishers  of  school  books,  gave  them  cmiiloyment. 
Getting  out  of  work,  they  appli.d  to  the  Collins  for 
advice  as  to  what  book  they  should  print.  Th  e  fol- 
linsgave  them  advice,  ami  litey  printed  a  work  which 
w«s  successful,  followed  up  by  another  loriuiiate 
book,  until  at  length  they  became  publi>hers,  and  fi- 
ntlly  their  two  other  brothcr.s  being  added,  they  en. 
largfcd  their  business  under  the  tiim  of  Harper  & 
Brothers.  They  are  now  the  mu^t  extensive  publish- 
ers in  this  c  untry,  and  their  names,  in  the  history  of 
literature,  will  be  associated  with  tho.=c  of  Gslliane, 
C.  nsttblc,  Murray,  and  Longman;  They  have  in 
different  parts  of  America,  from  twelve  to  fifteen 
hundred  booksellers  acfing  as  their  agents,  besides  a 
large  nnmber  of  travelling  clergymen,  and  other 
itinerants.  So  extensive  is  their  business  connexion 
that  should  they  dispose  of  but  one  or  iwo  copies  to 
each  agency,  they  would  be  sure  to  pay  the  expenses 
of  publication,  and  no  matter  what  work  tbey  may 
publi-h,  (and  they  have  published  several  of  the 
worst  and  most  stupid  books  ever  issued,)  thev  are 
sure  to  di-pose  of,  on  an  average  more  than  two  co- 
pies to  each  house  withwhich  they  deal.  They  have 
a  crrespondencc  established  not  only  with  every 
considerable  place  in  this' country,  but  with  cities 
abroad,  where  books  arc  pubbshed,  infoiming  them 
of  every  work  worthy  of  publicati-m.  The?  have 
besides  in  this  city,  and  other  jparts  of  the  Dnited 
States,  many  literary  men  in  the  r  employment,  to 
pronounce'  their  opinion  of  manuscripts  >ubmltied  for 
publication,  to  revi.se  tho^e  that  are  imperfect,  and  to 
write  notices  and  puffs  for  the  more  importart  news- 
papers and  magazines  which  they  have  either  directly 
or  indirecUy  subsidized  to  their  interest. 

Hirt  David 250,000 

A  worthy  Jew,  who  went  from  this  city  to  New  Or- 
leans, where  he  so  gained  the  confidence  of  his  employ- 
ers, that  they  entrusted  him  with  the  charge  of  their 
business,  which  soon  enabled  him  to  engage  in  busi- 
ness on  his  own  account.  He  has  now  retired,  and 
resides  in  this  city.  He  is  a  very  benevolent  and  uii- 
right  man.  He  has  five  brothers  worth  from  60  to 
§100,000;  two  of  whom  are  in  New  Orleans. 

Hart  Eli 200,000 

A  disiinguished  flour  merchant,  whbse  store  was 
3a-,ked  by  rioters  some  eight  or  ten  years  lince.  He 
is  an  indueniial  member  of  the  Democratic  party, 
and  a  very  wonhy  ciiizeii. 

Hart  widow  of  Peter  G.    -        -       .        150,000 

Her  husband  made  his  money  in  the  "rocery  busi- 
ne.^,  by  the  assistance  of  his  wife's  brother,  Thomas 
H.  bmith,  deceased.  A  daughter  of  widow  Hart  mar 
nee  Leufenant  Gov.  Bradish,  and  another,  Peter  Bar- 
ker, son  of  James  Barker,  deceased,  once  a  very 
wealthy  Dry  Goods  merchant  of  tliis  city. 

Hatch  Geo.  W. 100,000 

Rawdon,  Wright  &  Hatch  are  the  celebrated  bank 
engravers,  and  anothpr  sample  of  inteUigent,  spirited 
jnedianlcs,  nuking  for  themselves  a  name  and  a  tor- 


14 

tunc  inconipsrtWy  more  to  be  prized  th»n  the  wealth  Hewlett  Joseph          -        -        •                 100,000 

which  ha>  been  acquired  too  often  by  mere  mercantile  ^^  bachelor-brother,  and  i>arlnei  ol  Oliver  T. 

pambling.    There  1?  aubMance,  and  truth,  and  reality 

W«omelhing  tangible,  and  definite,  and  fujceplible  of  Hewlett  Oliver  T.      -        -         -        -         ]0U,OW 

ocular  demonstration  and  utility  in  thefruiU  of  me-  c^j^c  from  Rockaway,  L.^il.,  poor,  and  in  the  Dry 

chamcs  labors,  but  what  visible  means  ol  livelihooa,  q^^^^  business,  with  his  brother,  made  his  money 

ind  what  direct  and  practical  utility  do  ye  see  m  Remarried  a  daughter  of  Stephen  Van  Wyck.    Js  a 

many  other  professions,  to  wit :  swindling  stodi  ope-  ^  „ijluerriial  Whig. 

rations,  but  which  are  vet  deemed  more  repuUble  than  "                                  ° 

the  walks  of  mechanic  life.    The  time  is  gone  by,  Holbrook  Ephraim      -        -        .        -.     200,000 

however,  when  dreaming  speculators  and  fa"<:y  oj^-  Connecticut,  and  rich  by  Dry  Goods,  &c.    Be  baa 

rators  can    any    longer  sneer   superciliously   at  the  .     , 

•'brawny  arms"  and  "  russet  palms"  of  the  honest  reiueu. 

laborer.    Thus  much  has  been  done  by  breaking  up  Hicks  Henry  y.       •-        -        -        -         2.00,000 


,  iaUe  system  of  credit,  and  by  <^°^»f,^"^"?^' ''fi^'^if      -Robert  Hicks,  Plymoulh,  1631,  became  a  rich  mer 

les  of  ra^.-paper  and  spurious  capital.    Way  Raw-     ^''"^^'^A^: 
and  Hatch  never  lend  their  bunn  and  mezzotinto     5fy.'i*^**> 


land.  Long  Island  and  New  York.    Thev 

ays  "cottoned"  to  merchandise,  and  been 

tinguisted  in  the  commeicial  annals  of  this  coun 
try  as  shipping  merchants  at  Plymouth,  Newport  and 


150,000 


don  and  Hatch  never  1 ,       ,,  ■   , 

to  anv  paper  that  does  not  command  yellow  mint 

drops  msto„ier  at  the  counter  on  the  very  face  of  it.  ^'~^-;-^'  f^"  o"oo  fears  past. 

Mr.  Hatch  is  half  brother  of  Ex-GovemorThroop,  and  ^ew  i  urn,  lor -uu  years  paau 

to  judg.,  of  his  early  prosperous  career,  cannot  be  said  jjigj^g  ]virs.  John  G. 

to   have   counted   his    chickens   before  ^they    were  h„ husband  was  a  merchant, 

200,00& 
Son  of  the  widow  aboTe,  and  lately  deceased. 

600,000 
A  merchant. 
Hicks  Samuel 


hatched.    Mr.  Rawdon  is  a  branch  of  the  Irish  family 

of  Rawdon,  Earl  of  Moira,  who  was  so  distinguished     jj^^.^^  j^j^,  q  (estate) 

as  a  British  partizan  or  cavalry  officer  during  the 

revolutionary  war. 

Havermever  Frederick  C.    -        -        -       100,000     Hicks  John  H. 

Of  a  German  Famly,  ani  with  his  brother  Wll 
liam  F.,  a  mer.  hant  in' Front  street. 


100,000 


1.10,000 

250000 

i  k  Hawley,  large 

-      150,000 


-       300.000 

The  above  are  of  the  firm  of  Hicke  &  Co.,  one  of 
the  oldest  and  wealthiest  South  street  houses  in  the 
city  ;  formerly  Samuel  Hicks  &  Son.  Estate  of 
Samuel  Hicks  is  represented  at  §1,000,000.  Left  two 
sons  and  one  daughter.  Retired  from  business  All 
the  Hicks  are  ielated;iand  are -Quakers  from  Loiig 
Island.  ,., : 

Hicks  Silas '      .  .     .        Z        -        -        300,000 

Rose  to  fortune  with  the  late  Mayor  C.  W.  Law- 
rence, in  the  aurtion  business,  and  retire4  early  to 
the  precincts  of  Flushing,  to  enjoy  bis '-odium  cum 
dignitate."    Of  the  family  of  Bicks,  Plymouth,  Miaa. 

Hoffman  L.  Mx  (A  German  famJy)      -      150,000 
His  brother  is  Asft.  V.  Chancellor.    The  first  Hoff- 
man here  was  Anthony,  a  venerable  and  highly  es- 
teeme"h   merchant,  grandfather  of  L.   M.  H.    Few 
families,  for  so  few  a  number  of  persons  as  compose 
Of  an  ancient  New  Jersey  family,  long  an  Auc-     jt,  have  cut  a  "larger  swath"  or  bigger  figure"  in  the 
tioneer,  and  afterward  an  importer  and  Jobber  in  this     way  of  posts  of  preferment.    Talent  and  also   public 
rity.    Retired  from  business,  and  much  respected.  '       •  ■    '      "-   '-         '—    '-^ -'-• 

Heard  Nicholas  T.    -        -        -        -        100  000 

A  brother  of  James. 
Heam  George  A.        -        -        -        -        150,000 
Of  the  firm  of  Hearn  &  Brothers,  fashionable  Dry 
Good  dealers  in  Broadway. 

Heckscher  Edward   -        -        -        -        200,000 
A  German,  and  a  large  Coal  dealer.    He  married 
into  the  Coster  famdy.    Hi 


Havemeyer  Wm.  F. 

A  brother  of  Frederick  C,  above. 
Hawley  I  rail  .  .  .  - 
Hawley  Judson         .        -        . 

A  bachelor,  of  the  firm  of  Hopkini 
Grocers. 
Haxtum  A.  B.       - 

Occupies  the  splendid  mansion  comer  of  Grove 
and  Bleeiker  street,  formerly  of  the  Whittemore 
estate.  His  fortune  has  been  made  in  stocks,  and  by 
his  own  energy  and  perseverance.  Is  from  Catskill, 
N.Y. 
Heabben  (widow  of  Jolm)         -        -         100,000 

A  young  widow  and  daughter  of  Leonard  Fisher, 
deceased.    Vide,  Fisher  Leonard. 
Heard  James 250,000 


i  son  is  Consul  to  one  of 
the  German  States.  'Ed'»^rd  is  now  in  the  mercan- 
tile business  with  his  brother-in-law,  Gjrard  H.  Cos- 


Hedges  Catharine 
One  of  the  Rutgers  famUy. 

Hendricks ■ 

Hendricks - 

Hendricks - 

Hendricks  Uriah 
Hendricks  Widow 
Rich  Jews 


seriices'rendered,  martial  gallantry,  poetry,  judicial 
acumen,  oratory,  all  have  had  their  lustre  mingled 
with  this  name.  Beekman  Verplank  Hoffman,  a  post 
captain  ;  Judge  JosJah  O.  Hoffman,  and  his  sons,  Og- 
den  and  Charles,  &c.,  all  foremost  men  in  our  com- 
munity.   L.  M.  Hoffman  is  an  Auctioneer. 

Hoople  Win.  IL  ...  -  200,000 
One  of  the  most  wealthy  and  enterprising  citizens 
in  the  leather  trade,  who  but  a  few  years  came  into 
this  State  from  Canada,  a  poor  young  man,  with 
eearcely  a  shilling  in  his  pocket,  and  succeeded  in 
obtaining  work  as  a  journeyman  currier,  at  very  low 
wajes.  Alter  continuing  therefor  sometime,  went 
to  Philadelphia,  where,  after  pursuing  his  trade  for 
some  time  w^ith industry,  was  enabled  to  accumulate 
what  he  considered  a  small  fortune,  $ilb,  with  which 
he  came  to  this  city,  in  18a2,  and  commenced  busi- 
ness on  his  own  account,  the  success  of  which  i« 
above  attested. 

200,000 


Herring  Wm.  C. 

Of  a  highly  respectable  family  from  Massachusetts. 
Has  tt  fine  country  seat  near  Jamacia,  L.  I. 
Heyer  Cornelius  (estate  of)  150,000 

Deceased  nearly  two  years  ago 


200,000 

200,000 

200,000     Holbrook  Ephraim 

300,000     H^,,^j^E,j3d 150,000 

An  old  New  Yorker,  and  a  very  respectable  man. 
and  made  all  his  money  as  a  Grocer.  He  is  no  rela- 
tion of  Silas  Holmes  below. 

Holmes  Silas 150,000 

A  large  Shipping  merchant,  and  President  of  thi- 
Screw  Dock  Co. 


300.000 


100,000 


President  of  the    Hone  Phillip 
New  York  Bank,  and  in  early  life  was  a  partner  of 
John  Jacob  Astor.    He  was  a  man  of  very  high  stand 


ith  his  brother  John, 


1.50,000 
deceased,  were  fa- 


John  Jacob  Astor.     He  was  a  man  oi  v-ry  uigii  Biaiiu-         nc  vnu  .>.=  ,/.«...  .--.-•-, :-'_,_ 

iBg,  and  left  aU  bis  j.foi^rty  in  trust  for  the  benefit  of    mous  Auctioneers  in  their  day.    John  died  i^ 
lus  chUOieii.  '     1      -»  ly  rich,  aud  PhiUip  has  met  wi  h  los.-es.    They 


15 


tons  of  a  respectable  biker;  of  Dutch  rte?rent,  and  re-     Hudson  Joseph 
ccived  from  him  a  large  inheritance.    Phillip  has  bien 
Mayor  of  the  cliy,  and  distirjuishcd  as  n  voMician  of 
the  whi;:  party.    He  is  now  President  c  f  the  American 
Mutual  lusurancb  Co. 


Hopper  John  (estate  of) 


300^00 


This  gentleman,  also  an  old  Kniclccibocker,  was 
a  &rmer  of  wealth  and  re3pcc;abiliiy.  The  es'ate 
lies  at  Bloomir  gdale,  in  the  yiciuity  of  50th  street, 
it  is  a  'arge  landed  property  and  much  improved. 
His  onlv  child,  a  daughter,  married  James  Stiiker,  of 
Strikei  's  Bay,  by  whpm  she  had  thre<>  children,  viz : 
Gen.  Garrit  H.  Sriker,  Ann  Stiikor  (single)  and 
Mrs.  J.  Mott,  i'l. whose  possession  the  properly  now 
is-  it  i-)  one  of  the  ol  Jest  landed  estates  in  the  city, 
of  great  extent,  and  the  nomcstend  in  which  Uen. 
Striker  now  resides  is  one  of  great  beauty,  aud  i' 
well  planted  with  ornamental  and  fiuic  trets  of  the 
rarest  kinds. 
Hopkins  Gilbert       .        -        -        -       400.000 

Of  the  firm  of  Hopkins  &  Hawley,  large  Groccra 
He  has  been  Major  General  of  the  Artillery,  and  was 
for  seven  or  ci^'ht  years  Alderman  of  the  Tenth  Ward. 
Now  President  of  the  Seventh  Ward  Bank. 

Hasack  (estate  of  David)    -        -        -        100,000 

But  (ow  names  will  sliino  longer  in  the  annals  of 
medical  history  brighter  than  this.  His  superior 
practical  talent,  sagacity,  boldness  and  decision  as  a 
bedside  practitioner,  and  the  iuvaluible  lessons  in 
medicine  he  has  left  while  common  sense  prevail. 

Howard  William        -        -        -        .        600,000 

Treasurer  of  the  New  York  and  Albany  Rail  Co. 
Howard  Jno.  P.  ...        -        150,000 

Well  known  with  his  brother,  D.  D.  Howard,  as 
the  proprietor  of  Howard's  ^ousa  in  this  city.  His 
lather,  John  Howard,  of  Burlington,  Vt.,  was  one  of 
the  first  hotel  keepers  in  the  United  States. 


■  '  ■-  150,000 
Respectable  English  Importer  fc  nun"  veara 
here,  and  h»s  diubled  his  firtune  by  marrying  • 
diughter  of  the  rich  Henry  Lavertv.  He  hsB  no  rea- 
son- to  retiri  t  having  adoptpd  for  his  home  the  capi- 
tal which  graces  the  noble  river  ,that  beats  his  name 
in  honor  of  its  disi  overer,  and  peradventure  his  ui« 
ceitor,  'Hcndrick  Hudson." 

Hunter  Wm. 200,000 

Made  his  money  in  Canton,  where  he  haa  resided 
for  the  h't  twenty  years,  but  has  returned, and  ainco 
retired  frombusiness. 

HuntJoiiallian 1,000,000 

Ha?  been  ensoged  in  mercantile  business  at  the 

south,  at  Mobile.    Bachelor. 

Hum  Thomas 200,000 

Hunt  Samuel  J.  ^  -  -  -  -  150,000 
Merchant.    Rotired.   Became  rich  by  the  deceaie 

of  his  father-in  law. 

.IluiUington  Francis  J.  •  -  -  100,000 
Of  the  fiVm  of  Huntington  5c  Savjge,  book  p  blish- 
ers  and  sellers.  Mr.  Huntington  is  onf  of  the  oldest 
publishers  of  Hur  f  >rd,  Cf.,  where  he  ha-  always  re- 
sided X^hcn  he.  took  Mr.  Savage  for  a  partner, 
the  firm  oprncd  in  this  city  a  store,  which  is  <  ne  of 
our  largest  houses.  Their  line  is  chiefly  in  tchool 
books, 

Hnrd  James 200,000 

An  Englishman,  formerly  an  extensive  dry  goods 
house ;  has  done  no  business  since  his  failure. 

-       -       100,000 


Hyslop  Robert     • 
An  old  New  York  family. 


Howard  D.  D.    - 

Howell  Mrs.  Wm. 


Was  a  daughter  of  the  rich  old  Blackwell,  an  old 
New  Yo'k  family,  and  owners  of  Blark well's  Island, 
at  Hell  Gate.  Her  husband,  a  Howell  or  Hoel,  old 
X.ong  Island  Sufl'olk  nime,  and  hu  niece  and  heir 
Is  Julia  Dekay,  of  a  very  ancient  New  York  family 
and  wife  of  Major  Jack  Downing,  No.  2,  i.  e.  C.  A.. 
Davis,  vide.  Her  husband  was  a  sea  captain,  and 
afterwards  a  merchant.  Been  deceasad  some  15 
years. 


150  000     I"g''sJoIm $150,000 

'  Resides  in  Jersey  City.    Made  his  money  in  the  ■ 

250,000     dry  goods  trade  at  the  south,  together  with  iortunato 

investments  in  real  estate.    la  the  father  of  Judgo 

Inglis. 


Ireland  Andrew  L.      -        -       - 

Much  improved  by  foreign  travel. 
Ireland  George  .  .  .  - 
Ireland  Wm.  H. 


Howland  Gardiner  G. 


500,000 


taiped  some  celebrity  by  building  vessels  for  the 
Greeks  ii  their  siruggle  for  indepeii'ence.  Large 
Jhipping  merchants. 

Howland  Wm.  Howard       ...       300,000 
A  relative  of  John  H.  Howland,  and  in  business 
with  him. 

Howland  Samuel  S.         -         -         -        250,000 
A  brother  of  Gardiner  G.,  and   in  business  with 
him.    Now  retired. 

Howland  Wm.  Edgar  -  -  -  100,000 
One  of  the  firm  of  Howland  &  Aspinwall. 

Howland  Jolm  H.  -  -  -  -  500,000 
Resides  in  Bloomingdale,  and  with  Wm.  H.    He  is 

doing  a  larite  mercantile  and  shipping  busine-s. 

Hoyt  Edward 100,000 

Hoyt,  (widow  of  Gould)  -  -  -  500,000 
Made  his  money  as  a  Grocer  in  this  city,  of  the  firm 
of  Hoyt  Si  Son,  and  died  last  summer.  One  of  his 
sons  married  a  daughter  of  ex-President  Duer,  of  Co- 
lumbia College. 

Hubbard  N.  T.         -         -       .       -         100,000 

Ancient  and  honored  n»me  of  NewEnglmd.    Is  ia 
the  pork  buliiMSg  laigely. 


100,000 

100,000 
100,000 

Irving:  Mis  Jno.  T.  (husband's  estate)  300,000 
Judge  John  T.,  deceased,  and  Washington  Irvinj 
so  renowned,  and  William,  Ebcnezer,  Peter,-  ice ,  ar> 
the  sons  of  a  respectable  shoemaker  (dnceased)  i» 
William  street,  in  Ihit  blessed  ciiy  of  ^ew  York. 


Jackson  Hamiltoii  .  .  -  .  «200,000 
Inherits  the  large  estate  of  Jno.  Jackson,  one  of  two 
brothers  (John  and  SkiducI)  who  early  located  at 
Brooklyn,  and  became  >ich  by  the  rise  of  real  prop- 
erty. These  two  bro'heis  Jackson  were  1  neal  de- 
scendants of  Col.  Jno.  Jackson,  High  .Sheriff  of 
Queen's  Coun'v,  Judi^e,  A:c.,  eldest  son  aud  heir  of 
Robert  and  Agnes  lackson,  among  the  fiist  English 
settlers  of  Hempstead,  L.  I.,  about  1654. 

Jaffrcy  Robert 150,000 

From  Scotland  and  an  impoitei  of  Dry  Goods. 

James  Daniel 400,000 

Formerly  a  clerk  with  Phslps  &  Peck,  and  marry- 

ing  a  daughter  of  Mr.  Phelps,  became  a  partner  in 

the  firm,  which  ia  now  Phcl_  s,  Dodge  &  .  o. ;  hence 

his  wealtli. 

James  Henry 100,000 

Son  of  the  rich  William  James,  of  Albshy,  (rtrceis- 

ed)  and  a  gentleman  celebr«ted.  ite  believe,  for  his 

extensive  scholarship  and  literary  attainmenta. 


Jancway  Estate 


400,000 


16 


Jay  Peter  A.  (estate  oO      -       - 

The  first  Jay  on  the  recordi  appears  to  hsve  be"n 
JohnJiy,  (pribsbly  a  Husenot,)  a  qusknr  in  the 
suite  of  G»o.  Fox,  in  h=  journey  throu»h  America  in 
1671-2  artd  who,  me  tin<  with  a  dislocation  of  his 
necV,  was  marvellously  cured  by  theaforesaid  Georei; 
•omewhere  in  New  Jersey,  and  thus,  by  this  miracle 
lived  with  his  head  on  to  become  the  head  of  aa  il- 
lustrious house, 

150,000 


JayWm. 

Son  of  Gov.  John  Jay.    See  Jay. 
JanewayGeo. -500,000 

Son  of  William,  (deceased,)  and  grandson  of  Georg*'. 
Janeway  Rev.  Jacob  I.       -        -        -        500,000 

Resides  at  Brunswick,  N.  J  .  where  he  if  a  profe-sor 
In  the  college.  His  father,  Geo.  Janeway,  who  died 
some  fifteen  years  ago,  left  an  estate  of  a  million  lying 
about  Centre,  Prari,  Chatham  streets.  He  was  quar- 
termaster in  the  American  navy  in  the  revolutionary 
war,  atd  afterward-  became  a  brewer,  by  which  busi- 
ness h«  made  investments  in  real  estate,  and  by  a 
rise  in  value,  made  the  bulk  of  his  fortune.  George 
had  three  children,  Jacob  I.  William,  (deceased  in 
18U,)  and  the  wife  of  Gen.  Van  Zandt,  aho  deceased. 
150,000 


700,000  Mason,  who  left  an  estate  worth  nearty  *  mil- 
lion. A  son  of  John  Mason  married  a  charming? 
yo'inff  actress,  Miss  Whsai ley,  the  dau^hter'bf  Mrs. 
Wheatley,  of  the  Park  Iheaire,  and  was  cut  otf  with 
$1,500  a  year.  He  was  lately  Presidcntof  theChemi- 
cal  Bank. 
Jpncs  Robert 2.50,000 

Formerly  in  the  Clothing  bnsiness,  and  wentsouth. 
He  has  been  Alderman  of  tlve  fifth  ward,  elected  by 
the  Whigs. 

Jones  Walter  R. 250,000 

Judd  Samnel 500,000 

From  New  Ensland,  and  commenced  without  capi- 
tul  a  dealer  in  oil,  in  the  upper  part  bf  tbe  c  ty,  and 
made  his  way  up  to  be  a  large  Od  merchant.    Be 


^ides  now  at  J 
Jiidah  Amelia 
'Judah  Rebecca 
Judab  Bell 


100,000 
100,000 
100,000 


Janeway  Wilham 

A  son  of  William,  (deceased,)  and  grand-son  of 
George. 

Jennings  Chester 
Came  a 


poor  boy,  a  stage  driver,  from  New  Eng 
entering  the  door  of  the  City  Hotel  with 
whip  in  hind,  asked  for  we:k,wai  hir-d  as  a  waiter. 
And  by  good  conduct  rose  successively  to  the  rank 
of  head  waiter,  and  afierwirds,  with  hi"?  equally 
enterprising  and  famous  fellow -waiter,  WiUird.  to 
copartner  in  that  ancient  estaMishment,  where  his 
fortune  was  thus  honestly  and  honorably  made. 
Jewitl  Johii 
Johnson  Rev.  Evan  M. 


Kane  Oliver        -        -        -        -        -      5200,000 
For  many  years  a  d'stinguJshed  family  in  New 
York  that  has  seen  botb   much  prosperity  as   well 
as  the  dark  side  of  life's  picture.    Cut  few  retain 
the   wealth    they    once   had ;    most,   however,  are 
well  intermarried  wi'h  respectable  families,  beinp 
themselves  a   race    decidedly  of  strong  prominent 
trait-  of  intellect. 
150^000    Kearney  J.  D.  Jr.  (estate  of  J.  Watts,)        300,000 
~  Toing    grandson  of  Jno.   Watts,  dffcafed.   ami 

which  15  the  source  "f  his  wealth.  The  Watts  family 
are  cotemporary  with  the  most  distinguislic-d  names 
of  our  English  gentry,  John  Watts  nein.;  grandson  of 
Robert  and  Mary  Watts_and  tliis  Mary  the  daughter 
of  the  Provincial  Assembly,  Wm.  Nicoll,  the  paten- 
tee of  the  Islip  Manor,  L,  I.  John  Watt's  sister  wa.i 
mother  of  t'le  present  Mri  Kennedy,  Earl  of  Cas 


250,000    KeeseJohnD. 


200,000 


150,000 


Of  the  old  estabKshed  firm  of  Lawrence"  &  Keese, 


ihnson  nev.  iivan  M.       -        -        '         idu,t;tju  .55,110  have  during  the  last  50  years  sold  drugs  enough 

Rgside?  in  Brooklyn,  and  is  owner  and  Rector  of  to  supply  halt  the  human  race.      Mr.  K.  is  a  son  of 

St  John's  Church;  he  his  P>r  fifteen  yeirs  preached  Major  Keese,  deceased,  of  the  continental  line  of 

and  discharged  various  dutie^  of  the  parish,  without  the  1  evolution,  afterwards  a  distinguished  lawyer  in 


any  emoluments— has  joined  more  persons  1 
lock  than  any  other  clergyman  in  the  vicinity.  The 
Hector  and  St.  John's  Church  will  w<^ll  repay  a 
•tranger  unacquiinte  J  with  strict  ceremonial  forms 
of  the  EpiscopU  Church  by  a  visit  upoa  e»ery  Sua- 
iay  morning  comer  of  Washington  and  Johnson  sts. 

Johnston  John 500,000 

One  of  the  lat' Arm  of  Boorraan,  Johnston  &  Co., 
an  English  firm  in  the  iron  business, 

Jolinson  William  Samuel  -  -  •  200,000 
A  highly  respectable  lawypr,  prominent  whiit  poli 
tlcian.  and  late  AldertHAn,  an'J  grandson  of  the  for. 
mer  President  Johnson,  of  Columbia  College,  a  Con- 
necticut family,  and  Wm.  S.  gets  the  mass  of  his 
fortuno  by  m%rr'a»e  with  the  daush'er  of  <•  Cardinal 
Woolsey,"  as  thiseminent  mc-chan'  u?ed  faceliou-ly 
to  be  called  "  on  change."  The  "  Cardinal  was  an 
eatensive  operator,  in  Cormecticut  banki,  and  be- 
came very  rich. 

Jones  Edward  R.  ....  300,000 
Formerly  a  Cooper,  and  later  In  life  a  merchant, 
and  son  of  Joshua,  a  Cooper,  who  was  in  businefis 
with  James  Lennox,  brother  of  Robert,  immediately 
afler  the  revolution. 

Jones  James  J.              ....     300,000 
Jones  James  L. 300,000 


this  city. 

Kellogg  Edward  -  .  -  -  $100,000 
Bom  in  Litchfield  Co.,  Ct,  and  began  life  a  foot- 
pedlar,  carrying  trunks  filled  with  tin-pepper  boxes 
and  other  Yankee  notions.  Being  man  a  of  eenius,  it 
was  not  long'  before  he  became  a  riry-good  jobber  in 
Pearl  street,  making  $20,000  per  annum  nett  profit- 
In  1837,  at  a.time  when  by  a  legitimate  business  be 
had  become  worth  half  a  million  or  more,  he  failed 
in  consequence  of  heavy  losses  ($-200,000  almost  in  a 
lump)  by  his  southern  customers,  and  by  an  unfortu- 
nate  speculation  in  Elizabethport  lots.  He  has, 
however,  pai4  all  his  creditors,  leaving  a  snug  for- 
tune for  himself.  He  is  the  projector  and  mover  »f 
the  Elizabethport  speculation,  owning  a  large  part  •f 
the  village.  Thee  wete  first  laid  out  and  bought  by 
a  company  of  stockholders  who  intended  to  build  up 
a  manufacturing  village  to  rival  Newark-  Most  of 
the  stockholders  failing  to  pay  their  instalments, 
Kellogg  to.ik  their  shares  and  became  the  chief  share- 
holder. These  lots  cost  him  from  S30d  to  $400  ar. 
acre.  In  addition  to  his  estate  in  Elizabethport,  Mr. 
Kellogg  is  an  owner  in  the  two  steamboats  plyinc 
wns'liThu-sYn^  betweefi  that  place  and  this  city,  and  has  real  estate 
here  and  in  Brooklyn  >.here  he  resides.  He  is  now 
again  engaged  in  ihe  dry  good  jobbing  bu>ine~s  in 
Pearl  st  Mr.  KeHos?  is  no  ordinary  man,  having  in 
addition  to  his  attention  to  a  large  bu-iness,  acquired 
an  education  superior  t'l  many,  who  in  early  life  have 
received  what  istaliely  styled  "a  liberal  education." 

Jones  John  Q. 250,000    Kelly  Eli       -      '      -  -  ■  100,000 

Has  succeeded  his  father  as  President  of  the  Chemi-     Kelly  William       -        -  -        -       1-50,000 

c^^*'^-  Kelly  Robert 1-50,000 

Jones  Issac 250,000    Kennedy  David  S:        -        -        -        -      200,000 

President  of  the  Chemical  Man.  Co.  His  father  j^  highly  respectable  Scotch  merchant,  who  ob- 
knd  unrle,  Edward  R.  (above.)  were  Coopers,  and  (^jned  some  addition  to  his  fortune  through  his  wife, 
fionsof  Joshua,  a  Copper.     The  father  of  Naac  was     thedauihter  of  Robirt  Lenox. 


later  in  life  in  the  Dry  Good  busine-«  with  John 
Mason,  (now  deceased,)  who  was  early  in  life  a  tailor. 
iohn  Q.,  ^nd  brother,'  married  daughters  of  John 


thedau 

KentJaines        -        -        -        -  '     -         100,0u0 
One  of  the  moat  marked  men  of  the  times,  the  pro- 


17 


found  'Urisf,  and  long  the  celebrated  Chancellor  of 
ihls  Stiite,  and.  whose  opinions  and  commiiitario^, 
nay,  meH'  word^,  are  like  pure  gold,  and  law  for  all 
those  who  wish  to  know  what  Uw  is.  What  a  grati- 
fying picture  of  a  well  spent  life  is  (hat  of  this  uni- 
versally beloved  man  in  a  green  old  age,  enj-'yinj 
the  respect  of  friends,  the  delights  of  domestic  socie- 
ty, and  all  the  glorious  vigor  and  sparkling  bright- 
ness of  that  manuood  which  once  adorned  and  could 
still  adorn  If  not  purify  that  bench,  which  would 
more  deplore  hi<  loss  but  for  the  e  evation  to  a  most 
important  judicial  sta'ion  of  that  a  leson  fotwiiose 
shoulders  it  would  seejn  the  f itDer  desiijnea  his  Bitot 
1ps3  mande. 

KermitKobert 200,000 

Of  a  ■very  old  and  most  respectable  New  York 
famUy. 

Kernoclian  Joseph  .  -  -  -  430,000 
Of  a  poir  Irish  family,  who  were  employed  as  Col- 
liers teamsters  &r.,  at  some  of 'he  lari;e  iron  works 
in  the  Highland  Mountains,  on  the  west  side  of  the 
Hudson.  Wade  his  money  in  the  southein  trade  as 
partner  in  the  house  of  Parish  &  Co. 
Kerrigan  James        -  -  -  ]  50,000 

Ketchum  Morris  ....  300,000 
A  brother  of  Hiram,  the  lawyer,  and  now  resides  in 
Westport,  Ct.,  cultivating  one  of  the  best  farms  in 
that  State.  He  has  been,  and  was  an  owner  of  the 
Iron  Works,  at  Elizabethport,  N.  Y. 

Keltlelas  Eugene  ....  300,000 
A  descendant  of  the  Rev.  Abraham  Keltlelas,  whose 
father  came  from  Holland  in  1723,  and  was  a  mer- 
chant in  this  city.  Rev.  Mr.  Kettletas,  was  distin- 
fcnished  as  a  clergyman,  on  Lang  Island,  during  the 
revolutionary  war,  and  was  a  member  of  iheConven- 
tion  which  formed  the  state  constitution  in  1777. 
Eugene  was  edueated  a  Lawyer,  and  married  the  sis- 
ter of  Mrs.  Thos.  McCarty,  daugliter  of  John  Gardi- 
ner, deceased,  whence  he  receives  a  good  portion  9f 
his  etate.  Hackelt,  the  comedian,  is  a  son  of  Ann, 
daughter  of  the  Rev.  Abraham  Kettletas. 

King  James  Gore    .         .        .        .        200,000 

James  G.  of  the  Prm  of  Prime,  Ward  &  King,  and 
Charles  editor  of  the  N,  Y.  Ameiican  are  sons  of  tke 
distinguished  Rufus  King  who  was  born  in  Maine  in 
1776  graduated  in  Havard  coUeg?,  served  in  theRcv- 
olutionary  army,  was  a  delegate  to  the  old  congress 
from  Massachusetts  and  a  senator  from  N,  Y.  the 
first  session  under  the  Constitution  of  the  U.  S.  and 
afterwards  for  a  long  time  minister  to  Great  Britain, 
and  again  a  senator  in  Congress.  James  for  a  long 
time  exercised  great  influence  in  the  money  mar- 
ket. He  resided  many  years  in  Liverpool,  England, 
under  the  firm  of  King  &  Grain.  Now  resides  at  a 
beautiful  country  seat  at  Weehawken,  overlooking 
the  Hudson. 
KmgslandD. 100,060 

Attorney  at  law — inherited  his  fortune  fronj  hl4 
father,  D.  ICingslaud,  deceased,  a  well  known  ship 
carpenter. 

Kingsland  Daniel  C.  -  -  -  -  200,000 
KingslandR-        ...        -        -       200,000 

One  of  the  oldest  and  richest  firms  in  the  hardware 
line,  and  a  man  of  great  re*pectal)ility  and  high 
standing  in  this  community,  a  modest  genUeman  that 
has  calmly  pursued  "the  even  tenor  of  his  way" 
without  show  or  parade,  and  thus  PilenUy  pas  ed 
down  the  stream  of  time,  every  where  beloved  and 
honored.  Such  families  how  unlike  are  they  to  the 
fluttering,  buzzing  things  of  fashion,  whose  gdded 
winjs  collapse  with  the  first  shower  that  dims  their 
Bunshine,  and  "  then  are  heard  no  more." 
Kissiim  Richard  (Estate  of)         -       -    -200,000 

An  estate  honestly,  nobly  acquired  in  the  wufgical 
profession  of  which  he  stood  undoubtedly  at  the  head 
in  his  day,  But  few  keener  men  in  wit  or  ■with  the 
knife  could  he  found  any  where.  His  forte  was  Utbo- 
tomy,  in  which  his  cures  were  truly  wonderful.  In 
after  life  he  married  and  soon  after  died,  leaving' • 
large  family  of  small  children,  to  whom  we  believe 
his  ptbfettj  was  by  wiH  bequeathed. 


Kiiapp  Shepard 300,000 

From  New  Enijland  and  felf  maiie.    He  was  for 
nieily  in  ti.e  le.ither  business  with  Jocob  Lorrillard 


Kneeland  Charles 

Fiom  down  East  and  self  made 
Knox  A.     -        -        -        - 


LafTiin  E.    - 


100,000 


51200,000 


LafarKeJohn 500,000 

Said  to  lie  the  monoy  agent  in  this  crmntry  of  Loui> 
Philippe.  A  Frenchman,  and  formerly  agent  lor  Josepli 
Buoneparte  during  his  rcsidenceinthiscountry.  Bud 
neparte  had  lands  in  Pennsylvania  which  he  offered 
at  $1  an  acre.  Laforgc  told  him  if  he  would  survey 
and  divide  it,  he  could  get  for  some  lots  $-20  an  sere 
and  for  the  others  prices  rangin:;  from  thissumto  $1. 
Buoncpaite  said,  "You  may  buy  i\  nt  $1  an  acre  and 
dispose  of  it  as  yuu  pleabc."  "I  have  no  money,' 
replied  Laforge.  "  1  will  lend  it  to  you,"  said  Buo- 
naparte. Laforge  bought  the  land  and  laid  the  foun 
dation  of  his  fortune.    ,  He   afterwards   invested   iir 

'real  estate  in  this  city  and  by  the  rise  in  value  ha> 
greatly  increased  his  wealth.  He  is  now  eretling  tlic 
large  building  at  the  corner  of  Reade  and  Broadway, 
and  is  elsewhere-building  to  a  great  extent. 

LaingHugh 100,000 

Has  been  a  Coal  dealer.    Is  now  retired,  giving  his 

business  to  hj^s  son,  of  the  firm  of  Laing  &  Randolph. 

llie  largest  importers,  and  the  largest  dealers  in  the 

city ;  Mr.  Randolph,  senior,  having  retired  likewise 

in  favor  of  his  son.  ^* 

Langtion  Hor.ry  ....  300,000 
A  son-in-law  of  John  Jacob  Astor.    Originally  a 

poor  boy  from  Massachusetts.    Is  now  aristocratic  ; 

resides  in  Europe. 

Lasala  Jolin  B.  ....        100,000 

Loubat  Alphonse        ....        200,00(f 
A  French  importer.    Operated  in  matiimony  very 
advantageously.    2>(ow  retired. 

Laurie  George  .  -  .  •-  100,000 
Gporge  and  John  L.  for  30  years  merchants,  and 
^8chelo^s,  (originally  fron"  ^'coIUnd)  and  of  the  very 
first  cbarjc-ter  and  prime  brand  as  to  ie*pect»bility. 
The  universal  consideration  they  enjoy  in  this  com- 
munity must  be  a  c 'mfort  to  them  when  tbey  look 
back  upon  the  bright  and  nonorable  career  thry  have 
passed  through,  though  neither,  we  hope,  is  yet  too 
advanced  into  the  je/toio  (en/ to  forswear  and  become 
a  Benedict,  which  they  both  know  they  could  easily 
do,  andbaveonly  tofaytheword  in  these 'aid  tiines, 
and  Hjmen  i-t«iids  ready  to  light  bis  altar  t^rch, 
and  cupId  to  let  fly  from  nis  quiver  one  of  his  most 
barbed  arrows,  that  not  even  the  tough  textuic  of  a 
bachelor's  heart  eould  resist. 

Laverty  Henry  -         -        -  1.50,000 

A  very  polished  man.  Has  been  a  Dry  Good  jobber 
in  Pearl  .-.tree  ,  in  wnich  husinetshe  has  made  his  lor- 
tune,  and  from  which  he  has  now  retiretl.  His  parlor 
is  hung  with  very  excellent  paintings,  the  produ<.ti»n 
of  his  accompli-hed  daughter's  pencil. 

Lawrence  Alexander  M.   -        -        -        100,00fi 
Of  the  old  New  York  family  of  Lawrence,    Made 
his  money  in  the  shipping  ana  importing  business — 
now  retired. 

Lawrence  Abraham  -        -        -  300  00(i 

Inherited  his  fortune,  and  with  Cornelius  W.  and 
most  of  the  others  of  tlie  name  of  Lawrence  in  thi.- 
city,  from  three  brothers  from  England,  John,  Wll- 
liaia  and  Thomas. 

Ltwrence  Coraelius  W.    -  -        250,000 

Of  a  highly  respectable  Quaker  family  in  Long  In- 
land. He,  with  his  brothers,  Joseph  and  Richard  M .. 
made  their  fortunes  in  the  old  distinguisbed  Auc 
tioi)eer  firm  of  Hicks,  Liwrence  ft  Co.    Thi»  firm 


18 

^^^^Sr^rr^L'^^^T'^Z:^  LeggeUThoma,       ....       800,009 

wife,  daughter  of  Jacob  Drake,  has  a  snug  fortune  of  Leggett  Thomas  Jr.  -                  -                  150,000 

«60,000.    C,  W.  first  married  a  rich  sister  of  David  Son  of  Thomas,  above,  and  a  Dry  Good  Jobber  in 

M.    Prall,  second,  a  daughter  of  his  partner,  Mr.  Pearl  street,  and  married  a  Miss  Burns,  of  New  Ko- 

Hick-,  who  is  now  poor,  living  with  h.s  son-.n-law,  clieUe.    Her  father  was  of  tlie  firm  of  Burns  Trimble 

Dr.  Cjeesman     C    W.  has  been  Mayor  of  the  <tity,  &  co.,  owners  of  four  Liverpool  packetB  in  this  city^ 

and  IS  now  the  Chamberlain.    He  has  been  a  large  He  has  been  dead  fifteen  years.                 "  "»»  i-»y- 
(peculator  in  Cotton,  and  has  lost  immense  sums. 

Lawrence  D.L.        ....         200,000    ^!ff  ^^1'"'  •       'r,  .    .'n     ".  ^^°'°''° 

Lawrence  Henry  H.        -       -       .        100  000    ufefioii.iT:^;^''^''''''''''''"^'''^''-'''''^ 

Of  a  Lon?  Island  Quaker  family,  and  with  his  bro-    Le-^n-pt  Wm   V  inn  nn„ 

ther  Richard  in  the  Dry  Goods  Jobbing  business  in  -L-e^^^et  VVm.  f.          ....         100,000 

Pearl  street.    Men  of  great  worth  Leggett  William  W.         -        -        -         100,000 

Lawrence  John  B.  (estate  of )      -        ..    300,000  William  W.  Leggett  has  been  President  of  the  New 

Aniodel-man  of  the  old  school  genUeme'n  merchants  J^o^mf  b.'''°;nw"r  HlH''f^''f "  w'  ^."Tl''  ^^^^ 

is  he.    Of  a  very  ancient  house,  of  an  old  New  York  ''°°'  '^^'^  "''^  "°*  *  --plendid  seat  in  Westchester  Co. 

family,  and  though  inheiiting  a  large  estate  from  his  Leeaett  William        -        •     '  -                 900  000 

father,  lie  pursued  business  with  the  ardor  of  youth,  .  ?    ,.        ^^         ,       ,  „^                '        •'"".""" 

and  doubled  and  trebled  his  property  in  th"  dru''  line  ■*  brother  of  Samuel  and  Thomas,  above,  and  made 

ns  the  head  of  that  celebrated  firm,  Lawrence,  Kee-e  l"0"ey  »*  a  Jobber  in  business  above.    His  wife  was 

k  Co.     But  few  such  as  he  and  the  late  Gen.  Matthew  '^  daughter  of  Augustus  Wright  a  Sail  maker,   and 

«.  larkson,  and  men  of  that  high  stamp  and  tone  are  I'^/'^er  of  Stephen  Allen,  and  he  received  by  her 

now  left.    The  halls  of  our  public  charities  tell  of  ^'^-OOO- 

their  benevolent  deeds  and  the  hoursthey  have  stolen  t  pnnv  Timpa                                                 ■}  nnn  nnn 

from  busy  life  to  devote  to  their  duties  to  the  poor  and     ^erioxJames 3  000,000 

suffering,  to  relieve  the  widow  and  the  orphan,  and  to  Nearly  this  sum  was  left  him  hy  his  father,  Robert 

wipe  the  tear  of  sorrow  from'  misery's  pallid  cheek.  deceased,  who  was  a  British  commissary.    But  Jame< 

T                    ,         .                                                 „,„  „„„  has  nobly  given  fortunes  to  his  fisters,  and  devotes 

Lawrence  Joseph       ....        250,000  himself  chiefly  to  pious'  objects.     Robert,  was  a 

A  brother  of  Cornelius  W.,  and  once  a  partner;  lirotiier  of  James,  who  was  a    Cooper,  in  bus^nt^s 

now  of  tlie  firm  of  Lawrence,  Trimble  k  Co.,  a  large  with  Joshua  Jones,  after  the  Revolutionary  war. 

Commission  house.    He  married  a  rich  heiress,  daugli-  T  pRnu  Tnr-nViT?                            •                   QKn  nnn 

ter  of  Aid.  Thomas  S.Townsend.  LeKoy  JacobK.        ....        350,000 

T                  T..  .      J  .,                                      „  O''  an  ancient  and  highly  distinguished  Hugenot 

Lawrence  Richard  M.        •         .        .         100,000  family.    Daniel  Webster,  the  Sec.  of  State,  marrial 

T« .    Tt-  u     J                                          -.nnnnr.  fot  his  last  and  prescnt  Wife  a  Miss  Lc  Roy.    Jacob 

Lawrence  Richard    ....         100,000  .Le  Roy  inherits  a  large  estate  from  his  father-in-law. 

The  brother  of  Henry  H.  t            ^.     ■      t,t                                             ,^„„ 

•'  Leupp  Charles  M.       ....        150,000 

Leary  James        -        .        4       .        .        100,000  Director  in  Tradesman's  Bank,  and  of  the  New 

The  fashionable  Hatter.  York  and  Krie  R.  R.    Was  a  poor  young  man  from 

-.         .     r\     •  1                                                        r,r^  r.r^r.  N^w  Jeisoy,  who,  by  hls  industrious  hibits  was  ad. 

Leavitt  Uavid ,,  500,000  mitted  a  partner  with  Gideon  Lee  &  Co.,  afterwards 

From  New  England,  and  with  his  two  brothers,  lias  JnanieJ  his  daughter,  and  succeeded  him  in  business 

made  his  money  "as  a  Dry  Good  Jobber,  and  is  now  a'  ^i''  decease. 

hl^'ret'ired"'' ''"'''''"""'""  ^''^'"''""^  ■^*"''-    "''"'    Lewis  Morgan  (estate  of )         -    ,    -       700,000 

,      ,   ^     „,  Formerly  Gov.  of  the  state,.  Major  General  of  the 

Leavitt  John  W.         ....         300,000     Army,  &c.     Acquired  his  estate  by  marryin^r  a  L,yin„. 

From  Suffield,  Conn.    A  brother  of  David.     '  -"^.'o"  °^  wealth.    Gen.  Lewis  Is  of  an  ancient  Wel.>h 

lamily.  .    ■  . 

LeaviitRufus 200  000    Little  Jacob       -----       5OOOOO 

„7i''y°rfi''''r  .'■'"■«"  °*"*''^  ^^°'"''  *"''  °'"  '^"^  ^™  With  his  brother,,  constituting  the  firm  of  Jacob 

of  J.  W.  k  R.  Leavitt.                         .  j^-^i^  &  eo.,  and  one  of  the  riclfest  Brokers  in  Wall 

Leupp  Charles  M.       .        .        .        .       100,000  *''''^'^''    Great  dealers  in  fancy  stocks  also. 

A  Leather  dealer  in  the  swamp.  Little  Edward  B.        -        -        -        -        500,000 

Lee  Benjamin  F.       .        -        -        -        100  000  ■  The  brother  of  Jacob.    A  widower. 

Of  the  firm  of  Lee  &  Brewster,  in  the  domestic  Livingston  Maturine '  '    -         -         .         100,000 

Commission  business.  Though  of  the  family  of  Livingston,  which  for  a 

Lee  David          -         -         -         -     •  ..         500  000  family  so  prolific  and  numerous  a»  theirs  is  ha^  been 

Lately  retired  from  the  Wholesale  Grocery  busi-  °'\f."X'^«  ™°^'  wenlthy  in  the  State,  but  little  in  he 

nes=,  of  the  firm  of  Lee,  Dater  &  Miller,  one  of  the  ^H^'*'";'^   of  multiplying  generations  (ell  to   the 

largest  firms  in  the  city.     A  very  close,  but  upright  J''"";  "^  Maturine,  wno  marrying  his  cr  us.n,  daugh- 

mjpn                                 ■'                 J   V.        ,  uui     iiioJii  ter  ot  General  Morgan  Lewis,  ab-^ve,  has  however 

,       '        ^     _                                                        „„         •  acquired  large  opulence  in  perspective.    The  Living- 

Leflerts  Leflert  -     ,    -.      -         •        •        300,000  stons  began  in  thi<  State  ab  jut  ISO  years  since  in 

President  of  the  Long  Island  Bank,  and  formerly  *-^^  person  of  a  Scotch  clergyman,  who  on  a  famous 

County  Judge.    Resides  at  Bedfoid  in  a  splendid  old  white  horse  marie  his   itinerations  through   the 

mansion,  is  connected  by  mariiage  to  the  Benson  '^alley  ot   the  Mohawk  tell  with  effect.    From   him 

family,  and  has  an  only  daughter  just  looking  into  sprang  an  intelligent,   enterprising  race,  who  in  (he 

wominhood;  the  judge  is  a  prominent  supporter  of  next  generation  secured  larne  lan-'ed   estates,  since 

the  Dutch  Church,  and  devotes  much  of  liis  time  to  mano"'!  by  their  extent  on  both  sides  the  Hudson 

its  interests.  River.    Martin  Van   Buren  commenced  his  career 

as  a  village  lawyer  at  Kinderhook  by  undertaking 

Leggett  Samuel           ....         500000  to  invalidate  the  Livinaston  titles,  but  their  numbers 

With  his  brother  Thomas,  made  a  great  part  of  f'"^  wealih  were  too  much  for  him.    Their  name, 

their    money  as  Jobbers  and  large  ASctioneers  in  'r"^.  3  ThrnThT'f  i-  »".''  ""^F; '^e  Rens- 

Pearl  street.    They  have  retired  from  business,  and  ''i*!"  '"l^^L^"!''?  h    r„^"^i^  "°''.'«^'.  "?«? 

are  of  an  old  Quaker  family.    Their  father,  Thomas,  ""'',  """""S  *'^<=  ™"^'  disUnguished  famihes  in  the 

at  his  death,  si.x  months  since,  at  his  residence  in  East  '^'ate. 

Chester,  left  half  a  million.  Loder  Benjamin         ....        150000 

Leggett  Thomas       ....        100,000    Loopais  Luther         ....       200,000 
Thehrothermentioneu  «boV(,  Of  «  Cunnecticut  family   and   partner  of  Gen. 


19 

ir^iTli^?"* "/.I"  «^^  raanufaclure  Of  Screws,  Nails,  tance  from  his  father,  Thomas,  he  retired.  The  wand- 

«c.,,n  N  J.,  of  the  film  of  Loomis  &  Lyman.  father  was  a  bdker,  and  father  was  a  mai^hsl  under 

Lord  Danie!         -        .                          •         I'innnn  'he^Bf^i*  fu'e,  and  a  tory.    ^1  lar-ie  present  of  wine 

'"  ^                  150,000  was  sent  to  Gen.  Wa>hin;;tor,  which  was  c-nflscated, 

The  Erst  mercantile  lawyer  in  the  city.    His  busl-  and  came  into  the  hard<  of  Thomas  W.    The  firft  of 

ness  is  very  lucrative.    His  father  is  a  physician  this  wine  was  sold  in  1838,  and  is  now  very  valuable, 

LordRufusL. r^m  '^rLTntrt^^w:    '^'''  '''^'^"''' ^  ^ '''''''''''''''''' 

Jrom  Boston,  and  owns  property  in  the  burnt  dis-  Lv,„an  Gen.  Samuel  P.      -        -■-      200  000 

1  „  ■„     J   ,       ,                                                    ^„„  „  A  poor  boy  from  Vermont,  .studied  law  at  Utica, 

IjOriUard  Jacob          ....         ,500,000  and  has  been  a  distinguished  practitioner  in  Uiat  city. 

A  son  of  Jac«l',  decea=edi  He  has  been  a  principal  moverin  the  enterprise  ol  the 

,      .,,      ,  Erie  Railroad.  He  has  invested  a  poition  of  his  funds 

Lonllard,  (widow  of  Jacob,)   -        -         1,500;000  '»  the  land  of  theSouthern  Counlies  of  thi»  Sute. 

Thre-i  brothers.  Jacob,  Peler  and  Ge^ree,  w^re  of  "«  ''"^  soi^f  feputalion  as  a    writer,  and   knows 

an  ancient  Hugenot  family,  and  all  fmu,   notMng  lUri^tlt^H"   ^^^^T  ""y^'^' ■•>"»"•.,  "7'-;'"^^  at 

became  rich-th.".tw,.latit.r  in  ,he  tobacco  bi.sire.%  t  '  .7, ;       '??."°'^' *'!'^ '1  '" '^o^iany  "''h  "'f  Mf^f*. 

They  are   now  all  desd,  Jicob  and  Hetcr  leaving  J^"0""».  «/ Conncc  icul,  and  i- exl.nsivplyen;  ai.pd  in 

widows  andchiMren;  PM.r  «a-  a  h«c  elor;  Ja.ob-  ""-/"amifacturo  ol  Screws  and  Nails,  at  Somen i!Ie. 

wa«  at  one  time  in  partnership  w  th  Gidfon  Ue  and  jv:'    ,  „    '^"".'^  '^  d.iuphter  of  Anson  Thom.is   of 

Shepherd  Knapp.     He   le-t  all   hi.  mrn^v   (o  his  U'"-»' ^^y  "l^oni  he  received  a  portion  of  liw  wealth, 
widow.     One  daushter  of  Prier    roairied    T.    K»-y- 

i.<,l-lK,bnrk-rllfr  dereasfd;  another.  JcbD.W  be,  M 

of  the  arm  of  Wolfe  &Bi-boii;  and  another.  Lieul.  ,,„•■, 

S-pcncer.  of  the  Navy,  aU  ihrre  ricli.    Widow  of     MclJrair  James 100,000 

reTdeIl1u!h«.^'°°'^'"^'^*'^''"\''"'°''-''''°''  M<^Bride  James          .~.        -        -         700,000 

T      •„      ,  T,  .       T                                            .  ''"  '^'^^  Gentleman,  who,   by  a  steady,   ui)ri^ht, 

LoriUard  Peter  Jun.      ....     1,000,000  straight -forwari  c  ursfe  of  trade  in  the  '  r>  Go  ds 

»on  of  Peter,  and  now  in  the  Tobacco  business,  ''"^'  consclidiiin;;  by  his  unblemished  and  pure  life 

He  received  some  8200,000  from  his  uncle  George.  '■^  "i^  °^  ''*'■'  friends  around  him. 

Loubat  Alphonse        ....        200,000    McCall  James 200,000 

I^ovett  James    -----         200000  Made  his  money  in  the  Dry  Good  business,  in  which 

A  retired  sea  captain,  and  afterwards  a  shipping  t'U.m^'jss  he  has  acquired  his  fortune.    An  Irish  gen- 

merchant,  originally  from  Rhode  Island,  and  of  tlie  ,-   „           --          ,     .,           ,_,             „,     „„„„„„ 

real  grit  that  comes  of  late  as  of  yore,  from  that  little  McCarty,  Mrs.     (widow  of  Thomas  S  )     300,000 

chivalrous  spot  that  gave  birth  to  a  Perry  and  a  A  daughter  of  John  Gardiner,  deceased,  and  -istcr 

t^i^ene.  of  the  wife  of  Eugene  Kettletas.    She  received  this 

Lovett  George           -        -        -        -        5OO  000  ^"^ /"°>  l^^' "^'her-s  esUte. 

Made  his  fortune  in  the  Lumber  business.    BeU-  McCruskry  Robert        ....     200.000 

red-Some  twelve  years  since.  ■*.  bachelor. 

Low  Nicholas      .......      150,000- ^^'''^fea  Robert  -        .'       .        .        100,000 

His  father  was  proprietor  of  the  Sans  Souci,  at  Bal-  Fortune  froni  his  father,  (decetsed,)  who  in  his 

etoa.  Spa.,  and  was  esteemed.    He  was  worth  a  mil-  ^^y  ^^^  largely  engaged  in  the  Dry  Gond  business, 

Hon  in  his  day.    One  ot  his  daughters  married  Charles  and  disilrgmshed  for  lUSt  principles  in  his  dealings 

King,  editor  of  the  American,  for  a  second  wife,  but  — *"  ^°"°'' '°  ^*  native  land,  Scotia. 

-she  received  litUe.     The  estate  was  much  embar-  McElratli  Tlwmas      ....         100,000 

rassed,  and  is  now  in  possesion  of  Nicholas,  the  son,  one  of  the  proprietors  of  the  Tribune.      He  was 

who  won  the  wager  tor  travelling  1,000  mUes  m  1,000  educated  a  Lawye-,  and  was  at  one  time  engaged  in 

•successive hours.  the  book  busines--.     He  h-s  been  a  member  of  (he 

Low  Cornelius. 150,000  '*j^';"t'^-    The  father  of  Mr.  McEliatl\  is  a  man  of 

Low  Albert 200,000  McFarland  (Estate  of)  Henry       '-        -    150,000 

Low  Uauiet        -        •        -        -        -     ,    300,000  A  poor  boy,  whey  rose  lirtt  to  a  clerk,  then   to  be 

Another  enterprising,  driving  smooth-faced,  pleas-  Pariner  in  theold  houseof  blackwell.iron  m.nhanU 

ant  son  ofNew  England,  who  re..ided  a  long  time,  as     McKie  Thomas 100.000 

.1  merchant,  in  Pans,  ana  surmounting  eveiy  blasting 

sirocco  in  trade,  came  out  rich,  and  spi'ead  largely  McLean  Hugli  M.  D.         -        -        -          150,000 

into  real  estate.                        ,  ^  ^^^j^^  PbvMciin,  who  inherited  a  gerd  ,  ..r'ion 

L  >wth°r  William        -        -        -        -         100,000  "f  his  money  from  some  le.ative.    Scotch  birth  or 

An  Englishman,  commenced  poor,  and  acquired  his  '  ^''^®" 

property  at  a  time  when  coal  was  at  a  high  price,  and  M'Coun  Wn^  T        ....          100,000 

o  monopoly  of  the  business  existed.    Is  noW  in  bu:>i-  vice  Chancellor    and  from   the  rank  nf  «  vr,i,n. 

ne^swi-hnis  son,  and  is  a  large  importer  ofCoal.  attlrrev^ro'came  tvl'r!ountrJT„'^P?^^^ 

Ludlow  Estate   ...      ....        300,000  «!>'  fy  his  fortune  hrre.  has  ris  n.  step  t.y  m.  p,  by 

'  his  own  men  s,  in  0  the  iood  opinion  of  the  ]  rofes- 

Lufl  John  Estate  of    ....        200,000  s'on  »nd  community  till   honored  with  ont  of  the 

A  most  capital  man  w.is  this  respectable  German,  ^'"^^'^'  *"""'«  °''  "^^  ^""^• 

.ind  in  the  excellent  qualitv  of  his  breid  and  mufflo.  MacyJosiah        -        -        ...        .         150000 

Jonas  Humbert  himself,  aided  by  his  electrical  ma-  p'     ,,,„  n.„^  n-j  .«„■„-                                  ' 

chine,  WBS  no  cUcumstance  to  him.    Old  Mr   Luff  "°'^  "'^  '^'P*  ^'^'^  r-gion. 

liad  a  pleasant  word  for  every  one  as  he  rattled  Ma^oe  James        -       ,-        -        -       -       '>fW1  nrwi 

around  from  door  to  door  in  Uia  long  ligbt  baker's  l'^  .  ,      ...     ,.,                                   --^,uw 

cut,  whi'ch  it  seems  to  us  is  now  become  of  the  Besides  m  Ireland,  his  native  ( ountry. 

things  that  once  were,  and  are  found  no  more  among    Maitland  R,  L. 1.50,000 

our  modern  landaus  and  Berlins.    With  a  becoming  e„  ,  k    „„a    „„=„*  ki.     ...ut,  ..  „•   iv         1  v 

pride  his  dhUdren  revert  back  with  pleasure  to  thf  ^f'^?^'  ?,''  'T»  /.  ^'    "*'**'  '^     t    ^^">''-'  *"= 

Lnest  means  bv  which  their  revereVpa"nt  ^  '"'"'•  ''»"Shter  of  Kobt  Lennox.    >ee  Lennor  alKiye. 

by  bis  own  hands,  so  large  an-«atate.  Manice  D.  F. 200,000 

T.iidlow  Thofi.  W        .                                   -jnAnnn  Former'y  a  merc'iant,  who  fail  ;d dur.'n.'  ' thi  h >rd 

L,udlow  Ihos.  W.       .        .       .        -       ,300,000  limes,"  bm  now  retired  to  Loi,;  Wa.  d  immniely 

By  professioa  a  lawyer,  but  receivijig*  luge  inherit  rich. 


20 

March  Charles  .       •        ■       .       -        150,000    Miller  Mrs  Geo.  B.    -       -       -       -        300  000 

n,r„.„u  r-i-o.loo  .        .        -      -      IM-OOO        Her  hushand  was  a  celfbratcb  Tobacconist,  and 

Marsh  Charles  wu,uuu     ^.^    .^    ^^^^       This  celebrated  establishment  >v8s 

Marsh  Stewart  C         ....         100,000     founded  by  Mrs.  Russel,  in  Water  Street,  the  siieol 
,         v,.V^  -inn  000     the  present  establishment.     Her  son-in-law,  Mr   Ma- 

Marshall  Bcnjainin  ...  -  aou,UUU  jgr  succeeded,  and  at  hts  death  wts  succeeded  by  his 
Oneof  the  earliest  who  boWly  enterprised  Ameri-  widow,  who  took  into  partnership  her  son-in-law, 
.an  manulac'urin"  establishments,  and  by  them  has  some  ten  years  since,  and  they  now  constitute  the 
managed,  strange  to  say,  to  obtain  large  profits  and  tirm  of  Mrs.  G.  B.  Miller  A:  to.  They  have,aPo  a 
■aealth.  lai'se  establishment  in  Uroadway. 

Marshall  Charles  H.  120,000    jjii|«r  Horatio lOO.COO 

ARent  o)  the    1'  ck  Ball  Line  of  Packets,  ind  for-         .pi,e  brother  of  Wm.  S.,  merchant,  in  Broadway. 

rte""^'^-    ''""''''"' "*' '""''"'"''     Miller  Joha  A. 200,000 

Marshall  Joseph        .        -        -        -         TiOOjOOO        Mnd-e  hi3  money  dealing  in  mahogany,  and  im 

Martin  '200,000     porting  curled  hair  for  Cabinet  makers. 

Mason  John  (Estate  of)     -        -        -     1,000,000     Miller  J.  G. 200,000 

Mason  Sydney  ....        200,000    Miller  James 100,000 

Of  the  firm  '■f  ivfa'in  4:  Thompsoo,  extensively        with  his  brother,  a  Wool  dealer  in  Jacob  street. 
.nsaged  in  the  South  America  trade.  ■  „^^  ^,^.,^^,  ....  ioO,nOO 

Mai.ran  O.-oon.latcs        -        -        -        -    oOO^OOO        ^^^^^  ^^.^  ^^  _^  ^^  ^  ^.^^.^^^^  .^  ^^^^^  ^^^^^  ^^^  .^ 

Formerly  engaged  in  the  Souih»rn  trade,  and  made     .,„cceeded  in  the  business  by  his  nephew  George, 
money  also  by  the  steam-ferry  at  Havanna. 

.Maxwell  Hugh 100,000    Miller  William  P.       -       -        -        -        300  000 

One  of  the  ablest  laxvyer^  and  first  of  orators  at  the  From  Connecticut,  and  formerly  in  the  Leather 
bar ;  his  father  wa*  a  res].e<table  Scotchman,  and  a  business  with  Jacob  Lorillard,  and  "o"."\'n^,f  F",^ 
brewer  at  Baltimore,  and  Hugh  married  the  beautiful  business  in  Gold  street.  He  has  acquired  aU  his 
d»U2hterofanenimontblscksmithofthisciiy.    Now     money  by  ho n(»t  industry. 

tbedr  son  is  Secretary   of  Legation  at  Petersburg !  .,, 100,000 

Such  is  the  reward  of  merit.    Has  in  a  measure  re-     ivimervvm.  o  .    ,  .    ^     .,.       .     .v. 

tired  /rem  the  Bar.  A  merchant,  in  business  with  his  brother  in  the 

lower  part  of  Broadway,  and  now  a  member  oi  ton- 

Maybee .        .        ,        .        .       1  oO.OOO     g^eas,  of  the  Am.  Bep.  party. 

Mayer  John 160,000    ]vj|||s;  Drake 100,000 

It  is  rather  as  one  of  the  firm  of  Thof.  John  St  Jos.  ' 

Mayej.  manufacturers  of  Earthen  Ware,  Statford-    Mills  James iuu,uuu 

>bire,  Eneland,  than  as  an  individual,  that  the  sub-     ,,.  ,         „,      ,  .         onn  Ofirt 

ject  of  this  notice  may  be  set  down,  as  a  man  of    Mmturn  Charles        ...  -        -i""'""" 

wealth.     Mr.    Mayer  is  a  hish-minded,   honorable        With  his  brother  Edward,  of  the  firm  of  vVondhuU 
man,  and  blessed  with  no  ordinary  share  of  prudence.     &  Min'urns,  merchants,  shippers,  and  owners  of  a 
As  a  man  of  business,  he  is  prompt,  and  systematic,     l,ne  of  Livipool  jackfts.     See  WoodhuU.    They  are 
confining    himself  exclusively  to   his    own  affairs,     sons  of  Na'haniel  Minturn,  of  the  old  tirm  of  Cham- 
Mi'.  M.  inherited  a  good  fortune  from  his  father,  who,     pla'n,  Mintuin  &  Co.,  large  T^-a  iperchanls.    Mr. 
trom  being   a  journeyman  Tanner  and  Currier,  at     Minturn,  when  in  business,  anl  betore  his  failure, 
Newcastle,  nnfler  Lyne,  Eng.,  by  years  of  prudence,    was  reputed  worth  several  millions- 
economy  and  industry,  rose  to  great  wealth,  and  was  ^-.a  f,„f, 
respectfully  chosen  to'fiU  the  highest  civic  offices  in     Minturn  t.d\vard        ....  ..uu,uuu 

hia  native  town.    Few  men  more  richly  merited  sue-         The  bnther  of  Charles,  above, 
cess,  and  none  were  more  happy  in  all  the  relations  _  onn  ruin 

ofsocial  life,  than  Mr  M.,  senior.  Minturn  Robeil  B.       .        .        -        •       .iUU,U«U 

Meeks  Joseph  Sr.        ...        -        300,000        of  the  firm  of  Grinneli',  Minturn  &  Co.,  alargeand 

eld  shipping  and  commi-.  ion  huuae. 
Joseph  Weeks  Sr.,  a  wealthy  and  respeeUble  in-  o«;n  nnn 

habitant  oftbefifch  ward,  a  large  land  holder  <f  the     Moffat  William  B.       .         -         -         -        iM.,m\3 
first  ward  and  elsehwere    and  for  filty  jears  an  in-  jj;    ^^^^^^  ^^^  widely  celebrated 

habitant  of  the  first  ward      His  business  was  that  of  .j  •         j^^^  ^.^o  confribuled  much  to  the  in- 

.  Cabinet  maker,  which  he  sucressfuUy  carried  on     ^^"^^"^  Ms  wealth,  and  yearly  prove  a  sou.  ce  of 
for  nearly  half  a  century,  and  by  his  assiduous  care     ^^J^*  g?^    gome  ten  or  hvelve  years  he  obtained 
and  attention  amassed  the  above  fortune  ;  he  com-     Jj;  »    •;pt  ^^  ^is  pills  from  a  i^or  physician,  who  died 
mcnced  in  1  fc  with  a  mere  nomur.1  capital  and  re-     '^^^^"^^f^'/'^nd  to  whom  Molf.t  had  applied  to  cure 
tired  about  the  year  1834-he  is  of  tl  e  old  Knicker-     J"°"  fi!;  '  „.  ^.      Hi-  m«li.  ine  workin-  acure  Mof- 
bockerftmily-though  young  at  the  time,  he  was     ^,°f  ^^  '^^?ecre?     Sfw^ then  poo?,  anrthougb 
present  at  the  Batt  rv,  when  the  British  evacuated     ^*'^^\°^f  ^'^^^  than  thirty .  is  one  of  the  richest  men  in 
this  city,  and  assisted  m  tearing  to  atoms  the  Brit  ish     scarcely  •n";"  »n»^J^^j^  ^  ^^^^  ^sUte  in  Broadway, 
flag  which  was  left  flying,  and  also  assisted  in  hoist-     tie  city,     ne  u»»  lu.coicu 
ing  the  first  American  Oag  that  was  ever  raised  in     ^^joH^ri  Stuart       .         -         -         -         -        250,000 

tins  city,  in  its  stead,  by  order  of  Gen.  Wpshington. 

>»»=;„,.  i>    A    <5,.  .       100  noo        Of  Irish  descent,  and  made  his  money  as  a  mer- 

Mesier  P.  A.  br.  -        -  1U0,U(W     ^^^^^  .^  ^^^  ^^^  ^^^^  ,i„g_  ^j  j^e  south,  and  in  this 

Mesicr  P.  A.  Jr.  -        -        -        -        300,000    ^ity.    He  is  still  purchasing  goods  for  bis  diflerent 

.Meyer  George 200,000    stores  at  the  south. 

Mildebergcr  Chrisloplier     -        -        -       300,000    Monroe  Mrs.  James  (Douglass  Estate)      300,000 
Madehismoney  years  ago  in  the  Leather buaineas        Wife  of  Capt    or  CoL  James  Monroe,  formerly  of 
in  the  .Swamp.  the  army,  and  nephew  of  the  late  James  Monroe, 

Mildebcrffer  John  .         -         .        .       150,000    Presid.  nt  of  the  United  States,  whose  ancestor,  he 

Miller  Charles  C.        -         -         -         -  100.000     boasted  in  telling,  was  a  tanner. 

ThebrotherofJame.,  in  the  Wool  business.  Moore  CIeme;it  C.      .        -        -        -        ..50,000 

Miller  Daniel  S.         ....         200,000        of  the  highly  respectable  family  of  the  late  Bishop 


21 


c»Med  of  the  Epi'coral  Church,  »nd  nephew  of  (he 
Kj'jch  beloved  and  diatinguisbed  phrncutn.  Dr.  Wm. 
Moore,  deceased. 

Moore  Baltus 350,000 


Moorawood  Edmund        ...     -    100,000 

Morgan  Mathew  (late  N.  Orleans         -    400,000 
Part  Proprietor  of  the  new  hotel  up  Broadway. 


Rich  and  of  no  callinr,  m  we  know,  but  has  bern 
a  political  rann,  and  In  hi^'h  trusts  and  In  the  midst 
iif  party  strife— "Iways  courteous  and  amiable.  A 
worthy  man.    Welsh  descent. 

Murrcll  Thomas 


100,000 

Married  a  sister  <if  John  A.  Morrell,  and  ij  now 
one  olour  most  prosperous  wholesale  grocers. 


Morris  Gouverneur 


1,.')00,000 


His  father,  the  venerab'e  and  fanious  Gouverneur 
M.,  laie  in  life  married  a  Randolph,  of  Virg.nia,  and 
Iclt  this,  the  only  mherilor,  rich.  The  Morris 
f«raily  of  New  York  and  New  Jersey  besan  on  a 
lar^e  figure,  and  so  cmlinued  to  j)rosper  for  160 
year--.  Col.  Lewis  iNIorri-i,  a  ceiebraed  English  qiia- 
ker  merchant  ot  Barli.idoea,  and  frifnd  of  Vw  m.  Penn, 
coming  here  to  New  York  with  his  own  ships  and 
uoods,  and  with  his  brother  Richard  M.,  maimer  im- 
mcdiaely  purchases  of  lar^  tracts  on -Lon:?  Island, 
.It  Harlem  river,  at  Shrewsbury,  &c.,  N.  J.  {h(i.-cc 
-Morris'own  and  Morrissiana  estate,  ihe  bet  the  estate 
ofih.1  youna'ter  above,)  &c.  And  from  this  truly  d- 
lustrious  Slack  i-ame  all  Iht  Momssf  s  Lerpabout  and 
m  NeWjJe  Sfy;  and  m  their  hands  the  patrimonial 
estates  still  rtsi,  together  with  the  household  jtwdry 
and  plate  f"r  many  generations  back.  which  few 
lamilies  can  sav.  The  grandfather  of  the  present 
Gouverne  r  (wh  se  name  was  also  Gouverneur,)  in- 
serted in  his  will  that  his  son  should  not  be  educated 
in  Ct.,  for  th.i  reasons  that  these  yankees  were  loo 
'ute  at  bargains  wiih-ther  Dutch  neighbors.  Mr. 
Morris  is  a  plain,  unl' ltd ed  firmer,  who  daily  pends 
his  mi  k  to  ihecily.  Be-idesMornssiana,  an  immense 
ti-act  on  the  north  bank  of  the  Harlem  itiver. — Mr. 
Wornihas  land  and  other  stocks. 


Morrison  John  (estate  of) 
Morse  John 


300:000 
300,000 

An  ex-alderman,  who  received  A  fortune  by  his 
wife,  the  daughter  of  Henry  Brevoort,  deceased,  and 
the  sister  of  the  rich  Henry  Brevoort.  Mr.  Morse 
was  a  mason  builder. 


Morse  Sidney  E. 


200,000 


A  s^n ofthedistingui-hed geographer,  RcT.Jedediah 
MorsH,  who  lived  and  died  at  ^  ewhaven,  Ct  Sidney 
E.  is  editor  and  proprietor  of  the  (>•  ew  Toi  k  Observer, 
by  which  paper  he  has  made  his  fortune  He  has 
lately  published  a  (ieographv,  which  will  havea  large, 
sale  for  years,  »ni  on  which  he  will  doubtless  realize 
t  tar^erum. 


Mott  Samuel  F.  -  -  -  -  ,40(JO0O 
0f  a  WcstchesteJ-  Quaker  family,  and  In  the  Motion 
and  domestic  Commission  business,  together  wHh  hi* 
brother,  Willia/n  F.,  made  his  money.  Samuel  is 
now  President  of  the  Manhattan  Fire  Insurance  Co. 
He  married  one  of  the  daughters  of  Thomas  Leggett, 
deceased.  His  two  daughters  are  married  <o  John  and 
George  Rin^,  Ship  Chandlers. 


Mott  Dr.  Valentine 


250,000 


This  diftinguished  Surpeon  and  Physician,  Is  a  de- 
scendart  of  Adam  Mott,  wh-i,  coming  fr^ro  England, 
and  resi  ling  first  at  Hinpham,  M«ss.,  horame  an  in- 
hubitant  of  Hemi«tPad,  L.  I.,  1656  Henr^,  the  fa- 
ther of  Valcnime,  was  a  Phy>ician.  ard  m»iried 
thed«ughter  of  San  uel  Way,  at  North  H<mpftead. 
At  an  advanced  age  he  moved  to  this  city,  whfre  he 
died  in  1840.  His  only  fui  viving  sop,  Dr.  Va'entine, 
was  born  ai  Glen  Cove,  L.  I.,  Aug  20,  1785  He  was 
a  student  in  the  office  of  his  iciative.  Dr.  Valentirff 
Seaman,  and  attended  the  medical  leitures  ai  Colum- 
bia t:iillejein  184o.  In  the  spring  of  1807hewentto 
London,  and  became  a  pupil  of  Sir  Astley  Cooper, 
and  toi  two  years  a't<'ndingthehofpJtals,  andthelec- 
ture»  of  the  elder  Cli"e  Abeinethy.  C,  Bell,  Asthy 
Cooprr,  Haiebton  Currie  and  other  <.i»tingui-hei| 
tea  lieis.  He  nest  visited  EJmbugh.  and  beard  the 
le  ure^  of  Gregory,  Hoop»r  anil  Flayf»lr,  and  after 
having  le-visited  toe  lectures  and  ho-pitaU  of  Lon- 
don- nturnrd  to  New  Yoik,  where  he  arrived  in  tb« 
fall  of  1808,  and  m»t  with  t  real  surce«s  in  his  profes- 
sion. The  next  year  he  was  made  Prrf.  of  surgery 
in  Columbia  Cblle?e,  and  a(terw«rr1s  held  the  «»me 
po^j  ion  in  the  College  of  Physicians  and  Svrgeoi  s. 
He  siion  aftei wards  gave  up  his  c  nimlfsion,  »rd  de- 
moted his  time  'xclus  vely  to  hi>  jirac'icc.  In  1818 
he  perioimed  the  operstion  of  lying  the  arteiior  in- 
ni  niinati  '"ithin  two  inches  of  the  heart  1  his  was 
an  original  operation — an  exploit  sufficient  to  make 
his  name  immortal,  .'ir  A-tley  Cooper  has  seid  of 
him,  tliat  he  has  lerfomed  more  great  0|  erations 
tiian  any  other  man  tha»  f  vtr  lived.  He  was  in<luccd 
Jgain  to  a<cciit  his  professorship  in  the  college,  but  in 
lb40  his  health  fsiling,  he  returned  to  Euri  pe,  travel- 
ling in  Bngland,  France,  and  Egypt.  Uhe  re-ult 
of  the  observatioi  s,  he  has  given  in  a  book  en- 
titled" travels  in  Europe  end  tie  East."  D'  ring  his 
absence,  the  Medictl  School  of  .the  N.  Y.  Univer-ity 
wa-"  organ  zed,  and  the  prole-sori-hip  of  surgery  ten- 
dered to  him,  which  he  acce,  te<l  on  his  arrival  in 
1840.  1  he  success  of  the  school  is  unpamlellecl,  and 
ir,  in  a  great  m<-a6ur'-,  owing»fo  the  influence  and 
Tfputa'ion  of  Dr  Mott.  He  has  accumulated  lU-i  for- 
tune manly  by  his  extensive  and  vi  ry  lucrative  prac- 
tice, 'houih  his  patrimonial  inher  ttfnce  wastonsiil*-- 
rab'e  t  he  faoiily  of  MotU  beceme  Quakers  in  the 
time  of  George  Fox. 

Mott  William  F,        .        -        -        -        300.000 
The  brother  of  Samuel  T.,  above. 

Moulton  Charles        -        .        -        -        200,000 
Charles  was  an  active  shrewd  litt'c  broker,  some  I» 
years  sin  e  in  Wall  -treot.  and  by  some  fnnunale  pur- 
chase of  real  es'ale  became  wealthy.     He  married  for 


Mortimer  Richard. 


An  honest  upright  tailor,  now  re'ired  on  a  large 
<>ttate.  His  lovely  daughter  was  deemed,  beyond  all 
question,  the  reigning  belle  at  Sarttoga. 


by  a  French  wife.  Mademoiselle  Metz-now  MJd. 
Moulton  -  was  m  early  life  doffned  almost  a  musical 
prrdigy  by  her  voice  and  iwrformaiites  on  the  i)iiino, 
400,000  and  br  uubt  money  to  her  parents  by  sineing  st  pub- 
!i.;  concerts.  Moulton  Is  of  a  high  New  I'njland 
family,  and  has  residtd  some  yc  ars  since  in  Pans. 


Munn  Stephen  B.    - 


800  000 


Mortimer  John  Jr. 


A  cloth  importer,  from  Yorkshire.  Married  a 
daughter  o  the  late  T.  C.  Morton,  a  wealthy  mer- 
chant; for  many  years  the  "  Stewart"  among  tne 
ladies. 

MossJolin" 200,000 


100,000  Said  to  havj  begun  life  as  a  Shoemaker,  in  Gran- 
ville, Mass.  Made  liis  money  in  the  first  place  by  sell- 
in"  buttons,  buying  soldiers  certifirates  of  the  poor 
soldiers.  Afterwards  a  Pearl  street  Jobber  In  the  Dry 
Goods  line.    A  close,  but  upright  man. 


JIottMisBeB 150  000 

Two  ladies,  lifters  of  the  distinguiseed  Surgeon,  and 
daughters  of  Dr.  H.  Mott,  who  left  all  Us  money  to 
the  e  two  daughters. 


Muneon  M. 100,000 

Mtnray  John  B.  (estate  of)  -  2.50,000 

An  En<^li5h  pent'eman  of  wealth,  who  came  to  ihi« 
country  during  the  f< evolutionary  war,  and  was  lor 
many  years  a  conBpicuoBi  merchant,  ar.-t  in  Al^xan- 
dna,  D.  C,  and  af terwatds  in  this  city,    Ue  residcii 


22 


•t  hM  country  teit  sfGcestiralc,  now ne»r  asth  street, 
on  8fb  Avpnue.  D^frl  in  1S28  hiehlvr  es'eempd  as  a 
correct  and  intelligent  merchint,  snd  honest  man. 

Murray  .lames  B.        ....        100,000 

Son  of  John  ri.  M  Colonel  Murray  command- 
ed m  the  late  war,  havinfr  charge  of  sevevil  imports  nt 
■poata,  and  was  aid  da  camp  to  Gov.  Clinton.  This 
Fafoily  are  in  no  wise  related  to  the  Quakers  of  the 
same  name,  ind.«re  directly  descended  from  the 
House  of  Athol,  one  of  the  most  ancient  peeraijes  in 
'>cotlind.  .las.  B.  M.  was  a  distinijuished  merchant 
(.lohn  B.  Miirrity  &  Son )  In  this  eity  until  1826,  when 
^■i  retired,  and^his  since  invented  hr^ely  in  real 

•state.  His  hou.se  is  now  conducted  bv  his  son, 
'ohn  B.  Minray,  Col.  ivi  married  a  dauj^hter  of  the 
Bte  Isaac  Bronson,  by  whom  he  received  a  large 
property.    (Vide  Bronson.) 

Murray  John  K        -        -         -        -        1.50,000 

The  Murrays  weje  about  half  a  century  since 
»mong  the  moH  wealthy  anl  influential,  and  hail 
from  noble  Scotch  exlrictiinrtbiugh  the  most  emi- 
nent here  have  been  of  the  Society  of  Friends.  One 
of  these  la'ter  on  the  hijh, neat,  set  up  his  carri<iq;e 
which,  being  deemed  a  little  tm  lu^urinu?.  he  pallia- 
ted the  censure  by  calling  it  a  '•  leathern  vehicle"  for 
coftvenience; 

Murray  Miss 150,000 

Murray  Robt.  I.        -       -       -        -        100,000 


In  hia  line  he  Is  decidedly  one  of  the  "Heads  of  the 
Jeople." 

Norris  Thomas  P.        .        -        .        .      200,000 
]0f  a  very  old  and  respectable  Dutch  family. 


Oikley  Daniel      . 
Okill  Mrs.  Mary 


S100,000 
150,000 


Made  her  money  in  keeping  Boarding  School,  for 
which  she  has  long  been  distineuished.  She  com- 
menced in  Barclay  street,  where  she  owns  two' 
houses  and  went  to  Clinton  Place,' where  Ae  built 
two  large-houses,  in  which  she  keeps  one  of  the  lar 
gest  Boarding  Schools  in  the  city. 

OHphantD.W.  .        -        .        .        200,000 

An  opulent  Merchant  and  late  President  of  the 
Chamber  of  Commerce.  Has  realized  a  fortune  by 
trading  with  the  Chinese. 

Olmstcad  Francis  -  -  .  .  200,000 
A  worthy  fellow  and  one  of  the  few  instances  of  a 
prosperous  merchant  retiring  at  the  right  tibe.  He 
is  of  (he  land  of  "  st»ady  habit*"  and  coKi»in  of  the 
very  distinguished  Prof.  O.,  of  Yale.  Made  big 
mnney  in  the  firm  of  Peter  Bcmsen  &  Co.  Married 
a  fair  widow  not  fifty  miles  from  St.  Mark's  Church. 


Oothiut  John 
President  of  the  Bank  of  New- York. 


200  000 


Neilson  (Estate  ol)  Wm.  -  -  «200,000 
•  An  ancient  merchant  of  very  ereat  repute  and 
■wealth,  and  I  mg  deceased,  married  "Laly  Kitty 
Duer,"  widow  of  the  former  John  Duer,  and  dau-  h- 
ter  of  Lord  Ste-ling,  of  the  Continental  army.  By 
"  Ladv'Kitty"  or  Ca'hanne,  old  Mr  Neilson  left  a 
-numerous  family,  omi  of  whom,  William,  a  re-pect- 
able  merchant  and  much  esteeme-l  gemlemtn  marri- 
ed a  ilau.'hter  "fJohivB.  Coles' deceased,  and  thus 
added  to  hi  <  fortune. 

Nevins  R..H.        -       ...       -     200,000 
A  broker  of  the  tirm  of^Nevins  ic  Townsend. 


Of  an  ancient  and  highly  respectaVe  Dutch  family 
of  our  olden  time,  and  acquired  his  f  jrtune  in  the 
grocery  line. 

Newbold  George        ....        250,000 
A  me-chant     The  NewbDlds  are  of  a  very  ancient 
and  hi/h  y  di-tinguis^ed  family  of  New  Jersey.    Pre- 
sident of  the  Bank  of  America. 


Newton  Isaac-     .....      500,000 

Acommi-sion  merchant,  and  wih  Drew,  Robinson 
k  Co  ,  an  o-»npr  of  the  Knii:kerbicker— tie  otiier 
bjatsofth- People's  Line,  and  ^e<eral  of  tue  way 
boats. 


Niblo  AViUiam 


150,000 


Packard  Isaac 


$250,000 


The  matchless  "nd  incomparable  Niblo,- proprietor 
«f  the  NibH  Gardens,  director  of  operas,  v  ludeviUes, 
be.  &c.  ad  infinitum.  An  Fnglish  boy,  a. id  began 
jiiendless,  as  a  wutsr,  then  became  lord  and  master 
of  a  famous  game  hot- 1  corner  of  Ced^r  street— final- 
ly expanded  his  wings  to  a  higher  flight,  and  branch- 
ing in  o  every  species  of  elegant  refinement,  couid 
pamper  th»  public  taste  snd  pjUte  to  boot,  had  be- 
come decidedly  the  moat  prominent  man  that  ever 
furnished  in  this  good  city,  in  the  way  of  getting  up 
agreeable  *nd  entertaining  amusements  otevery  va- 
nety,  and  splendid  festivals,  banquetings,  &c.  &c. 


Sundry  "  haciendas"  and  neero  plantations  in  Cu- 
ba point  darkly  to  the  rather  dubious  track  in  which 
thrs  adventurous  New  Enelander  to  the  topic:  soon 
be-ame  by  the  charai-tenslic  cupidity  of  his  country 
men,  warmed  int-^aWest  Indian  temperament  and 
a  ready  pro.-elyte  to  the  ways  of  getting  money  in 
the  Spanish  colonies. 

Packer  Wm.S.,  Brooklyn         -        -         2.50,000 

Packwood  Samuel  ....  500,000 
A  rich  cotton  planter,  resident  in  this  city. 

Paine  Jolin 100,000 

A  youth  well  esteemed,  and  onlv  child  of  a  rich 

father  who  got  his  moncv  by  hard  knocks.     Butno 

family  ot  Vermont  nobdity  can  liold  op  their  heads 

higher  than  this. 

Palmer  Courtlandt  ....  500000 
From  Connecticut,  aitd  commenced  in  the  Hard 
ware  business  in  this  city  with  a  capital  of  $300,  and 
besides  having  made  l\k-  lorrunes  of  several  others, 
by  setting  them  "up  in  buMiicas,  lias  attained  for  him- 
self great  wealth.  He  is  a  large  holder  of  real  estate, 
and  is  building  to  a  consideralile  extent,  having  long 
since  retired  from  active  business.  His  second  wife 
is  a  daughtf r  of  Richard  Suydam,  of  the  old  firm  of 
Suydam,  Jackson  &  Co. 

-  200,000 
who   have 

found  New  York  the  most  successful  field  tor  their 
monetary  operations.  He  is  President  of  the  Mer- 
chants Bank. 

-  250,000 
350,000 


Palmer  John  I. 

One  of  Scotland's    enterpris 


Parish  Daniel        ... 
Parish  Henry  (His  brother) 

This  family  sprang  from  an  honorable  root,  a  sur- 
geon of  the  Brili:b  Navy,  who  about  two  centuries 


23 


«?6  locatpd  in  this  province.  A  romsntia  incident 
conji'Cts  with  Dr.  Parish  :— In  one  of  the  eulie^t 
commercial  adventures  from,  a  neighboring  village  to 
the  south,  and  in  v?hich  a  venerable  lady,  thejirojirie- 
tor  of  the  vessel  and  her  cargo  of  cider  .ina  ajiplea 
went  paMen^er,  accompanied  by  a  beautiful  daugh 
'er,  Dr.  Parish  alsb  was  invited  to  act  as  navigator. 
At  the  Ocracoke  inlet  they  saw  the  head  of  a  celcbra- 
tfd  pirate  nailed  to  the  bowsprit  of  avessflof  war; 
aijd,  on  their  return,  were  overtaken  by  a- storm 
ivhich,  but  for  the  doctor's  seamansMp,  would  h*ve 
consigned  them  all  to  thadeep.  For  this  he  received 
the  hand  of  the  fairyoun^  dampel  on  board,  and  thus 
became  a  denizen  of  this  jirovince.  But  from  that 
day  to  this,  the  generations  have  never  been  blessed 
with  worldly  prosperity  until  in  the  person,^  of  Henry 
and  his  brotners. 

Family  Eleazer  ....  000,000 
Eleazer  and  his  brother  Jahial  ,ira  the  two  most 
<Ji<tingirishcd  r'entists  in  this  country.  Eletzer  spent 
sometime  in  Paris,  where  he  attained  the  highest 
distinction  in  his  art. 

rarmly  Jahial  -        -        .         .         200,000 

The  brother  of  Eleazer,  above. 
Paulding  William       ....        300,000 

Former  mayor.  Ice,  of  the  democratic  school,  and 
alleged  descendant  of  Paulding,  one  oi  the  captors 
of  the  British  spv  Major  Andre.  T'lat  ■s  erling  con- 
tinental soldier  little  imagined  tha'  one  of  his<lc- 
scendints  would  become  enrichfd  by  inteimafriage 
with  one  of  the  rankest  tory  families  of  the  revolu- 
tion— to  wit,  a  Rhinelandec.    (See  below.) 

Payne  Thatcher  T.  -  -  -  .  100,000 
Served  a  severe  app-entice-hip  to  stiugpiing  up  hill 
labor,  as  a  school  teacher,  and  became  of  great  emi- 
jience  as  a  lirguist  and  correct  scholar— being  of  a 
lamily  part  Jew  irora  the  east  end  of  Long  Island 
not  for  from  Montauk.  Is  brother  of  the  justly  cfle- 
hi'ated  Jno.  Howard  Payne.  1  hatcher,  however  in 
fortune  has  taken  the  wihd  out  of  the  sails  of  the 
waiidering  poet,  who  has  'is  touch  as  ever  to  do  to 
got  hiscru.<t— forTha'cher  now  haa  his  liveries  and 
Bis  valets;  and  rrivesjlis  carrl»ge,  and  lives  in  snuff 
"  per  force"  of  a  most  capital  spi-culation  he  made 
in  marrying  the  rich  young  blooni'ng  widow  of  Mr  ' 
Baity,  a  rich  merchant,  dec'd,  that  leit  a  plumb 
nearly  to  her,  and  we. hope  Thatcher,  who  is  a  Jucky 
rogue,  don't  forget  his  poor  r  lations  if  he  has  any. 

Pearsall  Frances  (widow  of  Thomas  C.)  1,500,000 
Her  husband  made  money  as  a  Druggist,  and  reali- 
zed a  princely  fortune  by  inve,sting  in  real  estate. 
The  widow, lives  in  magnificent  style  in.  Waverly 
Place,  and  supports  two  or  three  sons-in-law  in  good, 
style;  and  what  is  of  more  importance  still,  has  one 
or  two  daughters  yet  on  hand.  Her  husband  was  of 
a  Long  Island  Quak<'r  family,  and  she  the  daugh- 
ter of  the  rich  merchant  Ihomas  Buchanan,  de- 
ceased. 

Peirsall  Thomaa  W.  .  .  .  300,000 
No  relation  to  the  above.  A  retir^  Auctioneer, 
and  made  money  in  the  business,  and  besides  got 
$75,000  by  his  wife,  the  daughter  of  Thomas  Leggett, 
deceased.    He  is  a  Quaker. 

Peck  Elisha 500,000 

Of  a  very  respectable  and  very  ancient  Knclish 
/amily,  which  first  came  to  Boston  and  ihen  settled 
in  Saybr.  ok,  Ct.  Mr.  Peck  was  f  rmer.y  of  the  firm 
of  Phelps  <c  Peck,  and  is  now  Uraely  engaged  in  the 
manutacture  of  iron,  at  Haver-traw,  N,  Y.,  where  he 
reside?, and  in  connexion  with  his  son,  under  the 
firm  of  Peck  «  Son,  has  also  a  store  in  this  city, 
deiling  in  the  iron  lioe. 

Peck  John         ..-•-.          100,000 
A  son  of  Elisha  Ptck,  and  in  business  with  his  fa- 
ther. 

Pell  Duncan  C.          -         -        -  100,000 

The  auctioneer,  ahd  of  the  firm  of  D.  C.  4:  W 
Pell  &  Co. 

■penfieldJoha        -        -   .     - 


Penfold  Edmimd         ....        100,000 
PenfoldJohn 100,000 

Drtjggiat.' 
Penfold  John 150,000 

Grocer,  of  Penfold  t  Schuyler. 
Penniman 100,000 

Married  a  daughter  of  Samueljudd. 

PentzF. 100,900 

Penl3  \V.  A.  F.         -        -      .  -        -          10d,0(K) 

Both  clever  fellows,  engaged  in  the  Dyo  wsodbu- 
siness. 

PentB  W.  A.  F. 100,000 

An  old  Knickerbocker,  bom  in  Old  SHp— nerer 
lived  out  of  the  first  w.W. 

Pent  Peleliah 250,000 

From  Boston,  and  formerly  book  keeper  with 
Jonathan  Goodhue  &  Co.  He  was  taken  into  the 
firm  as  a  partner,  and  hence  his  wealth. 

Perkins  J.  N. 100,000 

Partner  of  Winslow,  in  Wall  street.  A  very 
good  fellow,  and  shrewd  active  buslneas  man. 


15e;000 
300,00(J 


Perry  J.  A.         -         ... 
Peters  John  R.    - 

Built  the  Peail  Street  House.  A  very  -excellent 
worthy  man  aLd  gocd  citizen,  an  e.\ -Alderman.  l«Qr 
many  years  a  prominent  politician. 

Pelligrcvv  John        -        .         -         -         100,000 
A  contractor,   and  ex- Alderman  of  thesevenloenlh 
ward,  of  the  democratic  p»ny.    He  has  been  a  labor- 
ing man,  and  has  made  all  his  money. 

Phalen  James 200,000 

Broker,  Is  building  a  fine  free  gtone  residence  in 
Union  Square.  Js  a  perfect  gentleman.  Duringhis 
minority,  was  with  Dar.a,  a  Lottery  dealer  ol  Boston. 
At  his  dea  h  took  bis  business,  spent  two  or  three 
years  in  Virginia  snd  Marj  land,  and  made  the  hand- 
some fortune  now  invested,  chiefly  in  uptown  prop- 
erty 

Phelijs  Anson  G.     -        -        -        -        1,000,000 

He  was  of  Conrectic  t,  snd  Ictmcd  the  tirmei'* 
trade.  He  went  to  the  '^outh,  polling  the  woikman- 
ship  of  hiiC  own  hands,  and  laulfd  in  the  tin  is  last 
as  ne  shoved  it  off.  Suo.-efiuenily  he  became  a  mer 
chant  in  the  tin,  iron,  and  cop,  er  line  in  this  city,  and 
afterwaids  a  partner  with  Wr  Peck,  constilutiiij;  the 
firm  of  Pheli><  and  Peck,  whose  store  fell  in  1632,  bf 
which  eight  persons  were  killfd.  Mr.  Ph'lp»  iss 
taken  into  the  fiim,  Messrs.  James,  Dcdge  and 
stokes,  sons  in-law,  and  the  two  former  once  hi? 
deiks;  Mr.  Pfck  having  now  reliied,  these  thte*. 
together  wi'h  his  own  M)n,  is  now  a  Jociatcd  with 
him  under  the  firm  of  Phelps,  Dodge  i  Co.  In  184J, 
Fitch  Smith  commenced  layini;  put  a  vdlage  forlacio- 
rie--.  inhis  native  town,  Dei  by,  tt.  1  be  village  ba< 
(rrown  to  a  liiile  city,  and  i=.  called  Birninigtiani. 
Phelps,  Dodge  &  Co.,  hete  erected  the  most  exienMve 
copper  works  in  the  U.S..  and  they  conuact  with  tbe 
government  to  6up])Iy  jt  with  ne>rly  or  quite  all 
the  copper  used  tor  the  national  vcfsels  1b 
addition  lo  this,  Mr,  Phdps  has  individually  bough' 
of  Mr.  Smi'h  a  large  s.'are  of  the  water  privileges  of 
this  place,  wmch  are  very  valuable.  Mr.  Phelps  ir  a 
large  owner  of  tue  iron  mines  of  Pennsylvania,  atd 
owns  also  a  part  of  tho  Missouri  mountain,  a  valoa 
ble  mountain  of  Iron  •  re.  tte  owns  altoj^ether, 
perliap- half  a  million  of  acres  ■Jheflrmot  which 
he  is  a  piitnc,  is  doing  the  most  extensive  busiTiesi- 
lo  th«t  line  of  any  h  >u.«e  m  Ameiica.  In  J8J7  tl,i< 
house  suspended  jiayment  tor  a  thort  period,  it  a  time 
when  they  were  worth  a  million  and  a  half.  Mr. 
Phelps  is  now  President  of  tlie  Colonization  Society, 
and  rince  his  providential  escape  when  his  store  fell, 
has  been  distinguished  lor  his  deeds  of  chaiity. 


Phelps  Anson  G.  Jun.  400,00tJ 

A  son  of  Anson  G.  PhelpF,  Senior,  and  a  partner  ii 
100,000    the  firm  of  Phelps,  Dodge  it  Co. 


24 


PhelprjohnJ.  -        -        -        -        200,000 

Phelps^haddeus        -        -        -        -        100,000 

The  Phdpses  come  from    Connecticut,  »nd  are 
highly  respectable. 
Philipon  Francis  (Estate, of)       -    '    -        200,000 

Phoenix  John i^O'OOO 

PhcnixJ.P. 150^0'^ 

PnrmerlT  a  grocer,  the  'tandin-  whi?  candidate 
for  Mryor ;  he  i.  a  .ou.u-la*  of  Stephen  Whitney. 
Pi,yfcDaacan 3^0,000 

Commenced  in  Fulton  street,  wh^rc  he  noic  i-,  a 
,,,or  cabmctmaker.  and  h=.s  now  ihe  lar,e.t  a>,d 
mo°t  fashionable  estibhihoicat  in  the  count. y. 
P.erson  Henry  L.        -        -        -        -        100.000 

Iron  merchant,  and  son  of  Jcrsmiah,  who  wifi 
I^aac  P.,  e..labli*hed  in  the  very  infancy  of  our  man- 
ufacluri,  a  nail,  and  afterwarus  in  add.t.on  a  cotton 
lactorv,  on  the  Ramapo  livcr,  and  there  acquired 
irfat  wealth.  Isaac,  until  of  la.e  years, resided  m 
ttic  city,  and  held  plape^  of  public  trust,  which  he 
riiipH  with  Treat  credit  as  a  prominent  leader  in  the 
.  "m  ^u-ird-  of  he  democracy  of  the  Jcrferson 
rt-Hool°  Thcpro-enitorot  the  Picrsons  wa*  a  der- 
.^^inamlV-torol  ,ne  Kn.Iish  Colony  that  found- 
^  Southampton,  -ulT.Ik  County,  two  centuries  ago. 

fiaiof.v.P.  -     •  -       -       -        i^O'Ooo 

P.rnieJoha ^50,000 

PonvcrtElias 20">""0 

PoirierP. ^O^'OO" 

Porter  Charles    -----        100,000 

Porter  D.C.       -       -        "       "  lOO'^O^ 

Post  Allison 500,000 

chanK.amono^^ineca^^y  ^^.^^  ^^^^  Mier  located 
it  ■  Hempstead  Queens  co  J.'el  and  J  .tham  Post 
,*^MhTecasPd).  brothers  of  AllHon,  were,  to-e-her 
^withtMe  \  tc  distinguish  -1  Dr.  WiiKht  Post,  (another 
r  ihlM  -on-  of  a  highly  ic.-|.cctsblp  butcher, 
w  •  V;  ' -  early  lesson-  in  the  slian.bles  cave  him, iro- 
hablv  his  strong  ta-te  for  and  afterwards,  eminence 
fn  anatomy.  Jo'  1  and  Jotham,  about  30  years Mnce, 
canied  on  a  great  stmke  .n  the  drug  line  ;  then 
^m"ihed?buta  few  years  attrr  built  am,?n,flcent 
tmasDcu,  u  launched  larqei- thin  ever 

rr  th"e'  ve'nd'n"^  of  a po.J.ecary  <tuffs^  and  together 

7.,  w  ,i,irnn  I?    fsnn  of  One  of  the  partie-)  accumu- 
ulcdrviry  la7.ettate.  on  whirh  their  families  are 
row  lu^v^mtin?  in  the  fauxbourgs  of  our  new  made 
liriity  in  the  vie  nity  of  Upper  Broadway. 
PostJoel  (eslau  oO  -  "  ^00,000 

PoslGeorseD.        -  -  "  150,000 

Oldest  son  of  Joel  above. 
Post  Gcrardu?,    J 

Post  William,     f    g^d,  -        -         100,000 

Post  Jehia,  i 

Post  Mary.  J 

Children  of  Gerardu,  Post  of  Water  ?,,eet.  fa- 
Duli.irly  known  as  "  Paint  and  Putty l-ost. 

,„  ,j       It  -        -        -         500,000 

Post  WaWron  15.        -  „.  ,j     ^     ,,  j 

hj  tralBcking  in  slaves. 

„    ,,  ,^       I  At  -        -        -      -     200.000 

Prall  David  M.         -        ■ 

An  ancient  and  respectable  New  York  famdy  m 
the  mercantile  line. 
„    .,  ,,  ...        100,000 


Pratt  Henry  Z.     -       -       -  .     -       -      100,000 

<'f  the  firmof  Rnbln5on,  Prilt  J:  Co.,  booksellers 
and  publishers  in  this  city,  and  originally  f'om  tian- 
ford.  Conn,    Their  line  is  chielly  in  school  books. 

100,000 


Price  Thompson         -        - 
A  well  known  builder  and  contractor. 


300,000 


Pnmo  Edward        .        -        . 

Son  of  Nathaniel  the  founder  of  the  celebrated 
house  of  Prime,  Ward  ic  King.  Nathaniel  was.a  poor 
boy  anH  established  in  the  exchange  business  by 
Rufus  Kine,  and  afterwards  in  partnership  with  Jus 
son  James  Ci.  King,  Edward  succeeded  his  father 
who  died  some  years  since  in  Westchester  CO.  He 
re. ides  in  a  venerable  palace  built  by  his  father  at  the 
corner  of  Broadway  and  the  Battery. 


Ilankm  (estate  of  Ileiirj')    -       -  S250,000 

The  Rankins  are  among  the  old  Knickerbockers. 
Rankin  John  -  -  -  .  -  -  300,000 
Rapelye  G.  (estate  of)  -  -  -  500,000 
The  first  born  Dutch  child  on  long  Islan.l,  over 
two  hundred  years  ago,  was  a  Rapelye,  ttbeancent 
patrimonial  estate  somewhere  near  the  Wallabout, 
(now  the  United  States  Navy  Yard.) 

Rathbonc  J.  [Estate  of]     -       -        -       500,000 
Ralhbonc  Jolin  Jr.      -        -'      -        -        200,000. 

The  Rathbones  are  Yankees  from  Connecticut,  we 
believe. 

Raversies  Frederick  -       -       -        -        200,00(> 
Ray  Robert        -        -        -        -     •  -  .     200,000 

Son  of  Cornelius  R.,  an  ancient  merchant  and  old 
Dutch  New  York  family.  Robert  added  some  to  his 
wealth  by  marrjing  a  daughter  of  N.  Prime,  the 
broker.  Jno.  A.  King,  per  contra,  got  a  very  large 
slice  of  the  Ray  projietty  by  mairying  a  dau-hter  of 
Cors.  Ray. 

Reade  Robert  L.       -       -  -        100,000 

Read  Co  Una     -       -       -       -        -       350,C00 

An  Irishman,  who  came  to  this  country  a  poor  boy. 
He  became  engag'd  in  the  retail  mercantile  busine^* 
in  Georgia,  and  made  great  profits  in  selling  liquor 
and  tiinkeu  to  the  Indians.  After  having  accumu- 
lated a  considerable  property  he  retired  years  ago  and 
invested  his  funds  in  real  estate  in  this  city,  the  rise 
ii  the  value  of  wliich  has  greatly  augmented  his 
wealth. 
Reed  Luman  (Estatc'of)      -        -        -      500,000 

He  bc-'an  life  as  a  Gi ocer,  in  which  business  he  ac- 
cumulated a  large  lortuiie.  He  was  a  lover  of  the 
fine  arts,  and  gave  great  encouragement  to  Mountand 
other  American  artists.  He  coUeeted  a  large  picture 
gallery,  mostly  works  of  American  artists,  wliich  has 
lately  been  purchased  as  the  foundation  of  the  Na- 
tional Gallery  lately  established  in  this  city. 
Rcmscn  Henry-  .        -        -        -        500,000 

The  Remsens  are  one  of  our  Tery  oldest  Dutch 
Knickerbocker  familiis. 

Remsen )  Three  children    -        -        -        300,000 
Remseni  of  -        -        -        300,000 

Remsen)  H.  Remsen  -  -  -  300,000 
150,000 
100,000 
100,000 
400,000 
A  dau'zhter  of  Peter  Lorillard,  (deceased.)  Het 
husband,  who  died  svme  three  or  lour  years  since, 
was  a  merchant. 

Rhinclandcr  Bernard  (Estate  of)  200,000 

The  Rhinclanders,  for  fifty  years  p»?t,  among  the 


i  of 

)    H.  Remsen 

Remsen  Henry  - 
Remsen  Henry  B. 
Remsen  William 
Rejiiolds  Mrs.  T. 


25 

richest  of  the  rich  in  tbi«  city,  were  but  humljjc  Romaine  Samuel  B.   -      -  -        -        -        100,000 

Uilors  and  shoemakcrsintherevolution.    The  tones  ^-^  j.^j^        Benjamin,    acquired  his  fortune  by 

who  f  aid  in  the  cily  feathered  their  neits  undfr  the  speculating  iA  water  lot*,  then  the  old  "  Collect,"  in 

protection  ol  the  BritiA  fla-.  Many  of  them  eijgagcd  ^fpntrc  and  Canjl  strcrts.    He  was  true  blueTamma- 

in  taking  .-shares  in  privateering  on  the  rebel  mer-  bucktail,  and  the  man  who  got  up  Ibe  ch..rne- 

Chant  ?hip.^and  thus  were  huge  fortunes  made  by  house  at  the  v>  allabout,  of  the  11,500  dead  of  the 

the  native  born  encmiM  of  our  indrpendence  out  ol  j„^      prison-ship, 

the  hard  eaniinss  of  suflcring  families  ol  patriotic  ■'  '                ^ 

Whigs  thus  reduced  to  ruin.  Roosevelt  C.  V.  S.     -        -        -         -         500,000 

Ridgway  John  ...      150,000  Roosevelt  Jas.  I.         ....        ;JOO,000 

A<lhi#gcntlemanhasabranchof  hi'establishinent        No  family  shine  more   honorably  in  the  ancient 

in  thi^  city,  although  not  a  resident,  it  is  proper  to  Dutch  annals  of  this  province  thin  the  Eoosevelt-— 

civc  him   a  jilace.    Mr.  Ridgway  is  a  China  and  ttie  venerated  Burgomastfrs  of  their  day. 

Earthrn  Ware  Manufacturer,' at  (.:araerdom,  Statis.,  i}„„„i„„  t;,,,,]  r  .         .         ,         2,'V)  OfMI 

England.     He  succeeded,  in  company  with  his  bro-  Uu^olts  S.im  1  B.  ^m,v^, 

ther,  to  the  business  of  his  father,  who,  from  small  .  A  lawyer,  ol  a  respictable  lamily  of  this  state, 

beginnings  rose  lo  great  opulence.    Few  men  in  their  „         ,,  ,.,        ,.  ^nn  fifin 

s^ere,  are  more  worthy  than  Mr.  B.  to  be  ranked  R'lSsellChas.H.         ....        300,00(t 

among  the  benefactors  of  their  race.    Just,  benevo.        A   dashing   New   England   merchant,   one  of  the 
lent  and  liberal,  he  has  not  only  succeeded  in  eleva-    "ilautc  classe"  of  the  rulers  of  fashion,  and  polite 
ting  the  cluiracter  of  the  several  hundred  workmen    circles, 
he  emiiloys,   but  has  rapidly  increased  his  fortune,     _         ,  .,  .,„„  „,,  . 

without  oppressing  the  laborer.  Russel  Henry 300,000 

The  distinguished  Vocalist,  who  has  reaped  thi< 
Rhinelamler  Wni,  C.  ...        200,000    sum   or  more  by  means  of  his  extraordinary  vocai 

talent.    He  is  of  the  Jewish  race. 

^'^°^^''^"^ ^°'''"°%u.sellWni.H.         .        -        -        -        150,00., 

Riker  Richard  lEstateo]    f-        -        -      2.30,000  ^„,,,„  ^„,,  ^r.        ....        100,000 

Robbins  Elisha        ...           -        100,000  ^  merchant,  and  resides  at  New  Brighton. 

Robbins  John 500,000  g 

Robbins  N. 100,000    g,j,mg  Nicholas $350,00<i 

Roberts  Daniel 100,000  The  General,  ha»    been    a    fixtvre    at  the  City 

„,  ^  ,,.  V  •  •  V  -If  Hotel  coteries  of  old  bachelors  fox  half  a  centut> 
■  HU  father  was  a  physician  who  acquired  a  fortune  ^on^/^nd  with  his  brother,  are  sons  of  a  re- 
in, the  West  Indies.    Daniel  is  a  lawyer.  ifcctable  sea-captain,  dec'd,  of  old  Dutch  Knicker- 

Rnhln^i  Tohn f!00  000  bocker  extraction.     Nicholas   and   Francis  are  iron 

Kobinsjohn         -    ^     -                                      dUU,UUU  ^^^^^^^^^^^    Nicholas  has  survived  several  pencra- 

R^K;ns:r,n  n-,i-i',l  P       ....         1 ''if)  000  tions  of  the  old  boys  of  the  oMeu  timc,  and  IS  Still  a? 

Robinson  DavuIF.     ....         l.jO,OUO  bright  as  a  mommg  lark.    Who  has  not  heard  l.im 

Of  the  firm  orBobinson,Pratt<t  Co.,  booksellers  and  recount  his  exploits  in  Russia,  his  intimacy  with  the 

Bubli-hersin  Wall  street,  and   original  y  from  Han-  Emperor   Nicholas,   his    namesake,   and   above   all. 

ford,  Conn     Their  line  is  principally  in  school  books,  ijjtened  to  his  enchanting  warbling  of  "  Sweet  Lul 

Robinson  Nelson        ....        100,000  ^^^j''\,  -inn  nm 

^,        ,„         „  ^.         0.  r.       A        .•  Saltus  Francis 300,000 

Firm  of  Drew,  Robinson  &  Co.    An  active,  ener- 
getic m»n.    Is  from  Carmel,  N.  Y.  State.  Sallea  L.  (Esti.te  of)    -        -        -        -.1,000,000 

Rod-ers  John  R.  B.  (Est;ite  of)         -        200,000    Sainblcr's  Estate  Casper    -        •        -        250,00<» 

A  re-ppctahle  physiLian.  dcrea'^cd,  whose  fortune     S;,„ipsou  Joseph         -        -        -         -'      700,000 

^v^.;:^irj^^/'^''^"i<^^:^'^  wM"";^»""r'""'th""uro7US^^"''H."mlde 

fortune  by  holding  the  Health  Office  when  it  yielded  Ward's  hou^e   for  th-  sum  ot  «60,000.    Ha.  made 

$«,000  a  year,   and  a^Tain  by  marrying  the  rich  hu  money  in  the  auction  buMness. 

widow  Smith.    So -the  Doctor's  children  were  born  Sanford  Henry  J.         ....        100,000 

withtbead'antageof  being  thi?  inheritors  of  his  for-  e^„  i„^„„ -r- i_„.j  p                          ,             'lOO  000 

tune,  which  does  much  for  a  man's  reputati  n  in  this  Sanderson  Edward  f.                                     -UU,UUU 

country.  One  of  the  wealthy  firm  of  .Sanderson,  Brothers  & 

n  1  V  ,•  innnnn  Co.,  of  Sheffield,  England. 
Rodgers,  Dr.  J.  Kearn\  -  -  -  100,000  g.,,^^,^,^^^^^  g  p_  ....  100,0O<l 
Sonofthel>te  Dr.  John  R.  Rodgers.  Isoneof  ''■  ,„  j  j  i  u  j.  !,:.„„„  „„„.„  v„ii. 
mir  most  eminent  physicians  and  surgeons,  and  as  ,  ^^%^^'"'^^^''}"-„}^t^tJ'''  ,Z«n?,^r.7in  r^»^ 
am.,  univerjilly  respected  and  esteemed.  His  from  Connecticut.  Has  been  an  adventurer  in  mat- 
family  on   both  sides  are  among   the   oldest  in  the  runony. 

country  «"d  are  among  the  flist  in  point  of  rcspec-     Sands  Joseph 100,000 

tabiJUy  and  wealth.  Highly  respectable  proprietor,  who  early  seltlr d  on 

Roirers  Gcor-'e  -        -        -     "-        -        250,000  Long  Island,  and  hence  bands' Point  on  the  entrance 

o     ■             =  of  the  Sound 

^  "*'='"''"■•  Samls  Thomas 150,000 

Rogers  J.  Smylh,       -        -        -        -         100,000  g^nd^rd  Edward        ....         100.000 

President  of  the  N.  Y.  Contrtbutionship  In.  Co.  Lawyer  of  brilliant  tilent?,  and  one  of  tlir   mot 

Descended  of  a  family  who  became  wealthy  during  logical  rea  oners  el  th^  New  'V^oik  Bar— came  Ui  thi« 

the  revolutionary  war.     Two  of  the  grand  daughters  ^^^y  ^g^f.  ^ine  or  t<'n  years  since  from  thr'  w'vtem 

of  Mo -e,  one  of  hi  <  ance.-,tors,  successively  man  ied  part  of  the  State.    He  mtrried  a  lady  of  ?reat  islent* 

William,  the  second  son  of  Stephen  Van  Rensselaer,  j,,j^  be  uty,  daughter  of  Thomas  Sargeanl,  Ktq.,  a 

(deceased  )  of  Albany.  Wall  street  financier. 

Rogers  John 150,000  Schiefleltn  Eningliani         -        -        -         300,0(Hi 

,,".,,,                                 ■         •       r,,,n  nnn  Lat?  President  of  the  .Seventh  Ward  Bank.    Thr 

Rogers  Mrs.  John      ....        200,000  schietfelins  are  an  old  family  of  German  decent.    A 

Was  a  SmUh,  widow  cf  a  rich  merchant-she  is  German  officer  in  the  British  army,  became  enamored 

now  the  widow  of  Dr.  Rodgers,  dec'd.  of  an  American  heiress  whom  he  married.  Th.y  have 

been  distinguished  as  merchants,  and  most  ot  them  a" 

Romaine  Benj'n          ....         100,000  heavy  wholesale  drug^-ist.-,  in  which  business  a  lar.^-.- 


26 


r  thl?  family  are  engaged.  Jacob,  tie  father 
was  a  druggist,  leaving  a  large  estate  to  a  larje  num- 
ber of  sons,  who,  with  the  exception  of  EfBniham,  and 
Richard  L.,  are  with  their  children  in  the  Drug  busi- 
ness. Etfinihann  has  been  a  lawyer,  and  was  a  Judge 
in  the  Marine  Court. 

Schieflblin  Henry  C.  -        -        -         200,000 

A  brother  of  the  alderman,  Richard  L.,  who  has 
followed  the  business  of  his  father,  that  of  a  druggist. 
He  married  one  of  the  Fields,  by  whom  ho  received 
some  property. 


Schieflelin  Henry  H. 


200,000 


Schiffelin  Richard  L.  350,000 

A  Lawyer,  and  alderman  of  the  fifteenth  ward,  elec 
ted  by  the  American  Republicans.  He  (parried  a  step 
daugtiter  of  George  McKay,  by  whom  he  received 
S2&0,000,  the  re-Dainder  coming  from  his  father  Ja- 
cob, who  was  a  large  druggist,  and  made  all  his  money  > 

Schermerhom  Abraham  ...  600,000 
Schermerhorn  John  ....  500,000 
Schennerhorn  Peter  -  .  -  .  400,000 
The  Scierjierhorns  are  Dutch  or  G'JUvrn.  and 
bare  rUtii  ti  nati  withii  abi^ut  a  cen'.ury  pa»t,  as 
mecha-ics,  small  tra  lesmeir,  m-rchin  «,  itc.,  k^-ep- 
inealo  f  fron  all  entan-le  uents  of  party  sirlie  or 
olherwi-e,  and  cl  'Sely  husband  ng  ihe  abuadtnt 
fruits  of  tii'-ir  laooriou-  toil,  which  tney  have  doubled 
by  freqaPM  am«T,^.  with  oth-r  opulea;  famUies, 
tho  Jouej,.i;c.  of  their  own  grade. 

Scofie(dJ-s«ie 150,000 

A  very  industrious  and  worthy  tailor,  who,  from  a 
poor  boy  became  a  rich  man,  and  the  head  of  the  cele- 
brated ten  of  Scofleid,  Phelps  Sc  Co.,  which  house  has 
been,  for  the  last  thirty-flTe  years,  >the  largest  and 
most  fashionable  tailorli^  establishment  in  2ie  city. 
He  has  now  retired  into  the  country. 
Scofidid  William  -  -  -  .  Z500OO 
Son  of  JeSse,  and  succeeding  him  in  the  business. 
He  was  brou-ht  up  tcr  the  trade,  and  is  now  acUvdy 
engaged  in  the  establishment  as  a  cutter.  The  firm 
M  n->w  Howard  k  Scofield.  William  married  a 
d^ughtfr  of  thf.  rich  Gen.  Peter  Van  Zandt,  by  whom 
he  receiyed  something  like  100,000  on  the  death  of 
net  moth^,  the  daughter  of  the 
deceased^ 


lighter  of  the  rich  Geo.  J^neway, 


Schuchaj-<ll  Frederick        ...         200,000 

A  German,  and  of  the  firm  of  Schuchartlt,  Favre  & 
Co.,  large  importers.    Marrried  a  Remsen. 
Schuchardt  Ferdinand,        -        -        .        100,000 

A  nephew,  and  partner  of  Frederick,  and  son  of 
JobD  Jacob,  deceased, 
Sedgebury,  James      .        -        .        .        100,000 

A  native  of  England,  and  was  many  years  ago  a 
labonng  man— but  now  oivnj  a  Brewery  In  Duane 
street, 
Sedgewick  Catharine        -        .        .      '  100,000 

A  daughter  of  Jud  e  SedgeivJci,  of  Mass.,  and 
and  sister  of  Robert,  late  of  this  city.  She  ia  dis- 
tinguished as  a  novelist,  and  became  known  by  her 
"New  England  Tales,"  a  religiousxsaOre,  published 
some  20  years  since.  The  Sedgwicks  are  Unitarians. 
They  are  connected  with  the  Livingstons,  and  the 
Minots,ot  Boston,  by  marriage,  and  are  in  rank 
8,mong  the  first  fsmilies  in  our  country.  Miss  Sedge- 
wick spends  her  summers  with  her  brother  Charles,  at 
Iiennoz,  and  with  the  widows  of  her  brothers,  Theo- 
dore and  Harry,  at  Stockbrid^e.  She  received  a  snug 
fortune  by  inheritance,  and  besides,  has  reaped  a 
large  income  from  her  books,  the  circulation  of  which 
exceeded  those  of  any  American  author,  before  the 
timeof  Stevens' works,  and  Dana's  "Two  years  be- 
fore the  Mast." 
Sedgewick  Mrs.  Robert      -  .        100,000 

The  wife  of  Robert,  who  was  an  erainentlawyer  of 
this  city,  and  a  son  of  J  udgc  Robert  S.,  01  Stockbridge, 
Mass. 
SheffieldJoseph  -        -        -        .        150,000 

Resident  of  iVew  H»v?n,  but  a  great  part  of  his 
taoitisrs  j-zrses  thrcsgh  this  city. 


Smrp  Peter  (estate  of)     -       -       .       200,000 

Sharpe  &  Sutphen  m«de  their  money  han'stly^bf 
vending  whijoi  .rid  covphldes  of  every  denomina;ion, 
w'len  ncife  in''  ri  flfsh  wre  in  preater  repute  than 
they  have  b^en  since  th'y  have  been  dri^e  •  off  the' 
eouise  by  the  »!•  e  horses  of  steam.  Peter  Sharp  was 
omeagrfat  man  in  th-i  old  D-mocralic  ranks,  and 
became  Spe  ,ker  of  the  As:embly. 
Sherman  .....        200,000 

Retired  at  New  Haven. 
Shennan 400,0)0 

Married  a  daughter  of  Peter.  LorilUid,  by  whom 
he  received  a  fortune. 

Sheldon  Henry 200,000 

Sheldon -     .       -       1.       .       .     100,000 

Haraware  Uerchant. 

Sheldon  Fredk. 150,000 

Shotwell  Joseph  S.    -        •        -       -       200,000 

Of  a  Long* Island  Quaker  family,  and  formerly  an 
auctioneer,  in  which  btialness  he  made  his  money  , 
Slocura  Samuel,        ....        100,000 

This  g«  nUemin  is  largely  interested  in  the  m^na* 
acture  cf  pins' at  Pnughllf  epsie,  ai.d  also  at  WaUr- 
bury,  Conn  Yankee  ingencitv  has  so  far  super- 
ceded  ibe  d'Ul  "plod  on  vour  old  way,"  prii  cit 
pies  of  the  English  mannfactureis,  of  the  pame  ar- 
ticle that  the  imrket  ia  now  almost  wholly  m.p'ied 
by  a  solid  headed  pin.  superior  in  quali'y,  at  half 
the  pri  e  of  tne  Foreign  ar.icl?,  besides  giving  an 
escelleni  profit  >Bd  encoura{.ement  to  "Hcuifc 
industry  and  perseverance. 
Skidmore  William  B.         -       -       -        100,000 

From  Connecticut,  and  is  a  Dry  Good  Jobber, 
Smith  Edmund  (deceased)  -        -        -        250,000 

An  ancient  merihrnt  of  the  ■'  f  uU  Smith"  branch 
of  t>ie  legions  of  Smith.    Ef'mui  d's  incest.. r  was 
Patentee  of  Stoithtown,  Suffolk  caun'y,  and  an  lln;. 
trlous  nsme  in  our  early  annals. 
Smith  Jolm  T.   (estate  of)  .        .        100,000 

Smith  Peter        .        -       -        -        .       200,000 

Came  to  this  country  from  Ireland.  He  was  a  pa- 
ver, and  came  to  be  a  contractor,  and  thus  made  his 
money.  Said  to  have  made  large  sums  on  the  elec» 
tion  ofU44. 

Smith  Renel 100,000 

Smith  Robert  L.  -  -  .  -  100,000 
Smith  William  .....  100,000 
Smith  Cornelius ...        -       -        100,000 

Smith  Micha  J, 100,000 

Snowden  Thomas        ....       100,000 

Of  Iriih  descent,  and  a  Dry  Good  merchant. 
Solomon  Hyman      ...       1        KOOOO 

If  this  man  had  received  his  just  daes  from  the  na- 
tional Government,  he  would  now  be  worth  mofe  than 
a  million  of  dollars.  There  is  now  in  the  archives  of 
the  government,  documentary  evidence,  that  his  fa- 
ther, a  wealthy  Jew  of  Philadelphia,  loaned  without 
security  to  the  United  States,  a  sum  not  less  than 
5355,000.  Mr.  Madison,  in  his  posthamous  papery, 
says,  that  during  our  Revolutionary  war,  at  a  time 
when  the  government  could  not  borrow  on'its  own 
credit,  and  could  not  raise  a  dollar  on  the  be~t  Vir- 
ginia drafts,  Mr.  Solomon  came  forward,  and  freely 
lent  his  aid  in  support  of  the  government.  The 
family  of  Mr.  Solomon  is  highly  distinguished.  His 
mother  was  Rachael  Frank,  daughter  of  Moses  B. 
Frank,  of  London,  who,  with  his  Ijrother,  the  distin- 
s;uished  Jacob  Frank,  of  the  Revolotionarv  war,  died 
in  New  York  while  it  was  a  colony.  They  are  the 
sons  of  Aaron  Frank,  of  Germany,  who  was  the 
companion  and  friend  of  King  George  of  Hanover, 
and  who  loaned  him  the  most  valuable  jewels  in  his 
crown  at  the  coronation.  Jacob  was  the  British 
king's  sole  agent  for  the  Northern  colonies,  and  his 
sort  David  was  the  ting's  agent  for  Pennsylvania.  A 
daughter  of  David  was  married  to  Geo.  Hamilton,  of 
Pennsylvania-  the  proprietor  of  the  great  Hamilton 
woodLnnd  estate  on  the  river  Schuylkill.  The  present 
Mr.  Solomon's  uncle.  Mayor  Isaac  Frank,  has  'leea 
prothonotary  of  the  Supreme  Court  of  Philadelphia, 
and  a  $on  of  Mayor  Isaac  was  aftemards  appointed 


27 


tuffde  Of  the  Supreme  Co\irt  of  Pennsylvania.  Mr. 
Solojnon's  brother  died  In  18-25,  in  New  Orleans.  He 
was  the  cashier  of  the  United  Stales  Branch  Bank  in 
that  city,  and  was  distinguished  for  his  talents  and 
fidelity.  Col.  David  Frank  is  often  mentioned  hon- 
orably in  the  Washington  papers.  The  other  son  of 
David  returned  to  England,  and  died  »  member  of 
V»rliament.  A  son-in-law  of  Jacob  was  the  distin- 
guished British  officer  Gen.  Dc  Lancy,  who,  at  the 
hrealiing  out  of  the  Revolutionary  war  owned  an  im- 
mense estate  in  the  upper  part  of  this  city,  which,  in 
consequence  of  his  devotion  to  his  ling,  was  confis- 
cated to  the  Government.  He  was  awarded  with  the 
appointment  of  master  of  ordnance,  and  aid-de-camp 
to  George  the  Third,  with  a  salary  of  30,000  pounds 
starling.  His  daughter  was  married  to  a  knight  of 
Bath,  and  Governor  of  one  of  the  East  India  provin- 
ces, and  admiral  in  the  Navy.  Mr.  Solomon  has  been 
inactive  and distinfjuished politician  ;  hewasa  mem- 
berjuf  the  celebrated  Republican  coinmittee  with  Ste- 
phen Allen,  Abram  Laurens,  John  Campbell  and 
Henry  Meigs.  He  vras  a  member  of  the  convention 
that  procured  the  nomrnation  of  the  late  Judgw 
Thompson,  of  the  U.  S.  Supreme  Court,  as  Governor 
of  the  State.  Mr.  Solomon  has  often  appealed  to  Con- 
gress in  vain  for  an  adjustment  of  his  equitable  claim. 
He  has,  too,  been  very  unjustly  refused  ofEce  by  the 
present  admin  istratioD, 

Spencer  Lieut.  -  -  -        100,000 

ISairied  a  dacjhter  of  P.  Loril'aid. 
Spicer  George        ....       $100,r00 

Formerly  a  wholesale  erocer  in  Front  street,  in 
which  business  he  accumulated  his  property.  He  is 
now  well  known  as  a  f  portsman.  la  a  partner  with 
Austena  in  the  auction  business. 

Spofford  Paul 500,000 

Of  the  firm  of  Spofford,  Tiles  on  !t  Co.,  one  of  the 
largest  shipping  houses  in  thecity. 

Springler'8  Estate  Mr.        -       -       -  200,000 

Stacey  James  G.        -       -       -       -  100,000 

Stagg  Jolm'P. 100/)00 

Of  n  old  Knickerbocker  race. 

StaggBenj. 100,000 

Stephens  Benjamin  -       -       -       '-  500  000 


.  1  g< 

money  by  hard  toil  and  shrewd  mana^ment.    He 
buiK  the  old  state  prison  in  this  city,  and  was  a  large 
contractor  for  building.    One  of  hi*  sone  is  the  dis- 
tinguished traveller  Stephens, 
Stephens  John  L.        -       .       -       .        100,000 

The  distingviUhed  Traveller,  and  the  son  of  Ben- 
jamin, above.    He  has  made  nearly  or  quite  this  sum 
by  his  books,  in  addition  to  what  he  may  have  re- 
ceived, and  expects  from  his  father. 
Stevens  Alex.  H.       -       -       -        -        150,000 

A  »urgeon  of  iome  repute,  and  son  of  General  Eb- 
enezer  S.  The  Doctor's  three  successive  marriages 
to  rich  heiresses  has,  we  imagine,  put  more  money 
in  his  purse  than  amputating  tumors  or  tying  up 
arteries. 
Stevens  Horatio  G.    -       -       .        .        150,000 

Brother  of  "  Alderman  Sam,"  William,  John,  ic- 
Their  father,  Maj.  G-n.  Ebentzer  Se  en-t.  was  a 
meritorious  and  gallant  offic'  r  of  the  old  continental 
line  of  the  army  of  the revolut  on,  and  as  Maj.ir  com- 
manded the  artilleiv  with  deadiy  eflect  in  several 
Woody  encounters.  How  honoraBle  to  Major  Ste- 
vens to  rise  to  that  point  from  out  of  the  lanks  whf  re 
it  is  said  he  enlisted  as  a  private  soldif  r,  leaving  his 
tools  as  a  journeyman  cjrpen'er  to  take  up  the  s-word 
and  baitic  axe  lor  liberiy.  His  fons  hsve  many  of 
ihi-m  inherited  much  .  f  his  inborn  energy  and  power 
of  mind.  The  S  evenses  so  lelebrattd  in  engmee-- 
ing,  and  sons  of  Col.  Stevens,  of  Hoboktn,  are  a 
totally  dilferent  family. 

Stevens  John  H.  ...  -  100,000 
Steven*  Robt.  L.  ....  350,000 
Stevens  John  C.         ....       300,000 

Bobert  L.  and  John  C.  are  sone  of  Col.  Stevens. 


deceased,  of  Hohoken.     The  eminent  ability  'of 
Robert,  as  one  who  alone  has  inherited  the  miBtl»; 
of  his  friend  Fulton,  is  two  well  known  to  need  re- 
mark. 
Stevenson  John  B.    -       -       -       -        100,000 

>n  old  Phyician. 
Stewart  Alexander  T.        -        -        -        800,000 

The  celebrated  Dry  Good  Merchant  of  Broadway 
whose  shop  is  the  grand  resort  of  the  fashionables 
He  has  lately  bought  Washington  Hall,  which  he  in- 
tends to  fit  up  for  stores.  He  married  a  Miss  Mitchell 
a  lady  of  some  property. 
Stewart  Robert 200,000 

t>ne  of  two  Sco'ch  bnthers,  who.  by  marriage  in- 
herits the  great  old  Dutch  estate  of  the  Lispenards, 
near  Car  »1  street. 
Steward  Joha    .        -        -        -        -        300,000 

But  30  years  a  resident  here,  and  by  the  force,of 
his  own  straight  forward,  clear-headed  fsgacity  in 
the  dry  goods  line,  &c.,  has  acquired  near  half  a 


million. 
Steward  John  Jr. 


100,000 


Stewart  Lispenard  ...  -  500,000 
He  is  now  po3se«ed  of  the  remains  of  the  LispenaVd 
estate,  in  addition  to  a  large  amount  received  by  his 
wife,  a  daughter  of  L.  Salles,  deceased,  a  native  of 
France,  who  araassfd  a  large  fortune  in  this  city,  by 
cautious  loans  during  great  pressures,  and  by  rigid 
economy. 

Alexander  Stewart,  the  father  of  Lispenard,  came 
to  this  country  with  his  elder  brother,  Robert,  from 
Scotland.  They  commenced  as  brokers,  and  acquired 
some  property,  when  Robert  failed,  paying  a  pista- 
reen  on  a  pound— that  is  one  seventh,  and  put  his 
iprojjerty  into  possession  of  his  brother,  with  the  agree 
ment  that  the  survivor  should  receive  the  estate  be 
longing  to  biith.  Previous  to  this,  Alexander  having 
married  a  daughter  of  Lispenard,  of  an  old  Dutch 
family,  and  owning  a  large  tract  of  meadows  ard 
marshes  in  the  vicinity  of  where  Canal  street  now  is. 
On  the  death  of  Lispenard,  Alexander  Stewart  came 
into  possession  of  a  portion  of  this  estate,  by  his  wife, 
and  also  a  good  portion  of  that  of  her  two  brothers, 
Leonard  and  Anthony,  who  died,  after  having  parted 
with  the  best  part  of  their  fortune;  each  leaving 
hdrs.  Mr.  Stewart  had  also  the  erjtire  posse-'sion  of 
the  estate  of  bis  imbecile  sister-in-law,  who  lelt  hit* 
her  fortune,  by  will.  Alexander  dying,  this  estate 
came  into  the  possession  of  his  brother  Robert,  who, 
on  his  decease,  a  short  time  since,  bequeathed  it  to  hi» 
■    •         •  "••         -■  -      • — ae« 

and  M.  Stewart,  a  chaplain  In  the  navy,  manied 
daughters  of  Alexander  Stewart.  Since  thq  death  of 
Alexander  S.,  there  has  been  much  legal  controvei»y 
in  regard  to  this  estate,  particularly  between  several 
of  the  heirs  of  old  M.  Lispenard,  and  those  of  Alexan, 
der  Stevtarton  the  one  hand,  and  Robert  and  Lispeni 
ard  Stewart  on  the  other.  Lispenard  professes  to 
hold  the  estate  which,  though  immense,  is  incumbered, 
solely  for  the  benefit  of  those  having  legal  or  equita  • 
ble  claims  on  it.  Among  kls  heirs  is  included  "St.John 
the  book  and  magizine  pealdr,"  an  industrious,  hon- 
est, aid  wonhy  maii.  who  has  for  some  years  pur- 
sued this  calling,  and  is  generally  known.  Has  but 
one  6)  e,  having  byiecident  been  deprived  of  io« 
other. 
St.  John  Samuel  (estate  of)      -       -       300,000 

Lately  deceased  in  New  Haven,  Ct.  He  was  early 
in  life  a  Tailor,  and  made  the  bulk  of  his  fortune  by 
fortunate  investments  in  real  estate,  and  by  loaning 
during  pressures.  He  was  once  Alderman  of  the 
second  ward. 
Storm  Isaac  T.  -       -        -  200,000 

Early  in  life  he  left  the  place  of  his  nativity,  somt  - 
where  in  Dutchess  Co,  and  c»me  to  this  city.  It  is 
said  of  him  th.t  abcut  the  first  enterpiise  into 
which  he  embarked,  was  the  purrhjsiag  ot  a  keg 
of  beeswax,  the  rrofits  on  which  gave  him  i  stait, 
whilea<lerk  in  a  grocery  store,  vnd  uni  oubledly 
formed  the  nucleus  around  which  bis  present  ample 
«rtune  has  Fathered.  "Industry  aiid  economy 
have  always  been  his  motto.  Ho  i3  now  one  of  the 
very  oldest  grocers  Ih  thia  city. 


28 

^tAnn  riarrat    ....       -        500,000  cessful  speculator  in  Cotton.   He  died  some  three  oT 

aionn  trarrei  .  ^^^^  ^         leaving  an  estate  of  $700,000  to  his 

An  old  retired  &ocer,  who  made  hi»  money  by  g^^  J^^^^  ^j^^  '^^  j.^  =  j^   ^^^  ^^^^  ^^^^^  ^^  y^^, 

ho^^  industry.    Kmclcerboclcer.  y^ij  piajg^  ;„  good  bachelor  style.    Of  these,  at  pre- 


bought  the  right  of  Goodyear's  Elastic  Shirred  Sns- 

Stout  A-niilla  G           ....        200,000  penders,  and  is  manufacturing  the  article,  and  has  a 

..?v»uv.<io          .••                                           ,„„„„„  sales  depot  in  Beaver  street    Mr.  Goodyear  has  reali- 

Striker,  James  (estate  of)        -        -            100,000  zed  .$20,ooo  for  his  invention.    It  has  been  patented 

Mr.  Striker  died  in  the  year  1831  at  an  advanced  in  England,  and  France  also,  and  the  entire  right  lor 

age     Hi3  ia  one  of  the  oldest  Knickerbocker  fami-  the  U.  S.  belongs  to  Mr.  Suydam. 

ISb  of  our  city.    .Hi^  estate  has  been  haudedJowB  guydam  Ferdinand.Sr.          -            .       '    500,000 

in reaulir  suces'ion  from  the  year  lt)40,  wnen  nis  '^   ■"                                                             ,  .     ..         j 

fiHuly  emigrated  to  thui  country  Irom  Holland    Mr.  A  branch  of  the  old  Suydam  family  in  this  city,  and 

Striker  has  held  several  civil  offices  of  responsibili-  the  senior  partner  m  the  firm  of  Suydam,  Sage  i:  Co., 

ty,— he  was  also  proprietor  ot  the  splendid  estate  the  largest  firm  in  the  flo.>r  business  in  the  city. 

kn'own  as  "Striker's  Bay,"  now  leased  by  his  wid-  SuvJam  Ferdinand  Tr       -        .        .         IGO  000 

ow.  in  whose  po3s?s3iou  the  estate  now  1",  as  a  auyJam  i>erdinana  Jr.      -        .        -        iuu.uuu 

public  house.    Mr.  James  Striker  was  the  father  of  Of  the  firm  of  Suydam,  Sage  &  Co.    Married  a 

General  SUiUer,  a  gentleman  well  known  in  this  daughter  of  Stephen  Whitaey. 

city,  as  one  of  we^dth  and  standing,  and  also  has  „      ,       ,  ,^\^^^                                        onn  rvw 

held  many  exalted  stations  incur  city  and  state.  Su>  dam  Lambert,      ....        200,000 

Strong.  Geo.  W.        -       -       -       -        200,000  Suydam  Henry      )                                 100,000 

Cf  a  Lon''  Inland  family,  and  an  eanln*"'  lawyer,  Suydam  James  A.  T  Brothexs  oi  David    150  OOO 

now  in  partnership  with'Marshall  M.  BidweU,  a  seU-  Suydam  John  R.     ?  L.,  above.                 150,000 

exded  Lanaaian  patriot.  SHydanr  Peter  M.   )                                    150,000 

Strong  Mrs.  James      .       -       -       -     250,000  Suydam  Richard      ....        lOO.COO 

Herhusband  was  a  merchant,  and  brother  of  Geo.  A  brother  of  Ferdinand,  and  lately  retired  from  the 

W.  Strong.    She  was  a  Uemsea,  and  hence  a  grejt  firm  of  Suydam  &  Kevan,  dry  good  jobbers. 

pirt  of  her  riches.  Swan  Benj'n  L.          ...       -        500,000 

Smart  Robert  L.        -       -        -        -        200,000  The  firm  of  Otis  &  Swan  were  peculiarly  lucky  in 

The  celelM-ated  candy  manufacturer,  and  sugar  re-  their  commercial  arrangements  during  the  last  war. 

finer,    t  is  father,  faUing  in  Glasgow,  Scotland,  came    Swords  James 100X00 

to  Ous  country,  where  he  soon  amassed  .property,  i^woras  James                                               JiTV^Z 

-wttfawhldi  he  returned  and  paid  up  his  old  debts.    His  Eminent  bookseller  many  years  past.    The  best 

SOB  may  be  proud  of  sueh  a  nobility.    Kobert  Is  an  literary  speculation  one  of  them  made  was  his  Intw- 

enterprising  and  liberal  business  man,  married  the  jnairiage  with  a  Lorillard. 

tlanghter  of  Robert  McCrea,  (deceased,)  by  whom 

lie  received  considerable  property. 

Stuart  Alexander       ...       -       150,000  _  „      _  . .                   ^                        .„..  ^, 

Brotherandptftnerinbusinesswith  the  above,    Talbot  C.  N. 5200,000 

strictly  a  business   man,  ini  has  considerable  The  most  distinguished  Talbots  were  of  the  sam* 

knowledge  in  mechmicg.    Is  a  worthy  young  Bene-  family  as  Com.  Talbot;  an  honored  naval  hero  of  our 

diet,  andao  better  subject  fcr  "  Cupid's  Dart"  can  country. 

J'«f°'i°''-  Talbot  William  R.     ...       -        100,000 

Stnrges  Jonathan       -       -       -       -       200,000  Talbot  Charles  R.      -       -       -       -       100.000 

StuyvesatA  Peter  G.   -       -       -       -    4,000,000  Brothers  of  C.  N.  above. 

-     His  ancestor,  GoTemor-General  and  Admiral  Von  Tallroadge  James      ....       200,000 

bTJKedrith  Kni^ckerbocker,  and  whS,  as  the  last  of  "ent  as  a  jurist,  senator,  patron  ot  Am^ican  indus- 

the  lSu!h  dyna^y.  went  out  uproiiously,  a  true  ^7-  ^<^-  ^<^-    "  Good  wme  needs  no  bush." 

J'J^^i?5^f.^\'i\V.^^'h\°'S'^.^^'V^S^l  TahnanJohna        -       -       -       -        mm 


military  floggimr,  kc.,  if  they  but  dared  to  look  at  liis  "• 

8urUn»s,  is  so  familiailv  known  in  the  history  of  A  Cotton  Broker. 

New  York-that  this  line  sulBcfS.    Gov.  Mcoll,  Irom    Tar/rpp  Tohn ISO.OOO 

England,  who  brought  the  Ultle  gentleman  to  his  -largeejohn      J        "        "                  .  ,.  ,.  ViT^ 

bearings,  omitted  one  thing,  viz:  to  make  him  dis-  A  young  French  adventurer,  silversmith  by  trade, 

"orge  some  of  his  cruel  exactions,  but  Ptter  took  the  emigrated,  some  fifty  years  ago,  to  this  country,  and 

oath  to  the  Gorgon  banner  of  St.  George,  and  dofled  by  good  conduct  and  industry,  and  great  shrewdness 

the  beaver-tail  and  windmUl  escutcheon  of  Dutch  as  a  politician  in  the  democratic  ranks,  to  which  he, 

authority,  and  thus  retaining  his  rich  cabbage  gar-  as  it  turned  out,  wisely  attached  himself,  rendered 

dens  at  Corlaer  s  Hook  and  Bowery,    hid  himself  himself  eminenUy  conspicuous  in  that  party,  and  ft« 

away  as  snug  as  a  mouse  in  a  cheese.    The  genera-  his  untiring  devotion  to  their  interests,  w«s  richly  re- 

tions  from  him  are  all  baptized  in  the  lace  =hirt  in  warded  with  sundry  profiuble  ix)sts  of  honor.    So 

which  he  was  christened.    They  inherit  and  keep  di  tinguished  had  he  become  from  the  Jeffersonian 

too  the  SILVER  spoon.  triumpti  of  1800  upward,  that  Vice  President  Tomp. 

'  kina  made  him  his  confidential  friend,  and  he  was 

Suckley  George         -        .       -        •        300,000  everywhere  looked  upon  for  a  time  as  the  most  in- 

^,                                                         o>^  nnn  fluential  leader,  if  not  chief  of  the  party  in  this  quar- 

Suffem  Thos.       ...        -        -       .iOO,OU«  i^^  ^f  the  state.    Hence  during  the  struggles  to  sup- 

A  respectable  Irish  gent— nepliew  of  the  vener»t.l5  plant  CUnton,  the  poet  Croaker  wrote  thus  :— 

Judge  a.,  of  hockland  Co.,  >.  T.,  deceased.    The  •' I'm  sick  of  GeneralJackson's  toast, 

present  Jud^eidward  Sufl'em,  1st  Judge  of  Kock-  Canals  are  nought  to  me; 

land  Co.,  is  son  of  tlie  deceased  Judge.    Thomas  Nor  do  I  care  who  rule?  the  roast, 

owe*  Jiis  gold  to  lineng.    Now  resides  in  Europe.  Clinton  or  John  Targee." 

SaydamComeliuaR.       -       -       -        lOO.OCO  Taylor  Edward  N.     -        -       -       -        100,000 

A  branch  of  the  same  family  with  David  L.  (see  rp„  .„  t„_,,i,  r           .        .        .        .         mn  fim 

Suydam  David  L.)  and  of  the  firm  of  Doremus,  Suy-  laylor  Jacob  C.                                               1UU,U0U 

dam  &  Nixon,  dry  good  jobbers  doing  large  business.    Taylor  Moses 300,000 

Suydam  David  L.     -        -        -        -        150  000  ^  yery  worthy  man  and  grocer.    His  connection 

San  of  John  Suydam,  deceased,  of  an  old  New  in  business  with  the  A-tors  has  brought  gold  to  hit 

Tork  family,  and  of  Dutch  extract.    John  was  a  auc-  coQ'ers.    Brought  up  witli  HowUnd  and  AapinwalL 


29 

Thsriat  Augustus  R,         ...         100,00»  Tillou  F.  R.        -        -        -                        jgo  000 

A  nativeofPoland,  of  Jewish  connexion,  of  high  a   aplf  m.rfo  ,..o«  •„  .k«  .         t.     .               ' 

slandiDg-m.de  his  fortune  bymanufacturiAg  Paper  innT  HmP^n  .L  A^^m  "*"  ''T*  ^'^  *^""'«''  l^^'"?  • 

Haneinga,  and  shrewd  management  of  othe*  kiSda  or'fpin«  marshal    Twl'l';;'''  °'  ""^"^  "'^^''y■ 

of  business.  tw?™  ,.    ?i          ■    ^  •"',  \"n  married  a  MUer  of 

that  .emarkable  geniui.  ard  fi.sl  of  American  pcets. 

Thompson  Ab'm  G.    ....        500,000  p- Jo'cph  Rodman  Drake— "    roaker  senior."    Has 

^.v               r^v.    1      r.^  beaii  Alderman  of  the  Fifth  Ward,  and  is  of  the  lirm 

Thompson  Charles  Chauncey     .        .        150,000  of  TiUou  &  Cutting. 

Son  of  an  eminent  Uwyer,  and  one  of  our  enter.  Tisdale  Samuel  T.      -        -        .        .        inn  non 

prismg  and  formost  merchanlg.  fiJU,UOO, 

Thompson  David       -  .       .        150,000   Ti'us  William  M 200.000 

mi.       ..         TT          ^  „-*d''y  good  merchant  who  married  the  dau<'hter  oi 

Thom()80n  Henry  G.          -         .         .         lOO  000  Thomas  Gardiner,  nfw  of  New  Jei^ey,  a  brother  ot 

A  son  of  Orriu  Thompson,  and  in  business  with  his  Ind  o',mt°Ji",n^mv  "Z:i  ■^^''-  J,i'l'u>  °^  *  L°''S  ^"^ 

father.  *"d  Quaker  lamily,  and  is  worth  thu  sum  mainiv  bv 

c.^liectationsjromluswiie.  ^     ' 

Tliompson  James      ....         150,000  t    Id  W      W 

Son  of  James  Thompsoh    (deceased,)  who  was  a  of  ,   »„,'„  v    ,"   ,"•,'.*        *         100,000 

merchant  and  ship  owner,  and  came  from  Scotland.  „„r.v,„^  j „  "  ''''..    '*"  ''/'  ^«  believe;  long  distin- 

The  son  has  not  been  in  business,  and  has  spent  much  Sashed  democratic  mer  hanU.                        "        ' 

«"dwor^k^'ot-Irt.""''''""""*'^"''"°'P''''^""S^    Tonn.IeeJohn 500,000 

r„,                 »        ,  „  Came  from  France,  and  kept  a  large  Glove  Store  in 

Thompson  Jonathan    ....        250,000  Pe»rl  ^-treet,  and  afterwards  was  in  the  Wool  buai 

An  apostle  of  the  <«  old  guard"  of  democracy,  and  So\"T\>nnelef™}''*  "'"  '"''^^^  ^"^  ^  '^^ 

comes  from  that  vigorous  nursery  of  such  material,  ^  °'  lonnelee  4:  Hall. 

C?liectof°"'""    ^^ ''*'* '°°S  t«ae  our  respected  TonneleeJohn  -        -        -        .        .        600000 

„,                 „    ,  Freich;  of  thefirmof  Tonnelee&Hall.  fthelatfw 

Thompson Onin       -      -      -      .     $300,000  ^"^^o":i"-lo^^.)  P^babiy  the  most  ertemiivewo^i 

Of  an  ancient  respectable  Connecticut  family,  and  ^""^''^^  '"  ^^  co^nMij. 

tlie  architect  of  his  own  fortune.    He  commenced  bu-  Townsend  Dr   -       ^        .                         mnnn,. 

siness  in  this  city  some  thirty  years  ago  as  a  carpet  rr  ,          v                 ,                            -        lUO  000 

dealer,  and  in  1S27  established  the  first  carpet  manu-  /a^en  when  young  by  a  rich  uncle,  Charles  WriMht 

factory  in  the  country,  and  in  the  foUowing  year  built  °^,„^i"'''H„^' J""5h?".'.''/'''I,°u*^'^'  *"'!  inherited  hi* 

a  second  factory  a  few  miles  distant  from  the  first—  *°'^'f-    "e  ""*  educated  a  Physician,  but  does  not 

and  the  result  has  been  two  larije  vilfaijes,  onenamed  fi^'i'"^'^ „ ""^  marned  a  daughter  (now  deceased,)  of 

,  Thompsonville  in  Ct.,  and  the  largest  carpet  manufac-  ^lUiam  Prince,  the  celebrated  Horticulturist, 

tory  in  the  whole  world.    The  first  carpet  made  in  this  Townin°- Richard  rn«tnf«  .^f\ 

factory  was  sold  in  this  city  by  Geo.  W.  Betts,  in  ■'"^'"o  «-i<^nara  (astate  ol  )     .        .        100,000 

Pearl  street.     There  are  now  several  other  factories  Townsend  Elihu         .        .        .                  inn  nnn 

in  operation,  and  nine-tenths  of  the  ingrain  carpets  n,„i,„,.  „f .  x,  „■□         '^      .           *        'WjOOO 

sold  here,  are  made  in  this  country,  and  are  e^ual  and  th?/?n  uW  N^v^n     k '''^"  ^"°"5-    ^^  «"d  Wa  bro- 

even  superior  to  the  English.    The  ThompsonviUe  "'^"'"-l*'^' ^^^"^'' l>»^e  amassed  6  large  property, 

lactory  turns  out  a  large  amount  of  Brussels  carpet  of  Townsend  I«nai» 

the  best  kind  in  the  market,' much  of  old  BrLsels  tT!lt     v.  T       ,                              "         100,000 

is  made  in  this  country.    Mr.  Thompson,  with  his  f,^!'? '?f  *'f°"!f'^'WniamH.  and  Robert  C,  a  Div 

his  son  Henry  G.  and  J.  Elnathan  Smith,  con.titu-  f;"".^^,'''"^^'' '"Nassau  street,  and  of  a  differentfami: 

ting   the  firm   of  Orrin   Thompson  &   Co,,   have  in  "J  "o™  ^n/ of  the  above.    He  and  his  brother  Wm 

the  city  the  largest  sales  room  in  the  United  States,  "•  carried  daughters  of  the  rich  David  AusUn, 

^LTS^^iy'^lnl^^Zr^^^^l^tl'^tZ^r'  '^T'"''^'''''''^'-         ■         -         -■      150  000 

Thompson  Samuel      .        .        .        -.  1.50,000  b  if  tSMV^^^^^^^^ 

Thomson  Samuel          ....     250,000  ^""^ '°  ^•'°"*' "'•                       •  •'"'^y.Butnotre- 

Jjade  his  fortune  as  a  builder,  and  now  resides  at  Townsend  J.  and  W.         -        -       .        loO  000 

Fort  Washington.  ^  »'"o*l'TV^'"^ '°e^*'*=' '^orthlhLssum,  which  thcv 

Thorn  Herman            ....        500,000  ^^'^^^''r^l^Zt^^t^X^':  ^-'^^^^ 

ThorneJbnathan  ^     ....        350,000  Townsend  Robert  C.          .        .                 ,.„„„,, 

A  Leather  dealer  in  the  Swamp;  married  the  ^ '^'>«, o'^er  brother,  who    married  a'dauehte'r  <?f 

daughter  of  the  late  Israel  Corse;  an  unassuming  Samuel  Whi (more,  a  very  rich  car^  m«S    de 

substantiU  merchant,  a  Quaker.                               ^  ceased,  Robert  C.  received  .576,000  by  h^,!^^  ' 

Thorne  Jonathan        -        .        -        -1000  000  Townsend  Thomfts  J.        -        .        .        15O^0O 

cestors  of  Flushing  and  Cow  Neck  would  open  their  Towns* nd  Williim  H.       .        .                  i«n  nnn 

ey^  to  enter  his  gorgeous  private  chajxil  at  his  im-  The  brother  of  Ig»ac 

penal  mansion  in  tbe  French  capital.    What  changes  rp               ,  t,, 

in  the  wheel  of  fortune,  from  an  humble  purser  in  ^ownse"d  Wm.         ....          IflOOOfl 

the  navy  .^    But  Hwrnan  can  fall  back  to  earUest  Received  ,S  100,000  bv  his  wif»  ,  ,i»lw..,»..^    w,uw 

English  history  for  the  high  rank  of  his  anceMty,  aid  Gates,  decea^ed^    Vide  ciiw  jfh^''***  ^tUa^, 

wha^yer  the  world  may  think  of  his  fashionable  .j..edwe.l  Adam          -                     ^         ^,  ^^ 

Thome  Thomas  W.    ....      joO,000  ^^^^.t^.f^^r^Z^^^J^J^  ^^^^ 

Formerly  engaged  in  the  Lottery  business,  but  at  a*"""'  ^"^^  centuriej  ago.                    'P>wica,  Mass. 

present  President  ofthe  Jefferson  Insurance  Co.  Trimble  Daniel  .... 

ThwingJ.  C. 150,000  Trimble  George  T.    .       -       .                ,m'nn 

T,Jeston  Thomas        ...       500,000  Truslow  James         .        .               "         X, 

Firm  of  Spoffofd,  Tileston  k  Co.  a  Isrse  Coal  deU«  m  k    .        '       "        *^"-^ 

A  large  Loai  dealer,  m  business  with  his  son. 


30 

Tucker  Gideon        -        -       •                  500,000  Van  Schaick  M.        -       -       -       .       200.000 

Formerly  a  mason,  builder  and  architect.    He  mar  ■  Of  a  rraprctahle  Butch  family  of  Albiny,  and  mar- 

ricxl  a  daughter  of  Henry  Brevoort,  decessed,  who  ried  th- dau-hterpf  ttierica  Jao.  Hone,  aid  moved 

was  the  fatier  also  of  the  great  miHiomrc,  HeniyBre-  here.    Ha3  beea  a  Senator. 


voort. 

Tucker  Fanning  C. 

Thi«  is  truly  a  "tall" 
bein?  near  seven 

I's  views,  sings  an  admirable  song  and  patronizes 


150,000 
?:ood  fellow  in  every  sensp, 
seven  feet  in  his  shoe?,  as  ii  plain  to  all 
ndj 
.....sic  and  tlieop'eia,  dii-esattnc  teara,and  in 
is  a  first  rate  gentleman,  living  as  agentleman  should; 
and  showin'j  that  one  can  be  such  witliout  neglecting 


Van  Zandl  Gen.  Peter        -        -        -        350,000 
This  comes  by  his  wife,  a  daughter  of  old  George 
Janeway,  deceased.     He  has  served  in  the  revolu- 
tionary war. 


Varian  Isaac  L. 


200,000 


Of  the  vory  olde-t'of  the  Dutch  "  Mynhee's"  who. 


even  the  severer  engagements  of  besiness  and  the    some  two  ceituries  since,  underpr  bably, Gov. Peter 


counting  room.  For,  where  is  the  better  and  richer 
merchant  than  he  among  the  whole  catalogue  of 
shippers.'  Prof.  John  B.  Beck  married  a  daughter 
of  IMr.  Tucker.  Is  President  of  the  Leather  Manu- 
facturers Bank. 


ivlir.uit  or  Gov.  Wm.  Kieft,  1  catel  w  th  the  Dyck- 
mans,  »  c,  as  honest  mechanics  at  Harlem.  Isaac  L. 
has  been  Senator  and  Mayor. 

150,000 


Varnmn  Joseph  B.       -        -        ■ 

100,000        Of  a  highly-respectable  family  in  Vermont,    He  is 

the  ."enior  partner  in  the  firm  of  Varum,  Graham  & 


Turner'Mr.    - 

Tucker^Moser"^'    -        -        -        -        100,000  Webb,  a  lirge  Dry  Good  house  in  Pearl  street. 

U  Verphnck  Gulian  C.    -        -        -       -     200,000 

,T  ■,    viifm.           o                                      innnnn  Bon  of  the  rich  Judge  VT,  of  FishldU,  deceased 

UnderhJl  Thomas  b.   -        -        -        -       iw,vw  .igulian  Verplank,"  the  ancestor,  is  one  of  the 

-.  names  found  on  the  earliest  Du'ch  records  of  New 

-                  »                            c.^nnnnf>  Amsterdam,  and  thougu  himself  of  plain  origin,  rose 

Van  Allen  James  I.     -        -        -        -      SpwOjUUU  •  to  con-ideraiioa  in  municipal  trusty  aftertJieEnglish 

A  shrewd  old  Knickerbocker,  formerlyfrom  Kin-  Conquest,  1C45.    Gulian  C   V.,  late  senator,  holds  the 

derhook;  made  his  large  proi.e.ty  i«  the  dry  goo^s  roost  poished  and  classical  pen  in  American  UtCTft- 

trad^   in  times  when  gleat  profits  and  small  ri  k»  tuie,  but  want,  the  pathos  and  feeling  of  Irv/ng,  ind 

were  the  o  der  of  the  day.  tue  strength  and  energy  of  many  other  of  our  nat.ve 

were  tne  o  aer  oi         u«y  writers.    He  has  been  a  eenalor  of  this  State,  and 

VanZandt,  ihomas            -        -        -        1-jU,uuu  i,as  been  distinguished  an  a  whi?  politician.    He  is 

Of  an  old  Dutch  family,  always  lived   upon  his  now  editing  one  ot  the  best  editions  of  6hak*peare 

property,  and  has  for  many  years  resided  in  Europe  ever  iSuoUshed. 
Van  Antwerp  James  .        -        -        -        200,000 

Van  Arsdale  Peter,  Dr.      -        -        -        100,000  "W 

A  highly  re'pected  physician,  who  ha«  by  dint  of 

severe  and  continued  ha  d  labor  in  his  profession,  WagstalT,  (estate  of  David)        -        -        200,000 

acquired,  in  the  upper  part  of  our  city,  'herejhe  pay  jj^j  ^  fortunate  father  in  the  Dry  Goods  line. 


iss'mau,  but  sure,  a  comfortable  fortune.    He  is  of 

the  old  Dutch  families.                                                 ,  Wainwright,  tult 

„      T>          r  x.                                               innnno  ;>n  Engl. sh  gentleman  long  resident  of  this  city, 

Van  Buren  John          -        -        -        -        100,000  „„'^°formerly  head   of  the  HousS  of  VVaiuWtight, 

Vanderbilt  Cornelius         -        -        -      1.200,000  Shiels  &  Co.— not  no^»>iu  business. 

Uf  aa  ol  1  Du  ch  root.    Cornelius,has  evinced  more  ,Tr„,K.„.  T,,«.pnl, 

enertjv   .nd    '^o  ah-a'lat^veness"  in  bui  ding  and  ^Valicer  Josepi 
dnving  steatiboat',  and  other  prnjpct-,  than  ever 
slngle'duchman  pj^sses^ed     It  takes  eur 


100,000 


200,000 


English  meichant.    Quaker. 
Walker  K.  G.    -        -        - 


jclearolf  the  vapors  and  f.igs  of  the"Zuy 
der  Z-e."-.ndwak:uvihei)We3ni  of  a  descendant  of    Wallace  Mrs.  William 

A  d  slant  relat'on  o.  Hon.  Henry  f  lay, 
t-  e  widow  of  a  Scottisn  gentleman,  who 


old  iloUand. 

Vandervoorl  Peter      -        -        -        -        150,000 

Van  Nest  Abraham     .        -        -        -      300,000 

An  old  Dutchman,  and  self-made  man ;  formerly  a  ,years  s  nee, 
Saddl'-r,  then  engaged  in  ihe  -,8ddlery  hardware  husi 


100,000 

300,000 

Mrs.  W.  is 


to  this 
country  before  the  Hevoiution,  made  a  larse  fortune 
In  .-avannah,  Ga.,  and  settl.-d  n  tu  s  city  about  forty 


made    is  moiey. 

Van  Rcnsollaer  (Estate  of)  Stephen 


10,000,000 


250,000 
„   .  ,      able  Scotch  gentleman,  a  "  p  liar  of  the 
church,"  and  noted  f.r  punctual  ty  mi  uprightress 
in  his  dealings. 

The  late  Patioon  Van  Rensellaer,  of  Albany,  the    ,y.  ^^  i    tt 250,000 

•ord  of  themanorRennsUaerwyrk,  the  most  ancient     Ward  A.  n.  ; 

and  disiinsu.sicil  name  of  the  old  Dutch  gentry  who     Ward  James 100,000 

river.  It  and  a^ove,  and  below  Alb.ny;  the  estate  had  Washington  Hall. 

then  c-mi.rehfn.iingthM  city,  then  a  fortress,  now  a  Wardjohn 300,000 

^"^^^i^^St^^^^'^^"^^^  ^BrotherofSamueLdeceasedandofKichaid     OC 

m",unt"  n'  and  i-s  t^,"dy  tenants  ^t.ll  do  homage  tS  an  ancient  and  honored  name  in  the  annals  ot  Rhode 

the"''.ob"e  house  of  Van  Ranselher"    No  family  in  Island.    Is  a  Broker. 

Americ*  ha-  so  long  kept  together  an  estate  to  be  ^     .  Samuel  Jr.        -        -        -        -        150,000 

?Snfn.^"Viit\rjrhrjSX'^:s'^tif  ?h^e  "^Son  of  Samuel,  deceased,    Marrie.  a  daughter  of 

»fal  Wp-t  in  the  country.    Besides  the  •'  lordship"  the  rich  Wm  B.  Astor,  and  is  of  the  banking  house 

tte  late  Pa-roon  owned  hundreds  of  lots  in  New. York  fcis  fatherSamucl  belonged  to.    His  second  wile  was 

city,  am  in.' othersthe  block  where  Niblohashissar-  a  Miss  Grime*. 
den     Th  s  c-tate  is  now  divided  between  two  sons,  .      tt^„^„ 

one  of  whom  ownsiklbany  county  and  the  other  Van  Waring  Henry      - 

Ren=allaer  county.  Watts  James  N.    -       -       - 

Van  Noslrand  John    .       -       -       -       150,000  Weed  Nathaniel  -       -       - 

Ke-pectableWd  Dutch  ffunny,  from  Jamaica,  Lon^  Weed  Harvey 400,000 


100,000 
200,000 
-.ijOjOOO 


31 


Weed  Harvey,  -       -  .     200,000 

Wells  James  N. 100,000 

James  N.  VVelU  rrse  from  the  humble  vocation  ot" 
a  Carjenler  to  be  a  rich  man  and  Alderman. 

Wetmore  Wm.  S.  -  000,000 

Extensive  Iron  iWerchant.  Made  Lis  money  in 
the  China  trade.  Married  some  ten  yeira  since  Miss 
Eodger=,  of  Porismouih,  N.  y.,  who  it  is  said  f  irly 
took  him  by  storm.  Is  connected  with  the  wejihy 
London  ho  ■;  e  of  Morrison  i  Cryder,  by  ii.arriage  of 
Mr.  C.  to  Misa  W. 

WendeHJohnD. 500,000 

A  native  of  Rh'  de  Island,  and  has  acquired  a  vrood 


Weyman  Abner 


200,000 


One  of  the  richest  "tailois"  of  our  city.  A  worthy 
family. 

Wliiteman  Wm.  S.  -  -  -  -  500,000 
Canton  merchant,  and  architect  of  his  own  fortune. 

White  Miss  Amelia  -       -        -      300,000 

She,  with  her  sister  Charlotte,  now  deceased,  were 

some  fifty  years  ago  the  reisnin:;  belles  of  the  city. 

Their  father  was  a  meachant  of  high  tone  and  fashion. 

White  Ell 500,000 

While  Robert-    -        -        -        -        -       lOOjOOO 

White  Wm.  A.        -       -         -       .         150,000 
Whitehead  Wm.        ....         150,000 

Whiting- James  R.        ...        -      200,000 

The  late  District  Attorney  for  this  county,  and  dis- 
tinguished as  a  lawyer.  He  has  been  an  alderman, 
and  an  intluential  man  in  the  democratic  ranks.  He 
has  made  a  fortune  in  investments  in  real  estate,  and 
his  profession  has  been  lucrative. 

Whitehouse ....        100,000 

Whillock  William  Jr.         .        -        .        100,000 

A  shipping  and  commission  merchant. 
Whitney  Stephen     ....      10,000,000 

Next  in  wealth  to  .lohn  Jacob  Astor.  He  was  bom 
in  Ct.,  and  bega;i  life  as  a  poor  boy  in  this  city,  by 
retailing  liquors,  and  finally  dealt  in  the  article  by 
wholesale.  The  great  impetus  to  his  fortune,  how- 
ever, was  given  several  heavy  but  fortunate  specula 
tions  in  cotton.  His  investments  in  real  estate  many 
years  a^o,  have  doubled  his  fortune  bv  a  rise  in  value. 
Mr.  Whitney  is  a  very  shrewd  mariager,  and  close 
In  his  dealings. 

Whittemore  Timothy  ...  100,000 
Another  self-made  man  was  hi^  father,  Samuel, 
by  that  most  curious  and  most  ingenious  of  altin- 
eenious  Yankeb  inventions,  the  Wool  card  maker, 
which  hyics  complicated  movements  almostimitJtes 
the  human  hand,  and  human  intelligence,  self-pro- 
pelling by  ateam.  It  is  a  rare  instance  of  the  inven. 
tion  of  genius  giving  return  profits. 

Whittemore  Mrs.  Samuel  ...  100,000 
Whittemore  Thomas  ...  200,000 
A  son  of  Timothy,  whose  father  was  the  inventor 
Of  the  wool  cording  machine,  one  of  the  most  re- 
markable inventions  on  record,  and  displays  n  its 
complicated  and  marvellous  movements.  This  in. 
vention  is  the  source  of  Thomas'  wealth. 

Whittemore  John  ....  100,000 
Celebrated  Card  manu''actnrer.  son  of  the  late 
Thomas  Whittemore,  who  has  acquired  a  handaome 
fortune,  and  has  one  of  the  most  extensive  and  com. 
plete  CardManufictoties  in  the  Uiiiled  States,  at 
Patterson,  New  Jersey. 


Withers,  Renben 


100,000 


C  shier  of  the  Bank  of  the  Sute  of  New  York. 
Came  here  a  poor  boy  from,  Virginia,  and  earned 
his  .noney  in  the  China  trade  when  of  the  house  of 
>^  icners  ima  Heard,    Vide  Jamea  Heatd. 


Wiloy  John 100,000 

<  f  the  tirm  of  Wiley  it  Putnam,  the  largest  impor 
ters  of  books  m  the  ciiy  Mr.  Wiley  has  been  a  'ong 
time  in  the  b"nk  business  in  this  city,  commencing 
as  agent  for  Thomas  Aat.lle,  of  Philadelphia. 

Willink  I.  A.       -  -       -       100,000 

Williams  Richard  S.  -  -  -  150,000 
By  faitliful  and  close  application  to  the  Grocery 
business,  in  which  he  bears  a  most  respectable  name, 
has  acquired  a  large  property.  He  is  of  the  family 
of  one  of  the  greatest  landholders  amonp  the  early 
purchasers  and  settlers  who  colonized  the  English  vil- 
lages on  Long  Island,  viz. :  Robert  Williams,  nephew 
it  IS  believed,  of  Roger,  the  founder  of  Providence. 

WUIiams  R.  S.        -       -  -        -         150,000 

WUlis  John  R.  (estate  of)  -        -        150,000 

Hardware  merchant,  and  of  an  ancient  quaker 
family  of  Long  Island. 

Willis  Wm.  H.  i 

Willis  Alfred     C  each       -       -       -       100,000 

Willis  Edward  > 

Wilmerding-  Wm,  E.  -  -  -  300,000 
Of  the  auction  house  of  the  late  firm  of  Austin  ic 
Wilmerding,  and  formerly  of  Haggeriy.  He  is,  we 
believe,  Gcriran  in  extraction,  and^now  of  the  firm 
of  Wilmerding,  Frieit  i;  Mount. 

Wiu^hrop  Henry  R.  -  -  .  .  lOO.OOO 
In  expectancy  this  descendant  of  the  first  Governor 
of  Massachusetts,  may  count  on  inheritinc;  this  amount 
by  his  marriage  with  Miss  Hick.',  a  erand-daughter 
ot  the  late  Thomas  Uuchanan.  TheWinthrops  have 
their  family  portraits  for  eight  generations,  as  far 
back  as  the  fifteenth  century,  when  they  left  their 
rich  possessions  in  England  to  found  the  city  of  Bos- 
ton. 

Winans  Anthony  V,     ....        150,000 
Wisner  Gabriel         .  100,000 

Grocer,  and  a  wealthy  batchelor.  His  grandfather 
was  a  member  nf  the  Continental  Congress  from  this 
State,  and  his  father  was  killed  at  tlie "Indian  massa. 
creatMinisink.- 

Winslow  R.  H.  ....  100,000 
Broker  and  Banking  house  in  Wall  street,  ot  I-il. 
grim  descent ;  with  Perkins,  his  partner,  does  most 
of  the  Ohio  business.  Brought  up  her  State  stocks 
by  his  jndicious  management.  A  sound,  clear- 
headed man. 

Wiley  LeroyM.      ....         100,000 
Wiley  Leroy  S.         ....         100,000 

Dry  Goods  Merchant,  a  Georgian. 
Withers  Reuben        ....         150,C0O 

Ca  hier  of  the  Bank  of  New  York. 
Witherspoon  George         .        -        -        100  000 

An  Englishman,  who  married  the  daughter  of  Mrs. 
Fisher,  is  a  cotton  broker  in  business  with  his  bro- 
ther. 

WiiehtWil.iatn  ....  $100,000 
Son  of  Isaac  Wright,  the  projector  of  IheLiverpoo! 
line  of  packets,  formerly  in  business  witli  his  father, 
and  now  retired  to  New  Jersey.  His  father  was  of 
a  Long  Island  Quaker  family. 

Wood  John       .....       250,000 

Flour  merchant. 
Wolf  N.  a         .        .        -        .        -        100,000 

Flour  dealer.  Formerly  from  Norfolk,  Va.  His 
father  resided  in  Baltimore,  was  one  of  its  first  citi- 
zens. 

Wood  Silas       -       -       -       .       ...  150,000 

Demi.  Quaker. 
Wood  John 8250,000 

£oin  a  poe{  boy  in  this  city,  and  latey  deceased  at 


32 


New  Rochelle.    Made  money  as  a  baker,  and  subse-  iir,;_i,»  t.i,„  r%                                   ■—       ocn  rnVi 

quently  shipped  ice.    Of  thi^  he  was  the  first  shipper.  Wright  John  D.         ^        ,        .        -        250  UW 

He  has  invested  his  properly  mostly  in  mortgages  and  Son  of  Jordan  Wright,  a   Quaker,  deceased,  of 

real  estate  in  this  city.  Flushing.    He  married  the  only  child  of  James  Bird, 

Quaker,  of  the  same  place,  by  whom  he  received  up- 

WoodhuU  Albert        «        s        a        ^         150,000  wards  of  $100,000,  and  in  addition,  a  large  amount 

&  brother  of  Calebs.,  above,  ami  of  the  firm  of  t>oni  his  fathers  estate.    His  property  is  about  equally 

Woodhull  &  Minturn,  large  Commission  and  Shipping  ^'"'^^^  ■"'"  real  estatebetween  this  c.ty  and  Flushing, 

merchants,  and  owners  o^f  a  line  of  l  iverpool  p.ck  •  "^  ^^  \<'.''"  »"  ^porter  in  the  city,  but  has  now  re- 

ets,  in  which  line  the  Liverpool  and  th-;  Qitenof  the  '"^«='i  '»  *»'«  "="'^<=  P''^'^'=- 

West  are  the  largest  American  vesels.  Wright  Grove  (estate  oO    -       *        -        150,000 

Woodhull  Caleb  S         .        ^        .        .     100,000  Thisrespected  merchant,  deceased,  was -robably 

Th.™-      .       /-.v    ^      •.    •    ..,■           ^    ■   T>-  I    A  a  branch  of  the  numerous  family  of  Wrights  of  this 

W^Sh.n^^,  ''^""^'^'^^"".'y.K"/*"'"'""^'""'       ^  city,  who  are  of  New  England  o.igin,  hiving,  it  is 

!T°l^„"A'i  .(ll»J^.  "*?>.«  i'.  "**'_  f  ""^^"^  "^.^JlJJJ^l'  believed,  grst  settled  after  the  Puritan  forefat&ers  at 

150,000 


afterwards  was  spMt,)  who  came  from  Northamp-     pi,._,.,,,\,^ 

shir»,  Eng.,  and  settled  at  Broukliaven,  L.  I.,  where     , ,7     ,     „ 

the  fannly  has  been  distin^ished  ov  important   ivil     Wright  Henry  A. 

and  military  trusts.    An  ancestor  Nathaniel,  served 

under  Abercrombie,  and  was  afterwards  President  of 

the  Provincial  Congress,  at  the  adoption  of  that  body 

of  the  Declaration  of  Indeitendence,  and  at  the  same 

time  General,  commanding  the  brigadeofSutfolk  and 

Queens  County,  L.  I.,  in  which  capacity  be  rendered 

important  service,  and  died  from  the  effects  of  a 

wound  in  Sept.,  nv6.    Caleb  S.,  born  at  Brookhaven, 

is  a  Lawyer  in  this  city,  and  has  been  Pnaident  of 

the  Common  Council.    He  U  a  prominent  member  ,,       ^         ,   ^  on^  ^n 

member  of  the  whig  party,  and  highly  esteemed  as    Yates  Mrs.  Joseph  C.         -        -        -        200,000 

one  of  our  most  worthy  citizens.  Her  husband,    of  the  Schenectady  Yates  family 

,,,,„„         „  „,„      „     made  his  wealth  as  a  Lottery  dealer. 

Woodruft  Thos.  T.       -        -  -        250,000 

AnArchitect.andwhiloan  Alderman,  had  several    Young  Henry       -        -        '        '   ^\     ^^'^'^^ 
fat  contracts  of  the  corporation.  Of  Long  Island.    A  Hardware  Merchant. 

Wolle  Christopher      ....       300,000    Youngs  Henry  -  -  -        150,000 

Of  an  old  German  family,  and  a  handsome  merchant 
in  Pearl  street,  of  the  firm  of  Gilbert  &  Gdlespie. 

Wolfe  John  D. 400,000 

Of  the  firm  of  Wolfe  &  Bishop,  hardware  mer- 
chants.  He  married  a  daughter  of  Petef  Lorillard, 
(deceased,)  by  whom  he  received  some  §200,000. 
The  rest  he  made  in  business, 

Wright,  (widow  of  Isaac)     "      •        -        200,000 

Her  husband  was  the  projector  of  the  first  line  of     Zimmerman  J,  C  Sr, 
Liverpool  packets.    See  Jonathan  Goodhue. 


Yates  Henry       .        .        -        .        .        300,000 
A  lottery  dealer  tc.    His  brother  was  Gov.  J&seph 
C.  Yates,  one  of  the  most  ancient  and  respectable 
Dutch  families. 


A  high  i-hnrchman,  and  a  pillar  of  St.  John's.  One 
oftho  few  who  has  made  money  in  the  retail  Dry 
Good  business  in  Broadway,  and  kept  it.  Is  a  laige 
holder  of  real  estate  in  this  city.  He  is  a  brother-ia- 
law  of  Charles  G.  Ferris  E^q  ,  formerly  member  of 
Congress  from  this  city. 


200,000 


^J^- 


Chapter  VI 
EXP.:lNSION  AND  PANIC 

The  Oti^iii  of  Banks—  The  First  of  the  Trust  Companies —  The 

Significance  of  the  Trust  Company  Idea —  The  Opening  of 

the  Erie  Canal — How  the  Canal  Affectci)  Commerce — 

A  Flood  of  Paper  AToney — The  Era  of  Spec  a  la  lion  — 

The  Status  of  the  182^  Bankrupt — Abuses  of 

the  Banking  System  —  The  Great  Fire  of 

iSjj — The  Panic  of  iSj6 — The 

Bank  Failures  of  18^0-2 

A  CENTURY  ago,   then,   the  United  States  was   in   the   first 

Z^   flush   of   its    exuberant   young    strength.      It   had    fought 

*^  -^  and    won    its    last    defensive    war,    demonstrating    with 

finahty  its  right  to  national  existence,  its  determination  to  protect 

the  rights  of  its  citizens. 

Its  rapidly  increasing  people,  enterprising,  vigorous  and  suc- 
cessful, were  congregating  into  new  communities  all  over  the 
eastern  portion  of  its  domain,  like  swarms  of  eager  bees  sucking 
the  honey  of  its  illimitable  national  resources,  supplying  the 
expanding  needs  of  towns  that  sprang  up  over  night,  of  cities 
that  doubled  in  a  few  years.  The  restless  activities  of  these 
farmers,  merchants,  miners,  lumbermen,  arid  manufacturers 
were  forming  a  commercial  network  that  spread  from  one  centre 
to  another  in  radiating  lines  of  communication,  each  affecting 
every  other,  all  so  surcharged  with  vital  energy  that  the  fresh 
growth  and  interrelations  altered  the  aspect  of  business  and 
finance  year  by  year. 

The  banks  of  any  given  time  and  place  are,  of  course,  an 
accurate  expression  of  the  state  of  business  and  social  evolution 
of  that  community.  Take  the  mediaeval  goldsmith  who  loaned 
money  to  spendthrift  princes  on  the  security  of  crown  jewels, 
or  the  seventeenth  century  ones  in  London  who  kept  "running 
cashes,"  or  the  campsores  (money  lenders)  who  flourished  in 
Venice  two  centuries  before  the  Senate  established  the  Banco 
di  Rial  to  (Shy  lock  was  such  an  one) — from  these  a  real  historian 
could  build  the  social  organism  in  which  they  plied  their  trade, 

185 


186  A  CENTURY  OF  BANKING  IN  NEW  YORK 

as  a  palaeontologist  reconstructs  the  megatherium  from  a  thigh- 
bone and  off  hind  claw. 

First  comes  the  primitive  personal  loan  from  individual  to 
individual,  with  valuables  as  a  pledge — pawnbroking,  in  a  word. 
With  foreign  commerce  arrives  the  necessity  for  an  agency  to 
exchange  bullion  or  money  of  other  countries  into  home  money ., 
— and  we  get,  for  instance,  the  great  exchange  banks  of  Am- 
sterdam and  Hamburg,  which  had  no  capital  and  received  no 
deposits,  but  were  merely  institutions  for  transferring,  for  a 
small  fee,  any  kind  of  coin  into  money  that  was  current  in  Holland 
and  Germany:  the  former,  after  two  centuries  of  essential  service 
to  European  commerce,  closed  its  doors  in  1820;  the  strictly 
regulated  Bank  of  Hamburg  lasted  until  1873,  when  Germany 
adopted  the  gold  standard,  thus  destroying  its  reason  for  exis- 
tence. 

As  commercial  enterprises  develop,  there  arise  demands  for 
capital  beyond  the  merchants'  immediate  resources,  as  well  as 
for  the  safe  keeping  and  employment  of  monies  not  immediately 
needed:  with  this  stage  begins  banking  as  we  know  it,  the  bank- 
ing of  deposit  and  discount— retaining  its  e:!s;change  functions, 
adding  perhaps  the  issue  of  notes  as  a  substitute  currency, 
ramifying  and  changing  with  the  growing  complexity  of  the 
business  structure.  A  division  of  functions  may  come,  as  with 
the  banks  proper  which  do  not  lend  on  character  for  developing 
a  new  business,  but  confine  their  loans  to  buying  commercial 
paper.  From  the  very  nature  of  the  relation,  it  is  an  essentially 
modern  institution,  necessarily  developing  with  the  business 
life  out  of  which  it  springs  and  from  which  it  draws  sustenance. 
The  head  of  the  great  and  powerful  Bank  of  Amsterdam,  if  he 
could  come  back,  would  be  as  bewildered  as  any  novice  by  the 
day's  work  of  the  least  of  our  twentieth  century  banks. 

The  modern  bank  is  a  financial  reservoir,*  collecting  small 
or  large  amounts  of  temporarily  idle  money  and  then  lending, 
on  collateral  or  character,  this  concentrated  capital  to  those 
who  can  put  it  immediately  to  work;  it  creates  no  new  wealth, 
but  it  makes  available  the  motive  power  of  capital  that  might 
be  lying  idle  in  hoards;  also,  it  increases  the  supply  by  using 
credit,  through  note  issues  or  discounting  of  bills,  thus  doubling 

*  The  very  name  seems  to  have  arisen  from  some  association  with  a  bank 
of  earth — a  pile  heaped  up  for  some  common  purpose.  Similarly,  the  pawn- 
shop is,  in  Italian,  still  the  monle  da  pieta.  W.  G.  Sumner  points  out  that 
"bank"  before  the  Revolution  meant  merely  "a  batch  of  paper  money,  issued 
either  by  the  government  or  a  corporation."  Much  of  the  early  opposition 
to  banks  came  from  this  conception  that  their  main  function  was  to  Issue 
notes — the  value  of  which  was  highly  speculative. 


FIRST    OF    THE    TRUST    COxHPANIES 


187 


or  trebling  the  working  power  of 
the  real  rnoney  on  which  the  oper- 
ation is  based. 

With  the  growth  of  the  banks 
into  huge  concentrations  of  capital 
and  credit,  they  came  to  play  a 
larger  and  larger  part  in  industry, 
swaging  the  destinies  of  businesses, 
owning  them,  running  them.  It  is 
this  which  we  have  witnessed  in  the 
latter  quarter  of  the  last  significant 
century. 

In  all  this  enlargement  and  com- 
plexity there  is  no  new  principle 
involved:  the  simple  operation  of 
lending  money  on  some  sort  of 
security  is  still  the  basis  of  active 
operation. 

This  growing  complexity  was  well 
begun  by  the  '20's.  Old-fashioned 
as  the  methods  seem  to  us,  reckless 
as  were  some  of  the  experiments, 
they  were  shaping  themselves  to 
the  growth  of  the  country;  and 
they  were  on  the  very  verge  of 
the  new  era  brought  in  by  rail- 
roads and  power  manufacturing. 

Meanwhile  the  very  year  of  l^2Z 
saw  the  introduction  of  a  really 
new  application  of  an  old  principle, 
which  was  ultimately  to  have  the 
most  profound  influence  upon  the 
banking  development. 

The  outward  manifestation  of 
this  was  the  almost  unnoticed  ad- 
vertisement of  a  new  coiopany, 
the  Farmers'  Fire  Insurance.^  and 
Loaxu-Cp.,  which  appeared  in  a 
New  York  newspaper  of  August  6. 
By  its  charter,  granted  in  February 
and  amended  in  April,  it  had  power 
to  receive  property  in  trust  and 
to  exiecute" trusts  in  its  corporate 
capacity  as  any  individual  trustee 


TSoIbc«  at  No.  34  WaU-etreW,  .nJjc,u.rtg 
*  tenTof  New-1fork-«i>culroin  9  o'clock,  A. 

''■'ThrO^'paDy  w  now  rwJy  to  reclve  propo- 
,  t^  injuring  property  of  ev.?ry  description 
t^Cor  uLV  by  lire.  TI.e  tera^s  ,,,11 
JfTfavorable  m  Ihrte  of  -..iiy  other  compaoy  lo 
^  rily,  aliowio;  l.ber;illy    (o,  cir.umaanoes 

"S  Company  aUo  have  power  g.antea  to 
ji  .1  to  i-ecc;ve,  Like, poisew,  and  btauJ  scizeU 
•J^Und  ^l  property  thai  may  beconveyeJ  to 
i^  io  TRUST,  a..J  to  eMralc  a..y  aoJ  all  such 
^OSTorTRUSTSI 


1  llieircorixji-ale  ca[;aci( 


ill  llie  fame  manner,  anJ  to  th«  eanie  ex- 
^\  auT  other  tritstee  or  rauaxEEB  might 
"^Id  lawfully  Jo."  Ihe  tucst  property 
"lib*  kept,  a«  their  charter  prescr.bcs,  wholly 
L^\t  from  the  other  couceins  of  the  company, 
*^nnot,  iu  anv  evpnt,  be  ma<la  liable  for  iU 
?r, or  eucagemcnt'.  Any  property  «o comaut- 
fSlotb<an  inTRDST,  wUl  be  inverted  ra  «ach 
^nner  as  the  cb4NTEI«  may  chus«  lo  direct. 
«^  p„bl.c  will  readily  perc«ivc,,tl,at  the  ad- 
„„ta?»J  of  lb"»  Cocnpaor  to  pfOia:t  property  for 
I,  belefit  ef  in/inOior  o^Aer.,  or  to  aoawer  any 

'''"  aLf^'"  """  ^^'^  individual  ex- 
^'*"'  „f  oiher  triMees,  who a.a always  liable 
to  a^uidtie^  which  no  foresight  can  fuard  as:aiDst 
Of  nreve.it ;  "  the  numerous  and  freqaeat  »ppU- 
atiom  to  the  coort  of  chancery  for  fillips  up  of 
TKU)<!ie»-«ca»K)oed  by  death,  wjoliencie.,  or 
other  cauiea,  most  incoole«taUy  ehow  :  and  the 
tx\>eiisei^  such  proceeding*  often  swallow  up  a 
-eat  part  of  the  Trust  Eetata.  By  pipdnseuch 
mpertvinlhechar^of  (his  company,  icho  hace 
^inurd  lucecssi'n,  there  can  be  no  da-.j^er 
fhaleverof  any  such  cas^jalties,  ai  aTI  such  |.ro- 
B(rtfwiil  be  invested  either  at  discretion  lu  the 
^L beneficial  manner,  for  the  sole  advantaj;e  of 
the  party  «>nveying  the  same,  or  inveited  as  the 
pjrty  may  direct,  writhin  the  strict  prontionl  of 
luch  trust. 

Company  refer,  for  further  information 
mn  this  subject  to  their  cbarter,  a  copy  of 
^dnnay  !>«  bad  by  appHcation  at  the  office, 
flhtre  il30  the  terms  for  any  trust  estae  may  be 
tasvrn. 

RESIDENT   DlftECTORS. 
James  M'Bnde 
A.  H.  Lawrence 
Benjamilk  Bailey 
Thoma*  Franklin 
John  Johnston 
Thomas  S.  Townscnd 
Francis  3altTJf 
Wilham  VV.  Rosaell 
Fr-denck  A.  Tracey 
isON-RESIDENT  DIRECTORS. 
Southern  District— James  Tallmadje,  Poagh- 
keep«ic;  Christian  Schell,  Rhioebeck. 
Midlle  District— William  James,  Albany. 
E;«lero  District— John  L.  Viele,  Waterford. 
Western   District— George    Andrus,    Adam?, 
Jefferson  rouaty  ;  David  White,  Palmyra,  OnU- 
riocountv. 

■  JOHN  T.CHAMPLIX,  PresideDt. 
Anhibald  Mclntyre,  Secretary. 
aug6 

The  first  published  advertise- 
ment of  the  Farmers  Fire  In- 
surance   and    Loan    Co. 


IicharJ  HariMU 
Junes  Mugee 
George  Oris  wold 
Beiijamia  Nlarihall 
C.  C.  Canibreleng 
James  D'Wolf,  Jun. 
He.iry  Wheatoii 
Cahriel  L.  Lewis 
ilenry  Maclier 


z 


188     A  CENTURY  OF  BANKING  IN  NEW  YORK 

tould  lawfully  do — which  seems  to  be  the  first  instance  in  history 
ol  a  corporation  formed  for  such  a  purpose. 

"The  public  will  readily  perceive,"  continued  the  announce- 
ment, "that  the  advantages  of  this  Company  to  protect  property 
for  the  benefit  of  injants  or  others,  or  to  answer  any  speclat 
purposes,  either  of  a  public  or  private  nature,  are  far  greater 
than  those  of  individual  executors  or  other  trustees,  w'ho  are 
always  liable  to  casualties,  which  no  foresight  can  guard  against 
or  prevent;  as  the  numerous  and  frequent  applications  to  the 
court  of  chancery  for  filling  up  of  vacancies  occasioned  by  death, 
insolvencies  or  other  causes,  most  incontestibly  show:  and  the 
expenses  of  such  proceedings  often  swallow  up  a  great  part  of 
the  Trust  Estate."  (One  thinks  of  "Jarndyce  &  Jarndyce" 
as  immortalized  by  Dickens  a  little  later.) 

The  legal  conception  of  holdings  property  in  trust  was  old 
enough.  ""Based  on  a  combination  of  the  Roman  principles  of 
asus  and  fidelcommissum  the  "use,"  or  trust,  had  been  seized 
upon  by  ingenious  monkish  lawyers  as  a  device  by  which  to 
evade  the  provisions  of  the  mortmain  laws.  Forbidden  as  a 
corporation  to  receive  bequests  of  land  (since  the  great  lords 
found  their  seignoral  rights  thereby  impaired)  they  arranged 
to  have  estates  conveyed  to  some  friendly  "dummy"  on  the 
understanding  that  their  religious  order  should  have  the  use 
and  income.  These  "uses"  were  free  from  the  obligations  of 
feudal  tenure,  and  could  be  bought,  sold  or  devised  by  will; 
the  nominal  owner  was  often  a  nobleman  of  such  rank*  that 
he  could  defy  both  the  law  and  the  hungry  lawless  aggressors 
and  preserve  the  property  for  his  cestui  que  use,  whose  interests 
he  guarded. 

A  great  body  of  legal  and  ecclesiastical  enactments  grew  up, 
recognizing  in  law  what  had  been  only  a  matter  of  personal 
good  faith;  the  artifice  was  so  effective,  in  such  a  chaotic  period 
of  murder  and  violence  as  that  which  saw  the  Wars  of  the 
Roses,  that  by  the  reign  of  Henry  VII  most  of  the  land  in  Eng- 
land was  held  in  use.  The  Statute  of  Uses,  enacted  in  1535, 
is  still  the  basis  of  conveyancing  in  England;  and  the  elaborate 
law  of  trusts,  one  of  the  most  highly  developed  branches  of 
equity,   has   grown  out   of  these  ancient   roots. 

The  idea  was  thus  an  entirely  familiar  one  to  English  speak- 
ing men  of  affairs  a  hundred  years  ago;  but  the  notion  of  a 
company's     undertaking    such     trusts    was     completely     nqygl. 

*When  Richard  III  came  to  the  throne,  he  held  so  many  fiefs  as  guardian 
that  It  was  necessary  to  pass  a  special  act  transferring  the  lands  to  his  co-f  coffers 
or  to  those  for  whom  thev  were  held  in  trust. 


SIGNIFICANCE    OF    TRUST    COMPANY        189 

There  is  some  indication  that  the  germ  of  the  plan  came  from 
India — a  striking  enough  fact  when  one  contemplates  the  dis- 
turbed state  of  that  country  then  (torn  by  the  bloody  wars 
of  the  English  conquerors  with  Gurkhas,  Mahrattas  and  Pin- 
daris)  the  separation  due  to  the  months'-long  voyage,  and  the 
utter  variance  of  business  conditions  in  this  oriental  land  from 
our  own.  It  is  recorded  that  a  group  of  financiers  who  used 
to  gather  at  the  Merchants'  Coffee  House  in  Philadelphia  and 
who  formed  in  1809  a  company  for  handling  life  insurance 
and  annuities  decided  in  1829  to  add  the  execution  of  trusts 
to  their  activities,*  their  attention  being  "irresistably"  drawn 
to  this  field  by  the  remarkable  success  of  what  were  called  in 
India  agency  houses — "concerns  organized  to  transact  busi- 
ness for  trustees  or  individuals,  to  receive  monies  on  deposit 
and  to  administer  estates." 

Now  John  T.  Champlin  (to  whose  efforts  this  new  venture 
was  mainly  due,  and  who  was  the  concern's  first  President) 
had  been  for  years  a  member  of  the  great  shipping  firm  of  Min- 
turn  &  Champlin:  it  seems  likely  enough,  judging  by  the  Phila- 
delphia tradition,  that  the  same  reports  of  the  prospering  agency 
houses  in  far-away  India  may  have  come  to  him  by  personal 
narrative   through   his   mercantile   and   shipping   connections. 

This  seed  from  a  far-off  land  was  destined  to  find  such  favor- 
ite soil  that  it  grew  to  a  mighty  tree  indeed — so  umbrageous 
that  in  another  half  century  or  so  it  was  seriously  incommoding 
the  original  denizens  of  the  business  forest,  and  the  banks  were 
seeking  legislative  and  other  means  of  meeting  the  competition 
of  the  great  overshadowing  trust  companies.  For  the  history 
of  finance  in  America  during  the  last  generation  has  demon- 
strated strikingly  the  influence  upon  the  whole  industry  neces- 
sarily manifested  by  any  very  large  accumulation  of  capital — 
whether  in  trust  companies,  insurance  companies,  title  guarantee 
and  mortgage,  companies  or  individuals.  The  concentrated 
power  of  large  sums  of  money  demands  use  just  as  surely  as 
the  fire  of  genius  demands  expression:  whether  it  be  used  for 
the  public  good  depends  also  upon  the  character  of  those  who 
wield  the  power. 

Naturally  enough,  no  one  foresaw  the  significance  of  this 
departure,  not  even  the  founders  of  the  Farmers',  who  were 
concerned  with  establishing  various  lines  of  profitable  business, 
and  devoted  most  of  their  energies  at  the  start  to  the  established 

*The  project  did  not  actually  take  effect  until  1836,  six  years  after  the 
second  New  York  trust  company,  the  New  York  Life  Insurance  &.  Trust  Co., 
had  been  chartered. 


190  A  CENTURY  OF  BANKING  IN  NEW  YORK 

field  of  fire  insurance,  in  competition  with  a  dozen  other  con- 
cerns already  engaged  in  this  work. 

Anyhow,  even  when  the  cold  weather  checked  the  yellow 
fever  and  permitted  New  York's  population  to  return  and 
resume  business,  there  were  plenty  of  current  matters  demand- 
ing attention:  such  as  the  protective  tariff  for  manufacturers 
urged  by  the  Middle  States  to  balance  the  duties  on  cotton 
and  sugar,  and  the  fisheries  "allowances;"  the  nests  of  counter- 
feiters, both  of  bank  notes  and  coins,  discovered  every  now  and 
then;  the  subscription  for  the  new  Exchange;  the  statistics 
showing  that  during  the  year  there  had  come  into  the  port  of 
New  York  (a  natural  meeting  ground  of  commerce  since  Indian 
days)  twenty-five  hundred  vessels*  carrying  thirty-three  milUon 
dollars'  worth  of  goods  and  paying  nearly  ten  millions  of  duties; 
the  burning  of  $109,000  of  the  Kentucky  Commonwealth's 
depreciated  paper — much  the  most  fitting  treatment  for  it; 
the  taking  up  of  the  last  canal  loan  at  5  percent.;  and  the 
city's  annual  budget,  showing  receipts  of  $749,825.19,  with  a 
surplus  of  over  $50,000  for  the  redemption  of  municipal  stock. 

On  October  8,  1823,  occurred  the  preliminary  celebration  at 
Albany  of  the  Erie  Canal, f  the  final  opening  of  which  was  com- 
memorated so  lavishly  in  New  York  two  years  later.  The 
large  delegation  from  New  York  included  William  Bayard, 
Cadwallader  Colden,  P.  C.  Van  Wyck,  Philip  Hone,  Dr.  Hosack 
and  many  other  notables.  The  editor  of  the  Commercial 
Advertiser  was  there,  too:  "We  attended  the  celebration,  and 
have  never,  on  any  former  occasion,  experienced  feelings  of 
such  proud  satisfaction."  There  were  officials  and  societies 
and  speeches  and  processions;  the  prodigious  Dr.  Mitchell 
poured  libations  from  two  bottles  of  water — one  taken  "from 
the  depths  of  the  Indian  Ocean,"  the  other  from  the  Atlantic; 
and,  after  a  "sumptuous"  dinner  at  five  o'clock,  one  hundred 
and  fifty  of  the  celebrants  poured  libations  of  champagne  to 
toasts  innumerable,  "interspersed  by  music  from  the  band  from 
West  Point,  under  the  direction  of  that  accomplished  musician, 
Captain  WilHs." 

If  you  would  see  the  financial  figures  of  this  time  in  living 
reality,  do  but  contemplate  these  formal  expressions  to  each 
of  which  the  assemblage  drank: 

1.  The  transit  of  the.  first  boat  Jrom  the  waters  oj  the  Grand 
Canal   into   the   Hudson.     The    interesting    event   we    this    day 

*  Captain's  Merry's  register  showed  on  November  1,  1825,  in  the  harbor: 
75  ships,  65  brigs,  109  schooners,  291  sloops. 

t  The  first  boat  came  through  the  Champlain  section  into  the  Hudson. 


OPENING    OF    THE    ERIE    CANAL  191 

celebrate — it   has   been   effected    by    the   intelKgence    of  a    free 
people.      Tune — Clinton  and  the  Grand  Canal. 

2.  The  Canal  Commissioners.  Not  only  the  citizens  of  this 
state  and  the  United  States,  but  other  nations  and  future  ages, 
will  freely  award  to  them  honors  due  to  their  talents  and  fidelity. 
Hail  Columbia. 

3.  The  Canal  engineers.  All  native  born  citizens,  their  talents 
and  genius  have  supplied  the  defects  of  practical  experience. 
William  Tell. 

4.  The  President  and  Vice  President  of  the  United  States. 
Alonroe's  JIarch. 

5.  The  Goi'ernor  and  Lieutenant  Governor  of  the  State  of  New 
York.     Governor  s  March. 

6.  The  Jlemory  of  Gen.  Philip  Schuyler.  As  years  pass  away, 
his  fame  increases  in  freshness  and  vigor,  in  the  place  of  his 
birth  we  are  celebrating  the  day  which  his  intuitive  mind  had 
long  predicted.     Sweet  as  the  Shepherd's   Tuneful  Reed. 

7.  The  Jlemori/  of  Gouverneur  Jlorris.  One  of  the  earliest  and 
most  eloquent  advocates  of  internal  improvement.  Oh,  Breathe 
Not  His  Name. 

8.  The  Albany  basin.  May  it  realize  our  hopes,  and  prove 
fruitful  in  wealth  and  prosperity  to  the  city.      Yankee  Doodle. 

9.  Our  sister  States  beyond  the  mountains.  Though  distant, 
the  canal  will  make  us  one  family.     Yankee  Doodle. 

10.  The  cause  of  free  governments  throughout  the  world.  It  will 
finally  prevail.     Let  fame  sound  the  trumpet. 

11.  The  contemplated  canals  in  various  parts  of  the  United 
States.  Their  completion  will  open  new  sources  of  wealth  to 
our  highly  favored  country.      Waltz. 

12.  Our  neighboring  cities  and  villages.  Let  us  sacrifice  local 
jealousies  and  honorably  compete  for  the  benefit  of  the  canal. 
Jleeting  of  the  Waters. 

13.  Our  fair  country  women.     Knight  Errant. 

Volunteers 

By  the  President — The  Canal  Commissioners. 

By  Gov.  Clinton,  President  of  the  Canal  Commissioners — our 
patriotic  fellow  citizens,  who  have  united  in  this  celebration, 
may  they  enjoy  all  the  blessings  anticipated,  and  experience 
none  of  the  evils  apprehended  from  our  artificial  navigation. 

By  Lieut.  Governor  Root — A  rigorous  accountability  and  an 
economical  expenditure  of  the  appropriations  to  the  Grand  Canal. 


192     A  CENTURY  OF  BANKING  IN  NEW  YORK 

By  General  Stephen  Van  Rensselaer,  a  Commissioner — 
Thomas  Eddy  and  Jonas  Piatt;  two  of  the  earliest  advocates  of 
the  canal  system. 

By  Col.  Samuel  Young,  a  Commissioner — The  waters  of  Lake 
Erie  and  the  Hudson  River.  If  any  man  has  aught  to  say  why 
these  two  should  not  be  joined  together,  let  him  speak  now  or 
forever  after  hold  his  peace. 

By  the  Hon.  Henry  Seymour,  a  Commissioner — The  legisla- 
tors who  have  patronized  the  canals. 

By  Cadwallader  D.  Colden,  Esq.,  of  the  New  York  Committee 
— The  canals  of  the  United  States,  links  in  the  great  chain;  they 
will  be  the  bond  of  our  union. 

By  Col.  Post,  of  New  York — The  people.      {Three  cheers)\ 

By  P.  C.  Van  Wyck,  Esq.  of  N.  Y. — Columbus,  the  immortal 
navigator,  whose  life  exhibited  the  triumph  of  science  and  courage 
over  prejudice  and  incredulity. 

By  Dr.  Hosack,  of  New  York — The  memorial  which  induced 
the  legislature  to  pass  the  memorable  act  of  April  15th,  1817. 
May  the  spirit  which  dictated  it  have  its  due  influence  upon  the 
destinies  of  the  union.      {Three  cheers). 

By  Gen.  Solomon  Van  Renssellaer,  Marshall  of  the  day.  The 
State  of  New  York — In  war  or  in  peace,  always  upon  duty. 

By  Mr.  P.  Hone,  of  New  York — Public  spirit.  May  the  bene- 
factors of  the  people  receive  their  best  reward — the  people's 
gratitude. 

By  Col.  Elisha  Jenkins,  of  Albany — Honor  to  the  statesman 
whose  public  conduct  may  be  safely  referred  to  the  judgment  of 
posterity. 

By  Mr.  Bronson,  of  the  Senate — Canals  and  steamboats  of 
New  York — two  ligaments  formed  to  bind  an  empire  together. 

By  Dr.  Hosack — May  the  waters  of  the  Canal  cool  the  jever 
which  has  lately  disturbed  the  tranquility  of  the  State.  {Three 
cheers). 

By  Major  Worth,  of  the  West  Point  academy.  The  President 
of  the  Canal  Commissioners — Citizen,  Governor,  or  Commis- 
sioner, everything  for  his  country. 

By  T.  Van  Vechten,  Esq.  of  Albany.  The  Marshall  and 
Assistant  Marshalls  of  the  day. 

By  S.  C.  Reid,  Esq.  The  Grand  Canal — May  it  never  want 
water,  while  Madeira  and  Teneriffe  can  furnish  us  with  wine. 

By  Col.  S.  T.  Jones  of  New  York.  The  Navy  of  the  United 
States — may  it  Increase  with  our  commerce. 


OPENING  OF  THE  ERIE  CANAL      19,^ 

Bv  E.  Baldwin,  Esq.  of  Albany.  The  Constitution  of  the 
United  States — It  has  been  so  construed  as  to  give  New  York 
the  undivided  honor  of  completing  the  greatest  work  of  the 
age. 

By  S.  A.  Foote,  Esq.  of  Albany.  The  State  of  Ohio— She  is 
truly  our  sister;  her  heart  has  been  with  us  in  our  great  under- 
taking. 

By  Wm.  L.  Stone,  of  New  York.  Our  antipodes,  whom  the 
improvements  of  the  age  have  made  our  neighbors. 

By  Major  Smith,  of  Albany.  The  city  of  Albany — Yankee 
enterprise  coupled  with  Dutch  prudence — may  the  union  be 
perpetual. 

By  a  guest.  The  West  Point  band — the  only  gentlemen  of 
science  and  skill,  who,  without  offence,  trumpet  their  ownjame. 

By  a  guest.  The  man  on  whom  atone  would  have  fastened  all 
the  obloquy  of  the  jaiture  of  that  stupendous  undertaking,  the 
success  of  which  we  this  day  celebrate. 

Palrnam  Jerat,  qui  meruit 

By  Joseph  Alexander,  Esq.  of  Albany.  The  heads  that  planned 
and  the  hands  that  achieved  the  stupendous  work  that  we  this 
day  celebrate. 

By  a  guest.  Commodore  Rogers — ^who  has  this  day  sent  a 
libation  from  the  ocean  to  the  Canals. 

By  a  guest.  The  union  we  this  day  celebrate  between  the 
lake  and  the  river:  that  which  is  so  happily  "joined  together," 
let  no  man  put  asunder. 

Air — "Oh  haste  to  the  wedding." 

After  which,  our  editor  observes,  the  company  separated  at 
an  early  hour  in  order  to  witness,  with  a  vast  concourse  of  people 
on  the  capitol  hill,  the  fireworks,  "which,  though  they  cost 
enough  were  but  poorly  got  up." 

And  he  concludes  his  panegyric:  "Europe  begins  already  to 
admire — America  can  never  forget  that  they  have  built  the 

LONGEST  CANAL  IN  THE  WORLD  IN  THE  LEAST  TIME,  WITH  THE 
LEAST  EXPERIENCE,  FOR  THE  LEAST  MONEY,  AND  TO  THE  GREAT- 
EST PUBLIC  BENEFIT." 

Of  course,  too,  it  was  all  to  do  over  again,  on  a  greatly  enlarged 
scale,  when  New  York  had  its  prodigious  celebration  in  1825, 
La  Fayette,  John  Adams,  Jefferson,  Monroe,  John  Ouincy  Adams 
and  Madison  being  among  the  invited  guests.  This  festival  even 
eclipsed  the  outburst  of  welcome  to  La  Fayette  the  year  before. 
Col.  Stone,  of  the  Commercial  Advertiser  was  the  official  chron- 
icler,  and   though  he  declared   all  efforts  at  description   to  be 


194  A  CENTURY  OF  BANKING  IN  NEW  YORK 

utterly  in  vain,  he  did  his  grandiloquent  best  in  the  volume 
which  commemorates  the  event,  almost  rivalling  the  "13  com- 
pounded gerbes  each  containing  58  pounds  of  brilliant  Chinese 
and  diamond  fires  which  changed  alternately/'  and  the  twenty- 
pound  rockets  with  a  background  of  spur  fire  and  the  like. 

It  must  be  added  that  Dr.  Mitchell  was  again  in  evidence, 
pouring  symbolical  waters  from  bottles  which  he  had  gathered 
"from  every  zone — from  the  Ganges  and  the  Indies,  the  Nile  and 
the  Gambia,  the  Thames,  the  Seine,  the  Rhine  and  the  Danube, 
the  Mississippi  and  Columbia,  the  Orinoco,  the  Platte  and  the 
Amazon" — all  in  token  of  the  world  commerce  which  was  to 
concentrate  upon  Manhattan  as  the  future  commercial  centre  of 
the  world. 

In  sober  fact,  despite  Dr.  Mitchell  and  all  the  verbal  fireworks, 
the  Canal  had  great  significance  for  New  York.  It  made  the 
city  the  outlet  for  the  commerce  of  the  northern  Mississippi 
country,  the  whole  Great  Lakes  region  and  the  north,  over  a 
chain  of  waterways  sixteen  hundred  miles  long;  it  was  a  tre- 
mendous stimulus  to  trade,  offering  freight  transportation  at  a 
rate  only  a  fraction  of  what  it  had  formerly  cost;  and  its  value, 
was  soon  beyond  question  when  the  tolls  were  seen  by  1828  to 
amount  to  nearly  a  million  dollars  a  year. 

Its  success  prepared  men's  minds  for  the  radical  transportation 
change  that  was  shortly  to  come  with  the  railroad:  and  as  early 
as  1815,  the  enterprising  John  Stevens,  a  well-known  figure  in 
the  banking  world,  received  the  first  charter  granted  in  the 
United  States  for  a  railroad,  building  a  line,  in  1853,  from  Phila- 
delphia to  Lancaster,  which  was  later  a  link  in  the  Pennsylvania 
System. 

Business  of  every  kind  was  greatly  stimulated;  a  flood  of  goods 
and  travellers  poured  in  and  out,  the  value  of  merchandise  laden 
and  unladen  rising  to  nearly  a  hundred  million  dollars;  Isaac 
Wright,  president  of  the  City  Bank,  had,  in  1822,  doubled  the 
trans-Atlantic  service  of  his  line,  vessels  leaving  New  York  and 
Liverpool  simultaneously  twice  a  month,  and  it  was  figured  that 
300,000  passengers  arrived  by  steamboat  in  1828,  besides  22,000 
from  foreign  ports;  38  vessels,  including  12  steamboats,  aggre- 
gating nearly  30,000  tons  were  built  at  New  York  in  1827;  it 
was  the  outlet  for  the  Southern  cotton  trade,  receiving  over 
200,000  bales,  of  which  90  percent,  was  exported;  the  New  York 
Gas  Light  Company  began  in  May,  1825,  its  laying  of  pipes 
from  Canal  Street  to  the  Battery;  1,600  houses  were  built  in  a 
single  year;  and  the  first  marble- fronted  structure  since  the  City 
Hall,   the  American  Museum,  was  finally  completed  in   1824 — 


HOW    CANAL    AFFECTED    C  O  iM  M  E  R  C  E         195 

the  prejudice  against  this  material  being  so  strong  that  no  work- 
man could  be  found  to  handle  it,  so  a  convict  in  Sing  Sing  was 
pardoned  on  condition  that  he  would  do  the  work. 

More  important  still  was  the  erection  of  the  new  home  of  the 
Merchants'  Exchange  in  Wall  Street,  long  the  centre  of  the  city's 
commercial  life. 

The  Chamber  of  Commerce,  formerly  meeting  in  the  Royal 
Exchange,  had  used  the  long  room  of  the  Merchants'  Coffee 
House  from  1779  on,  and  here  it  was  reorganized  in  1784;  the 
city's  first  bank  had  been  organized  the  same  year  at  a  meeting 
in  the  old  building,  where  merchants,  shipmasters  and  captains 
congregated;  in  1792  they  built  the  Tontine  Coffee  House  at  Wall 
and  Water  Streets,  which  with  its  piazza  stretching  over  a  six- 
foot  strip  of  the  sidewalk,  was  valued  at  $7,000  in  1799— the 
highest  figure  on  the  hst  of  Manhattan  houses,  and  exceeded 
only  by  Peter  Stuyvesant's  "suburban  residence"  w^hich  was 
estimated  as  w^orth  $13,000.  But,  having  outgrown,  even  these 
quarters,  the  associated  business  men  built  by  subscription  a  new 
marble  edifice,  costing  $230,000,  on  the  site  bounded  by  Wall, 
William,  Hanover  and  Exchange  Place — the  present  site  of  the 
National  City  Bank.  When  opened  for  business  in  May  1827, 
it  was  considered  the  finest  business  structure  in  town,  with  its 
columned  entrance,  a  great  oval  exchange  room  in  the  centre 
where  were  bulletined  the  arrivals  and  departures  of  vessels  and 
other  matters  of  mercantile  interest,  offices  for  brokers  in  the 
basement,  and  for  merchants  in  the  galleries.  The  Chamber  of 
Commerce  had  rooms  here,  the  Post  Office  was  in  the  building 
and  a  semaphore  signal  telegraph  on  the  roof  sent  and  brought 
instantaneous  shipping  news'  from  a  station  on  Staten  Island. 
Here  was  the  home  of  the  young  Farmers'  Fire  Insurance  and 
Loan  Company  and  many  another  commercial  institution. 

Another  financial  milestone  at  the  time  was  the  placing  of  a 
loan  of  £200,000  with  the  Barings  in  London,  this  being  the 
first  international  transaction  of  any  magnitude  in  which  an 
American  bank  had  figured. 

We  had,  too,  a  sharp  reminder  presently  that  we  had  achieved 
through  commercial  growth  an  international  dependence,  fol- 
lowing our  national  independence.  Also,  that  even  the  land  of 
the  free  was  subject  to  the  laws  of  reason  and  mathematics. 

Business  in  the  more  stable  Eastern  States  had  just  gotten 
well  over  the  results  of  the  bank  fever  which  had  for  a  second 
time  raged  among  us  from  1815  to  1818.  Hundreds  of  mush- 
room institutions  had  been  started  all  over  the  country;  as  soon 
as  the  stockholders'   first  instalment  was  paid  in,   they  would 


196  A  CENTURY  OF  BANKING  IN  NEW  YORK 

begin  to  issue  paper  money  in  a  perfect  flood,  making  reckless 
loans,  violating  every  principle  of  sane  banking.  Naturally 
such  conditions  offered  ideal  opportunities  to  the  deliberately 
dishonest  promoters  to  be  found  in  every  community. 

In  one  striking  case  of  a  Rhode  Island  bank,  a  Boston  operator 
named  Dexter  got  control  of  the  institution  practically  by  paying 
the  stockholders  out  of  the  bank  funds;  he  borrowed  what  he 
chose  w^ithout  security  on  any  basis  he  prescribed,  naively  fund- 
ing some  of  these  amounts  by  a  note  due  in  two  years  with 
interest  at  two  percent. — "it  being,  however,  understood  that  said 
Dexter  shall  not  be  called  upon  to  make  payment  until  he  thinks 
proper,  he  being  the  principal  stockholder,  and  best  knowing 
when  it  will  be  proper  to  pay  the  same."  The  president  and 
cashier  had  almost  no  occupation  except  signing  notes,  and  much 
of  this  was  done  secretly  and  at  night  under  the  constant  urging 
of  the  "principle  stockholder"  that  everything  depended  upon 
his  having  these  speedily  or  he  could  not  dispose  of  them:  in 
some  instances  these  notes  were  rushed  to  Boston  without  waiting 
for  dates  and  numbers. 

The  result  was  that  when  the  explosion  came  the  bank  had 
$86.45  in  specie  and  some  worthless  notes,  against  over  half  a 
million  bills  in  circulation.  Another  institution  did  not  have  a 
dollar  of  real  money. 

The  bursting  of  this  bubble  had  wrecked  banks  and  businesses 
right  and  left;  for  ten  years  Vermont  had  no  banks  at  all;  yet  so 
great  was  the  popular  ignorance  of  finance,  that  in  the  absence 
of  any  effective  legal  restrictions,  there  was  another  mad  scramble 
to  start  new  banks  from  1815  to  1818 — forty-three  projected  in 
Kentucky  alone,  and  some  hundreds  altogether. 

The  sight  of  corporations  (whose  stockholders  rarely  paid  in 
anything  above  the  first  instalment  of  their  nominal  capital) 
busily  manufacturing  "money,"  was  too  much  for  the  public 
mind  to  resist,  and  the  wild  speculation  which  ensued  was  skill- 
fully fomented  by  tricksters. 

A  Massachusetts  bank  started  on  $50,000  of  specie  borrowed 
for  a  single  day;  a  Pennsylvania  one  had  for  active  capital  $35,000 
said  to  be  deposited  in  New  York.  When  the  Broome  County 
Bank  was  launched  with  a  capital  of  $100,000,  the  subscriptions 
amounted  to  $8,000,000;  in  some  cases  draymen  and  strong- 
armed  rowdies  were  hired  by  speculators  to  fight  their  way 
through  the  crowds  struggling  to  get  new  scrip  at  the  windows, 
and  it  was  stated  that  the  most  disgraceful  riots  in  Philadelphia 
at  this  period  were  those  caused  by  the  opening  of  the  subscrip- 
tion books  of  a  new  bank. 


THE    1825    ERA    OF    SPECULATION  197 

In  January,  1825,  there  were  applications  to  the  New  York 
Legislature  for  charters  for  banks,  insurance  companies  and  other 
enterprises  aggregating  $52,000,000.  All  that  was  necessary  to 
get  rich  quickly  seemed  to  be  to  start  something — anything,  so 
long  as  it  had  shares.  AH  the  time  there  were  exposures  of 
recklessness  and  dishonesty:  banks  were  buying  up  insiders' 
shares  at  high  prices  and  presently  failing,  dividends  were  paid 
out  of  capital,  defalcations  were  hushed  up,  agents  were  peddling 
bills  of  a  concern  about  to  go  under  at  a  third  discount  while  they 
were  nominally  at  a  Ij^  percent,  discount. 

The  rising  prices  of  everything,  due  to  this  expansion  of  paper 
issues  and  the  general  speculative  excitement,  coincided  with  an 
outbreak  of  speculation  in  England.  Reduction  of  the  interest 
rate  on  government  securities  and  large  loans  to  the  newly  recog- 
nized South  American  Republics  directed  the  minds  of  investors 
there  towards  all  sorts  of  new  enterprises.  Shares  in  South 
American  mines  leaped  to  fabulous  prices;  companies  were  started 
overnight,  and  a  few  lucky  venturers,  paying  down  five  percent., 
made  fortunes;  one  prospectus  proposed  to  drain  the  Red  Sea  to 
recover  the  gold  of  the  Egyptians  overwhelmed  while  pursuing 
the  Israelites;  in  a  short  time  the  nominal  capital  of  these 
new  companies  equalled  a  third  of  the  total  wealth  of  the 
country. 

This  diversion  of  capital  from  commerce  at  first  raised  prices. 
In  April,  seven  expresses  arrived  at  New  York  from  Philadelphia 
in  a  single  day  telling  of  a  sensational  rise  in  commodities  in  the 
English  markets;  cotton  leaped  from  20  cents  to  27;  sugars, 
coffee,  tobacco,  drugs  and  spices  were  suddenly  worth  from  a 
tenth  to  a  quarter  more  than  they  were  the  day  before. 

The  news  that  so-and-so  had  ;ust  made  fifty  thousand  in  a 
day  on  cotton,  and  that  dozens  of  other  dealers  had  been  almost 
as  fortunate,  whipped  the  excitement  to  a  frenzy.  Cotton  was 
"king,"  indeed,  both  in  New  York  and  in  the  South:  a  lot  would 
change  owners  half  a  dozen  times  in  a  week  without  leaving  the 
factor's  hands,  and  in  some  sections  the  farmers  began  to  root  up 
the  growing  corn  to  get  ready  to  plant  more  cotton.  Naturally 
enough,  this  "easy  money"  produced  marked  extravagances  in 
living  and  business  expenses. 

In  the  summer,  London  prices  dropped  as  suddenly  as  they 
had  risen;  very  large  shipments  of  gold  and  silver  were  drawn 
from  the  United  States;  and  as  conditions  there  took  shape  for 
the  panic  of  December  (one  of  the  most  disastrous  in  English 
history)  our  banks,  and  especially  the  New^  York  ones,  began  to 
feel  the  strain.      Their  reserves  were  low,  and  every  intelligent 


198  A  CENTURY  OF  BANKING  IN  NEW  YORK 

financier  saw  that  in  the  state  of  the  pubhc  mind,  if  one  of  them 
stopped  payment,  it  would  probably  cause  a  run  on  every  bank 
in  the  country. 

In  the  next  five  months,  there  were  fifty  failures  in  New  York 
of  over-extended  dealers,  and  many  in  the  South;  several  banks 
went  under,  and  one  of  the  Directors  of  the  United  States  Bank 
(which  had  just  had  to  pay  off  a  seven-million-dollar  loan  for  the 
Government)  openly  advocated  suspending  specie  payments. 

Nicholas  Biddle,  then  president  of  that  institution,  afterward 
declared  that  a  terrific  disaster  had  only  been  averted  by  his 
going  to  New  York  and  persuading  a  gentleman  who  was  pre- 
paring to  draw  a  heavy  amount  of  specie  for  shipment  to  New 
Orleans  (for  starting  a  bank  there)  to  send  drafts  instead.  This, 
and  an  increase  of  loans  by  the  New  York  Branch  Bank,  saved 
the  situation  for  a  time;  and  when  the  inevitable  reaction  came 
next  year  its  effects  could  be  localized. 

The  Marble  Manufacturing  Co.,  a  new  bond-issuing  concern, 
went  under  in  April;  two  New  Jersey  and  two  Pennsylvania 
banks  followed;  when  a  couple  of  New  York  banks  and  half  a 
dozen  loan  offices  and  insurance  companies  closed  their  doors, 
there  was  a  general  run  on  all  the  financial  institutions  in  the 
city;  but  they  were  now  in  such  condition  that  all  demands 
could  be  met. 

It  was  figured  at  the  time  that  the  American  holders  of  cotton, 
who  had  had  a  paper  profit  of  seventeen  millions  above  the  nor- 
mal, finally  got  out  with  a  loss  of  ten  millions,  half  of  this  falling 
upon  New  York. 

Indeed,  the  "cotton  panic,"  as  it  was  called,  strengthened  the 
hands  of  the  intelligent  financiers  who  had  pointed  out  the 
absurdities  that  had  been  practiced — for  all  through  this  period 
there  was  a  group  of  men  in  New  York  who  really  understood 
and  practiced  sound  banking.  In  the  very  middle  of  the  trouble 
there  were  applications  for  sixty-four  new  banks,  nearly  half  of 
them  in  New  York  City,  besides  as  many  other  stock  companies, 
capitalized  in  the  aggregate  at  $55,000,000.  The  men  who  knew 
what  was  happening,  and  what  was  bound  to  come  shortly,  had 
little  difficulty  in  convincing  legislators  that  this  was  hardly  the 
time  for  such  wild  expansion,  and  the  new  crop  of  financial  fungi 
never  saw  the  light  of  day.  When  an  investigation  revealed 
some  of  the  methods  of  the  swindlers  who  had  taken  advantage 
of  public  credulity,  and  four  of  these  gentlemen  went  to  jail,  the 
exposure  helped  to  restore  sanity. 

While  it  was  to  be  many  years  before  our  highly  defective 
system  of  inadequately  secured  issues  was  reformed,  each  disaster 


Ihe  painting  by  N.  Cat, 


THE  "great  fire"  OF  1835 

Which  destroved  $18,000,000  worth  of  property  In  the  Wall  Street  district, 

and  covered  an  area  of  thirteen  acres.    The  view  above  shows  the  burning  ol 

the  first  Merchants'  Exchange  building  on  Wall  Street;  below  Is  a  view  of  the 

ruins,  lookinu  north  on  William  Street  from  Exchange  Place 


Reproduced  by  courtesy  of  Kennedy  &°  Co.,  N.  1 


STATUS    OF    THE    1825    BANKRUPT  199 

of  this  sort  became  an  object  lesson  by  which  informed  leaders 
could  illustrate  their  statements  of  sound  principles. 

On  the  other  hand,  the  loose  financial  methods  and  the  suc- 
cessive consequent  reactions  of  these  decades  introduced  one 
highly  unfortunate  element.  Before  1800,  and  especially  up  to 
the  end  of  the  Revolution,  bankruptcies  were  rare  catastrophes.* 
When  one  did  occur  to  a  reputalale  business  man,  he  not  only 
felt  his  honor  deeply  involved,  but  it  was  a  matter  of  deep  con- 
cern in  his  community.  An  old  bank  cashier  of  Philadelphia 
related  how  when  a  prominent  business  man  on  Chestnut  Street 
suddenly  failed,  "the  whole  house  was  closely  shut  up  for  one 
week,  as  an  emblem  of  the  deepest  family  mourning,  and  all 
who  passed  the  house  instinctively  stopped,  and  mingled  the 
expressions  of  their  liveliest  regret." 

This  fine  old-fashioned  sense  of  personal  honor  and  responsi- 
bility was  inevitably  much  relaxed  when  we  alternated  between 
periods  of  feverish  excitement,  when  one  could  get  rich  suddenly 
by  starting  almost  any  sort  of  corporation,  preferably  one  to 
turn  out  money,  and  times  when  the  inescapable  results  of  this 
brought  business  after  business  crashing  to  the  ground.  There 
were  said  to  be  more  insolvencies  in  the  United  States  m  a  year 
than  Holland  had  in  a  century.  Naturally  enough,  there  was 
a  tendency  to  feel  that  failure  was  no  disgrace:  "everybody 
had  done  it."  It  was  seriously  argued  that  there  was  nothing 
to  worry  about  in  the  banks'  suspending  specie  payments:  the 
nation  had  gotten  along  all  right  before  under  those  conditions. 
It  is  a  tribute  to  the  character  of  the  sohd  backbone  of  the  com- 
mercial community  that  there  were  always  enough  men  and 
institutions  of  character,  who  passed  through  these  trying  times 
of  learning  by  experience,  to  uphold  a  higher  standard.  During 
all  the  frenzies  of  speculation  there  were  plenty  of  bankers  and 
merchants  whose  common-sense  and  integrity  alike  held  them 
to  conservative  methods;  and,  as  is  always  the  case,  the  less 
stable  elements  of  society  came  to  their  point  of  view  because  it 
proved  successful,  even  if  the  moral  aspect  failed  to  appeal 
strongly  enough. 

Mr.  Biddle,  when  the  United  States  Bank  was  appealed  to 
during  the  money  scarcity  which  followed  the  "cotton  panic" 
and  the  banks'  strengthening  of  their  position,  made  a  reply 
which  if  not  comforting  to  the  sufferers,  certainly  contained 
needed  truths: 

"It  is  the  order  of  nature,"  said  he,  "that  if  men  or  nations 
live  extravagantly,  they  must  suffer  till  they  repair  their  losses 

*  There  were  but  three  well-known  houses  recorded  in  Philadelphia  be- 
fore 1776. 


200  A  CENTURY  OF  BANKING  IN  NEW  YORK 

by  prudence,  and  that  neither  men  nor  banks  should  impose  on 
the  community  by  promises  to  pay  what  they  cannot  pay.  The 
laws  of  trade  have  their  own  remedy  for  such  disorders,  as  in- 
falhble  as  the  laws  of  animal  life,  which  enables  the  human 
system  to  relieve  itself  from  its  own  excesses.  Both  must  have 
their  course.  But  the  Bank  of  the  United  States  is  invoked  to 
assume  that  which,  whoever  attempts,  invokes  the  ruin  he  will 
suffer.  It  is  requested  to  erect  itself  into  a  special  providence 
to  modify  the  laws  of  nature,  and  to  declare  that  the  ordinary 
fate  of  the  heedless  and  improvident  shall  not  be  applied  to  the 
United  States.  Our  countrymen  are  to  be  indulged  without 
restraint  in  the  utmost  extravagance  of  the  luxuries  of  Europe, 
on  credit  from  the  banks;  and  when  the  day  of  payment  arrives, 
the  debtor  shall  not  be  called  on  for  payment — the  banks  shall 
not  be  incommoded  to  pay  their  own  notes,  for  the  moment  any 
inconvenience  is  felt,  the  Bank  of  the  United  States  will  certainly 
interpose  and  pay  the  debt.  But  if  the  Bank  of  the  United  States 
blends  any  sense  with  its  tenderness,  it  will  do  nothing  of  all  this." 

That  the  public  was  awaking  to  the  necessity  of  curbing  some 
of  the  abuses  of  the  banking  system  became  evident  shortly  after 
this.  Over-issue  of  notes,  and  evasion  of  redemption  had  long 
been  common  among  the  country  banks  and  those  in  the  less 
settled  communities;  and  the  deliberate  misuse  of  the  privilege 
by  dishonest  promoters  during  the  speculative  period  referred 
to  made  the  defects  of  the  system  only  too  apparent.  Besides 
a  host  of  ingenious  frauds,  there  were  many  ways  by  which  the 
necessity  of  paying  out  real  money  was  avoided :  notes  would  be 
made  payable  at  some  other  place  than  the  home  office;  large 
borrowers  had  to  consent  to  keep  a  certain  amount  in  circula- 
tion; it  would  be  agreed  that  notes  should  not  be  presented  for  a 
certain  time;  post  notes,  payable  at  some  future  date,  answered 
the  same  purpose;  notes  circulated  at  a  distance  would  at  least 
give  more  time  for  payment;  there  were  "saddle-bag"  banks, 
whose  notes  were  carried  about  the  country  on  horseback  and 
peddled  or  exchanged  for  something  more  standard:  one  broker 
of  Rhode  Island  worked  off  $200,000  of  a  speculative  bank, 
mostly  in  one  dollar  bills,  in  a  single  year;  and  once  in  a  while, 
when  cornered,  they  would  adopt  the  expedient  of  a  Georgia 
cashier  who  met  a  demand  for  some  thousc\.nds  of  dollars  by  pay- 
ing it  in  cents,  counted  out  at  the  rate  of  sixty  dollars  a  day.* 

In  New  England,  the  situation  had  been  distinctly  improved 
by  a  plan  developed  by  the  Suffolk  Bank,  in  extension  of  Avhat 

*  Exactly  the  same  plan  was  adopted  by  a  Maine  concern  in  its  fight  with 
the  Suffolk  Bank  over  note  redemption. 


ABUSES    OF    BANKING    SYSTEM  201 

had  been  undertaken  by  the  New  England  Bank — by  which  the 
country  banks  each  kept  a  deposit  with  it  for  redemption.  In 
1824,  the  chief  Boston  institutions  raised  a  joint  fund,  with  the 
Suffolk  as  agent,  to  pay  any  notes  presented  and  return  these  to 
the  home  bank.  In  spite  of  much  opposition,  this  standardized 
the  issues  of  that  region. 

When  the  New  York  Legislature  met  in  1829,  there  were  before 
it  twenty-nine  petitions  for  renewals  of  old  bank  charters  about 
to  expire,  and  thirty-seven  for  new  ones;  while  all  the  reputable 
concerns  were  re-chartered,  the  opportunity  was  taken  to  pass 
what  was  known  as  the  Safety  Fund  law.  Each  bank  was 
required  to  contribute  a  percentage  of  its  capital  towards  a  fund 
for  meeting  the  debts  above  assets  of  any  concern  that  failed, 
exclusive  of  its  capital  stock;  note  issues  were  restricted  to  twice 
the  paid-up  capital;  and  three  commissioners  were  provided  to 
whom  the  banks  must  report  and  who  were  empowered  to  inves- 
tigate the  affairs  of  any  state  institution. 

This  was  really  discriminating  against  the  city  banks.  They  kept 
in  circulation  less  than  a  third  of  their  capital  in  notes,  the  safety 
of  which  was  the  prime  intent  of  the  law;  yet  they  were  forced 
to  contribute  on  their  large  capitals,  whereas  the  country  banks 
paid  on  capitals  less  than  their  issues.  Still  it  was  an  effort  in 
the  right  direction  and  seemed  to  work  well  until  the  bank  fail- 
ures of  1840-42  disclosed  the  fatal  weakness  of  providing  against 
all  the  debts  of  an  insolvent  bank  instead  of  merely  guaranteeing 
the  notes  (as  the  Canadian  system  still  does).  When  eleven 
banks  went  down  In  rapid  succession,  everybody  realized  for  the 
first  time  how  large  a  factor  these  other  liabilities  might  be;  and 
from  that  time  the  safety  fund  was  no  longer  an  active  security 
but  a  mere  matter  of  bookkeeping  In  straightening  out  the  tangle 
of  past  transactions.  In  1866,  it  was  finally  wound  up  by  apply- 
ing the  surplus  of  $88,048  to  the  payment  of  a  dividend  on  notes 
of  four  banks  which  had  failed  since  1842. 

The  prodigious  development  of  resources,  which  went  on  at 
an  accelerating  rate,  enabled  the  country  as  a  whole  to  progress 
In  spite  of  all  mistakes;  and  while  we  apparently  had  to  learn 
the  dangers  as  Mark  Twain  learned  the  Mississippi  snags,  by 
running  on  them,  it  was  impossible  to  wreck  a  nation  so  dowered 
with  natural  wealth  and  human  energy. 

New  York  took  another  severe  lesson  In  sanitation.  In  1832. 
Asiatic  cholera,  for  centuries  a  local  disease  In  the  East,  had 
recently  become  epidemic,  and  had  blazed  a  ghastly  track  across 
Asia  and  Europe.  It  reached  New  York  that  summer,  via 
Quebec,  just  as  everybody  was  discussing  the  threatening  rumbles 


202  A  CENTURY  OF  BANKING  IN  NEW  YORK 

of  "nullification"  from  South  Carolina  in  protest  against  the 
tariff. 

Within  ten  days  of  the  discovery  of  the  first  case  in  Cherry 
Street,  the  public  took  alarm.  A  special  medical  council  was 
appointed,  and  five  large  hospitals  were  organized.  As  the 
scourge  spread,  there  was  a  general  exodus  from  the  city;  but 
Greenwich  Village  and  the  other  resorts  proved  to  be  not  im- 
mune from  the  plague,  and  the  marked  fatality  in  districts 
considered  specially  healthy  caused  a  real  panic.  Business  was 
almost  suspended. 

During  the  three  months  that  the  epidemic  raged,  there  were 
about  three  thousand  deaths,  out  of  twice  as  many  cases,  in  a 
population  under  a  quarter  of  a  million.  The  disease  returned 
again  to  claim  another  thousand  victims  two  years  later — that 
year  of  disorder  which  saw  the  election  riots  of  April,  the  street 
barricades  and  fighting  with  militia  of  the  mobs  inflamed  against 
abolitionists  in  July,  and  the  "stone  cutters'  riot"  of  August. 

A  still  more  severe  lesson,  this  time  in  fire  protection,  was  m 
store  for  the  city's  financial  region.  On  the  night  of  December 
16,  1835,  a  fire  broke  out  near  the  foot  of  Maiden  Lane.  The 
intense  cold,  and  the  inadequate  supply  of  water  soon  put  it 
beyond  the  control  of  the  primitive  fire-fighting  apparatus.  For 
two  nights  and  days  it  swept  over  the  heart  of  the  business  dis- 
trict; when  it  was  finally  arrested,  by  the  expedient  of  blowing 
up  a  group  of  houses  before  it  with  gunpowder,  it  had  laid  waste 
a  great  triangle  of  thirteen  acres,  between  Wall  and  William 
Streets  and  the  East  River,  on  which  had  stood  693  offices,  stores 
and  houses,  including  the  marble  building  of  the  Merchants' 
Exchange,  the  Customs  House,  the  Dutch  Church  in  Garden 
Street  and  many  others  of  the  finest  structures.  The  $18,000,000 
of  losses  (out  of  a  total  real  estate  valuation  of  only  $140,000,000) 
broke  nearly  every  insurance  company  in  the  city. 

Nevertheless,  business  in  general  continued  as  if  nothing  had 
happened.  Two  years  later  there  were  twenty-one  active  fire 
insurance  companies  listed,  besides  receivers'  offices  for  half  a 
dozen  relics  of  the  catastrophe;  the  disaster  merely  afforded  an 
irresistible  argument  for  hastening  the  construction  of  the  Croton 
Reservoir  and  the  great  aqueduct,  with  its  45  miles  of  masonry 
conduit  crossing  the  Harlem  River  on  High  Bridge  to  the  receiv- 
ing reservoir  in  Central  Park,  and  the  distributing  one  where 
the  Public  Library  now  stands  on  Fifth  Avenue.* 

*  Water  was  admitted  to  the  city  through  this  system  in  1842 — an  event 
celebrated  by  a  procession  "seven  miles  in  length,"  eclipsing  even  the  Erie 
Canal  festivities. 


T  H  E    P  A  N  I  C    O  F    1  8  3  6  203 

Indeed,  it  is  striking  enough  to  see  how  much  more  rapidly 
the  financial  organism  recovered  from  this  external  assault  of 
chance,  annihilating  probably  a  quarter  of  the  city's  whole  build- 
ing value,  than  it  did  from  the  panic  which  followed  in  1837; 
the  difference  shows  clearly  that  the  latter,  like  the  crises  pre- 
ceding and  following,  was  merely  a  warning  symptom  of  un- 
healthy over-expansion  and  discounting  of  the  future.  It  seems 
impossible,  during  periods  of  rapid  growth,  for  the  mass  of  people 
to  realize  that  the  laws  of  arithmetic  and  finance  still  operate; 
this  has  always  been  peculiarly  true  in  America,  where  an  ardent 
belief  in  the  country's  future  was  the  cause  of  its  existence  and 
has  constantly  worked  miracles  of  development  in  the  face  of 
physical  obstacles;  when  logical  effects  are  delayed  by  a  sudden 
influx  of  new  wealth,  practically  the  whole  community  pushes 
forward  under  the  delusion  that  the  old  order  has  been  revolu- 
tionized, and  that  what  is  obviously  true  when  dealing  in  thou- 
sands has  no  application  to  a  nation  that  measures  by  tens  of 
millions.  Then  comes  a  crisis.  Common  sense  re-asserts  itself. 
The  intelligent  men  face  the  truth. 

But  the  process  of  readjustment  and  repair  is  slow — ^^ust  as  is 
that  of  the  bodily  organism  in  recovering  from  a  fever  which 
indicates  some  unsoundness  of  bodily  health. 

While  many  specific  causes  contributed  to  the  financial  con- 
vulsion, they  were  practically  all  expressions  of  this  tendency  to 
"speed  up"  beyond  the  limits  of  safety.  Everything  contrib- 
uted to  confirm  the  idea  that  the  unexampled  growth  of  the 
United  States  rendered  us  a  "peculiar  people,"  creating  new 
commercial  laws  instead  of  being  governed  by  old,  immutable  ones. 

To  begin  with,  Jefferson's  prophecy  thirty  years  before  had 
become  a  reality:  the  United  States  had  in  half  a  century  financed 
two  great  wars,  assumed  the  State  debts,  bought  Louisiana,  and 
completely  paid  off  a  national  debt  which  amounted  to  $86,000,- 
000  when  the  population  was  only  6,000,000.  In  addition,  it 
had  in  January,  1835,  actually  arranged  to  distribute  among  the 
States  a  surplus  of  $37,000,000.* 

We  did  not  need  the  assurance  of  Europe  to  convince  us  that 
the  world  had  never  seen  such  a  record.  Foreign  financiers 
backed  their  admiration  with  their  money:  we  were  importing 
millions  of  specie  in  1836  while  bringing  over  from  Europe  thirty 
millions  of  merchandise  above  what  we  sent.  Canals  were 
being  built  and  projected  everywhere,  inspired  by  the  success  of 
New  York's  waterway,  through  which  over  400,000  tons  of  mer- 

*  Owing  to  the  financial  situation  in  1837,  only  $28,000,000  was  actually 
turned  over. 


204  A  CENTURY  OF  BANKING  IN  NEW  YORK 

chandise  went  to  tidewater  in  1836.  Land  values  were  going  up 
bv  leaps  everywhere:  lots  in  frontier  cities  cost  as  much  as  New 
York  lots  a  few  years  back;  Mobile's  valuation  in  six  years  in- 
creased to  twenty- two  times  its  former  sum;  a  wild  speculation 
began  in  the  public  lands,  which  were  sold  at  a  fixed  price  of  a 
dollar  and  a  quarter  an  acre,  so  that  the  first  purchaser  reaped 
all  the  profits  of  the  excited  advance:  sales  jumped  from  about 
four  and  a  half  million  acres  in  1834  to  over  twenty  million  in 
1836.  Besides  the  influx  of  foreign  capital,  there  had  sprung  up 
three  hundred  new  banks  in  seven  years,  and  much  of  this 
doubled  banking  capital  was  in  the  hands  of  men  swept  off  their 
feet  by  the  fever  of  universal  speculation.  Even  the  United 
States  Bank  was  sending  an  agent  to  New  Orleans  to  buy  up  the 
cotton  crop  of  Louisiana,  Mississippi,  and  Alabama  in  order  to 
control  the  foreign  exchange  situation.  A  day  of  reckoning  was 
inevitable. 

President  Jackson's  undying  hostility  to  the  Bank  of  the 
United  States  had  made  him  first  withhold  further  deposits  of 
public  monies  (producing  a  temporary  panic  in  1833)  and  then 
force  through  Congress  a  resolution  that  the  bank  should  not  be 
re-chartered  and  that  the  State  banks  instead  should  be  con- 
tinued as  depositaries  of  government  funds.  Some  of  these 
latter  were  only  too  ready  to  expand  their  business  by  loans  for 
speculative  ventures;  the  paper  issues  increased  by  a  half  in 
eighteen  months;  and  bank  capital  also  w^ent  up  a  hundred  mil- 
lions.    The  general  expansion  was  accelerated. 

Then  in  July,  1836,  the  President  issued  his  "specie  circular" 
requiring  that  payment  for  public  lands  should  be  in  coin  or  land 
scrip;  and  shortly  after  there  set  in  a  demand  from  abroad  for 
gold  and  silver  to  balance  our  huge  excess  of  imports.  At  that 
time  the  United  States  produced  no  gold  or  silver  worth  men- 
tioning; whatever  was  shipped  to  pay  debts  must  come  out  of 
the  floating  supply;  and  this  amounted  to  less  than  half  our  bill 
for  the  trade  balance  against  us  in  1836.  As  the  exports  in- 
creased, a  stringency  in  money  began  to  paralyze  trade  and  con- 
fidence. England  was  having  her  own  troubles  and  could  not 
have  checked  the  demand  for  bullion  even  had  she  wished  to,  so 
the  Bank  of  England  refused  any  extension  of  credit. 

To  add  to  the  difficulties,  the  last  wheat  crop  had  been  so  short 
that  a  million  and  a  half  bushels  had  to  be  imported;  flour  went 
to  $15.00  a  barrel,  and  there  were  fierce  bread  riots  in  New  York. 

Early  in  April  the  strain  proved  too  great,  and  for  a  time  it 
seemed  as  if  the  whole  commercial  structure  were  going  down 
like  a  house  of  cards. 


THE    BANK    FAILURE    OF    1840-42  205 

In  the  first  three  weeks  of  that  month,  two  hundred  and  fifty 
firms  went  down,  with  losses  of  over  a  hundred  milUons;  cotton 
fell  fifty  percent.,  and  New  Orleans  contributed  failures  of 
$27,000l!000  in  two  days;  the  State  advertised  a  loan  of  half  a 
million  at  six  percent,  without  receiving  a  single  bid;  a  general 
run  started;  after  consultation  among  themselves,  the  New 
York  banks  suspended  specie  payments  on  May  10,  and  those 
throughout  the  country  which  had  not  gone  under  followed  their 
example.  The  United  States  Treasury  ceased  its  deposits  of 
public  funds.  Depression  everywhere  was  as  extravagant  as 
had  been  the  over-optimism  of  the  preceding  years. 

The  men  who  had  kept  their  heads  before,  kept  them  now, 
however.  The  very  day  of  the  suspension,  at  a  meeting  of 
bankers  and  merchants  in  the  Exchange,  James  E.  King  (of 
Prime,  Ward  &  King)  proposed  an  agreement  that  bank  notes 
should  pass  current  until  resumption  was  practicable;  and  the 
unanimous  assent  to  this  did  much  to  restore  confidence. 

Albert  Gallatin,  then  president  of  the  National  Bank,  had 
always  preached  the  "paramount  and  most  sacred  duty"  of 
every  bank's  performing  its  obligation  to  redeem  its  issues  "at 
all  times  and  under  any  circumstances  whatever;"  he  now  headed 
a  committee  which  issued  a  call  in  August  to  the  principal  banks 
of  the  nation  for  a  convention  to  settle  upon  a  date  for  resump- 
tion; in  spite  of  the  embarrassing  failures  of  three  of  the  chief 
English  houses  engaged  in  American  trade,  and  in  face  of  pro- 
tests by  delegations  from  other  States,  it  was  decided  to  resume 
payments  in  coin  on  May  12,  1838. 

The  cooperation  of  local  business  men  was  secured.  Mr.  King, 
too,  succeeded  in  convincing  the  English  bankers  that  their 
interest  lay  in  holding  up  the  hands  of  those  who  were  striving  to 
restore  soundness  here;  and  he  returned  triumphantly  from 
London  in  March  with  a  million  pounds  in  gold  which  he  had 
secured  from  the  Bank  of  England. 

These  effective  measures  were  successful,  and  the  banks  of 
New  York  resumed  normal  conditions  as  planned,  setting  an 
example  which  the  rest  of  the  country  followed. 

It  was  loudly  asserted  (most  loudly  by  the  most  irresponsible) 
that  there  had  never  been  any  real  need  for  the  suspension;  and 
the  discussion  aided  the  efforts  of  the  "locofoco"  Democrats 
who  had  for  some  time  been  pressing  for  a  change  in  the  require- 
ments for  bank  charters.  There  had  been  plenty  of  political 
scandals  in  connection  with  the  granting  of  some  of  these  charters; 
the  system  had  always  aroused  the  wrath  of  the  element  who 
saw  a  menace  to  the  country  in  any  concentration  of  power  or 


206     ACENTURYOFBANKINGINNEWYORK 

money.  The  banks  were  termed  monopolies,  their  managers 
accused  of  being  arrogant,  and  of  all  sorts  of  manipulations — 
these  loud  and  ignorant  outbursts  being  constantly  capitalized 
for  political  purposes.  Not  only  was  it  an  advance  to  do  any- 
thing which  removed  the  formation  of  new  banks  from  politics, 
but  the  country  was  necessarily  gaining  some  knowledge  of 
finance  through  its  series  of  hard  experiences;  so  the  "free  bank- 
ing" law  of  1838  was  in  many  respects  a  step  forward. 

Any  group  of  men  could  start  a  bank  by  this  act,  and  issue 
notes  against  a  deposit  of  public  stocks  with  the  Comptroller. 
(A  somewhat  dangerous  provision  for  issues  against  real  estate 
was  repealed  in  1863.)  There  was  something  of  a  rush  to  take 
advantage  of  these  new  conditions,  and  by  the  end  of  1839 
seventy-six  issuers  of  notes  under  the  new  law  showed  $6,000,000 
outstanding.  A  third  of  these  went  out  of  business  during  the 
troubles  of  1841-42;  but  the  system  showed  up  well,  so  far  as 
protection  went,  the  losses  for  the  first  twelve  years  averaging 
under  half  of  one  percent,  a  year,  and  dropping  to  a  twentieth  of 
this  during  the  next  fifteen  years — -at  the  end  of  which  period  the 
law  was  remodelled  into  the  National  Banking  Act,  which  is  the 
foundation  of  our  modern  system. 

The  bank  failures  of  1840-42  referred  to  were  really  a  legacy  of 
the  speculative  orgy  which  led  to  the  panic  of  '37.  Of  the  eleven 
New  York  banks  which  became  insolvent  (only  two  were  in  New 
York  City, — and  one  of  those  paid  its  obligations  in  full  without 
recourse  to  the  safety  fund)  eight  had  secured  charters  at  the 
very  height  of  the  craze;  and  their  operations  had  been  in  defiance 
of  all  established  financial  principles. 


Chapter  VII 

THE  COMING  OF  THE 
CLEARING  HOUSE 

The  Banks  am)  the  Find  Railroads— Neii,'  York's  Part  in 

Financinij  [he  RaiLroa^s—  The  Rise  of  Banks  in  iHji— 

How  the  Clearing  House  Idea  Originated — 

The  Financial  Crisis  of  18 jj 

TB^  yOBODY  realized  what  it  meant  to  America,  and  the  banking 
/  *7  interests  in  particular,  when  Charles  Carroll  of  Carrollton 
•^  '  laid  the  cornerstone  of  the  Baltimore  &  Ohio  Railroad  on 
July  4,  1828.  It  was  the  beginning  of  the  railroad  epoch,  which 
was  to  revolutionize  trade,  finance  and  social  life  in  the  coming 
greater  United  States. 

The  account  which  Mr.  John  Crosby  Brown  gives  of  this 
initial  venture  in  railroading  illustrates  both  the  lighthearted 
manner  in  which  the  adventurous  business  pioneers  of  that  day 
launched  great  undertakings,  and  the  intimate  connection  which 
the  banks  had  with  every  sort  of  commercial  development.  The 
Erie  Canal  had  made  New  York  the  centre  of  the  export  and 
import  trade  for  the  whole  country  to  such  an  extent  that  the 
Brown  banking  firm  in  Baltimore  had  been  compelled  to  estab- 
lish a  New  York  branch. 

"At  that  time  Baltimore  was  a  city  of  about  70,000  inhabitants, 
and  the  loss  of  its  western  trade  was  a  source  of  great  anxiety  to 
its  merchants.  Alexander  Brown  and  his  son  George  had  the 
sagacity  to  perceive  that  some  action  was  necessary  if  Baltimore 
was  to  retain  its  hold  on  western  trade.  After  a  careful  study 
of  the  whole  situation  a  meeting  of  twenty-five  leading  citizens 
was  called  at  the  residence  of  Mr.  George  Brown  on  February  12, 
1827,  'to  take  into  consideration  the  best  means  of  restoring  to 
the  city  of  Baltimore  that  portion  of  the  western  trade  that  has 
been  lately  diverted  from  it  by  the  introduction  of  steam  naviga- 
tion and  by  other  causes.'  At  this  meeting  one  of  the  boldest 
enterprises  was  inaugurated.  There  was  then,  with  the  excep- 
tion of  the  Stockton  &  Darhngton  Railroad  in  England,  which 
was   built   mainly   for   the   transportation  of  minerals   and   was 

207 


208  A  CENTURY  OF  BANKING  IN  NEW  YORK 

originally  propelled  by  horse  power,  but  one  railroad  of  any 
importance  in  the  whole  world,  the  Manchester  and  Liverpool 
Railroad.  The  steam  locomotive  was  still  untested,  and  yet  the 
business  men  of  Baltimore,  in  order  to  retain  their  trade,  incor- 
porated the  Baltimore  &  Ohio  Railroad  Company,  with  a  capital 
stock  of  $5,000,000,  to  build  a  'double  railroad'  to  the  Ohio  River 
over  the  Allegheny  Mountains.  Not  only  was  the  method  of 
propulsion  all  unsettled,  but  the  various  processes  of  railroad 
construction  and  the  necessary  appliances  had  to  be  invented 
and  were  invented  during  the  progress  of  the  work. 

"George  Brown,  Alexander  Brown's  son,  became  the  first 
Treasurer  and  afterward  the  Treasurer  for  the  State,  and  it  was 
said  by  his  associates  that,  but  for  his  active  exertions  in  its 
behalf,  the  friends  of  the  road  would  on  several  occasions  have 
despaired  of  its  success. 

"My  father  used  often  to  tell  an  amusing  story  in  connection 
with  the  opening  of  the  railroad.  A  gentleman  in  Baltimore 
who  had  a  famous  white  trotting  horse  made  a  wager  that  his 
horse  could  beat  'that  old  black  machine.'  The  line  of  the  road 
ran  for  about  ten  or  twelve  miles  parallel  with  the  turnpike. 
The  wager  was  accepted  and  a  day  was  set  for  the  trial.  There 
was  a  large  concourse  of  people  present  to  witness  the  result,  and 
the  horse  won." 

The  reckless  speeding-up  which  culminated  m  the  1837  crisis 
had  been  based  mainly  on  land  speculation  and  the  correlated 
extension  of  the  canal  systems.  The  various  States  had  under- 
taken canal  and  road  building  between  1820  and  1838  to  the 
tune  of  nearly  $100,000,000;  some  of  these  schemes  were  the 
product  of  visionary  enthusiasm — like  the  project  for  a  canal 
from  Albany  to  Boston.  When  the  crash  came,  some  of  the 
debts  were  repudiated,  many  such  enterprises  were  turned  over 
to  private  parties  or  abandoned,  and  there  was  a  sudden  cessa- 
tion of  the  feverish  activity  in  developing  means  of  transporta- 
tion. 

As  the  railroads  demonstrated  their  far  wider  range  of  useful- 
ness, and  many  superiorities,  all  the  former  enthusiasm  for  canals 
became  transferred  to  them;  and  in  the  generation  from  this  time 
to  the  Civil  War  they  became  more  and  more  the  dominant 
factor  in  the  country's  development,  consequently  absorbing 
an  increasing  amount  of  attention  from  banking  capital.  In 
fact,  it  is  not  too  much  to  say  that  the  financing  of  these  essential 
transportation  enterprises  carried  over  the  banking  interest  in 
general  from  its  overemphasizing  of  note-issues  to  the  financing 
of  basic  industries — a  path  along  which  New  York  (where  there 


NEW    YORK    RAILROAD    FINANCING  209 

had  alwa.vs  been  concentrated  the  ablest  financiers  of  the  nation) 
had  journeyed  far  in  advance  of  the  rest  of  the  country. 

At  the  same  time  the  early  '40s  saw  a  healthy  reduction  of 
the  over-expansion  which  had  accompanied  the  general  excite- 
ment. Between  1829  and  1840  the  nation's  banks  had  grown 
from  329  to  901,  their  capital  from  $110,000,000  to  $358,000,000, 
their  circulation  from  $48,000,000  to  $135,000,000,  their  loans 
from  $137,000,000  to  $492,000,000.  By  1845  the  number  was 
down  to  707,  the  capital  was  $206,000,000,  the  circulation  only 
$89,000,000,  and  the  loans  $288,000,000.  That  is  to  say,  we 
had  gotten  back  to  realities  and  were  prepared  for  the  wonderful 
decade  that  lay  ahead — which  was  to  see  three  million  immi- 
grants, the  discovery  of  gold  in  California,  and  the  building  of 
some  ten  thousand  miles  of  railroads. 

Already  by  1845  there  were  nearly  four  thousand  miles  in 
operation — more  than  all  the  Continental  countries  combined; 
the  Mohawk  and  Hudson,  begun  In  1830,  and  a  number  of  short 
Hnes  had  reached  Buffalo;  Albany  was  joined  both  to  New  York 
and  Boston;  plans  that  seemed  gigantic,  even  to  their  originators, 
threw  out  lines  to  the  Mississippi  and  the  Great  Lakes,  to  the 
Gulf,  westward  into  Texas — ^just  wrested  from  Mexico.  And 
each  time  one  of  these  grandiose  visions  became  a  reality,  it  was 
discovered  that  the  commercial  results  had  been  under  instead 
of  over  estimated.  When  the  Erie  opened  the  first  trunk-hne 
railroad  to  the  Lakes,  commerce  and  men's  imaginations  broad- 
ened as  they  had  done  with  the  coming  of  the  Canal. 

The  financing  of  these  roads  was  a  gigantic  task.  Especially 
in  the  early  years  conservative  men  considered  them  highly 
speculative  ventures;  and  of  course  they  had  to  compete  for 
capital  with  the  very  industries  they  created  and  stimulated. 

From  the  first  the  New  York  banks  took  a  leading  part  in  such 
financing,  as  was  inevitable  from  the  growing  concentration  of 
capital  in  that  city;  and  while  states,  counties,  and  mass-meetings 
and  farmers  along  the  proposed  route  were  called  upon  for  aid 
in  building,  railroad  investments  tended  constantly  to  centre  in 
the  financial  capital.  This  of  course  became  increasingly  true 
as  the  new  development  proved  its  earning  powers,  and  the 
smaller  roads  began  to  be  consolidated  into  trunk  lines  and  sys- 
tems. The  banks  too  were  the  principal  agents  through  whom 
came  the  vast  flood  of  foreign  money  that  poured  into  the  United 
States  for  railway  construction — estimated  at  $400,000,000 
during  the  first  fifty  years. 

An  interesting  glimpse  of  some  of  this  financing  (the  success  of 
which  established  one  private  banking  firm)  is  given  in  the  remi- 


210  A  CENTURY  OF  BANKING  IN  NEW  YORK 

niscences  of  J.  F.  D.  Lanier,  of  Winslovv,  Lanier  &  Co.  After 
some  years  of  managing  a  bank  in  Madison,  Indiana,  he  came  to 
New  York  in  1849,  and  formed  a  partnership  with  Richard  H. 
Winslow,  mainly  for  the  negotiation  of  railway  securities. 

"At  that  time  there  were  in  operation  in  the  West"  (Ohio, 
Indiana,  Michigan  and  Illinois)  "only  about  six  hundred  miles 
of  line.  These  roads  were  chiefly  the  remains  of  the  old  State 
systems  which  had  been  sold  out  to  private  companies,  and  were 
almost  w'ithout  exception  badly  located  and  imperfectly  built. 
They  were  in  all  cases  laid  with  the  light,  flat  bar,  upon  longi- 
tudinal sills,  and  were  utterly  incapable  of  sustaining  heavy 
trains,  high  speed  or  a  large  traffic.  They  had,  consequently, 
involved  in  heavy  loss  all  who  had  been  engaged  in  their  con- 
struction. I  felt,  however,  their  want  of  success  to  be  no  argu- 
ment against  lines  properly  constructed  upon  good  routes.  I 
undertook  to  demonstrate  this  in  every  way  in  my  power,  par- 
ticularly in  newspaper  articles  and  pamphlets,  of  which  I  pub- 
lished great  numbers  in  connection  with  the  negotiation  of  the 
securities  of  various  companies  which  we  undertook.  The  results 
of  our  efforts  soon  far  exceeded  our  expectations.  Although  we 
began  in  a  very  small  way,  every  step  we  took  gave  us  increased 
business  and  strength,  and  we  soon  had  all  the  business  we  could 
attend  to.  Commencing  with  the  bonds  of  the  Madison  and 
Indianapolis  Railroad,  which  were  the  first  securities  of  the  kind 
ever  brought  out  in  the  New  York  market,  w-e  followed  them 
with  the  bonds  of  the  little  Miami;  Columbus  and  Xenia;  Cleve- 
land, Columbus  and  Cincinnati;  Cleveland,  Painesville  and 
Ashtabula;  Ohio  and  Pennsylvania  (now  a  part  of  the  Pittsburg, 
Fort  Wayne  and  Chicago);  Michigan  Southern  and  other 
important  lines.  We  not  infrequently  negotiated  a  million  of 
bonds  daily.  The  aggregate  for  the  year  was  enormous.  We  were 
without  competitors  for  a  business  we  had  created,  and  conse- 
quently made  money  very  rapidly.  The  commissions  for  the 
negotiations  of  bonds  averaged  at  first  five  percent.  With  their 
negotiation  we  often  coupled  contracts  for  the  purchase,  at  a 
large  commission,  of  rails.  Our  business  soon  became  so  great 
that  it  was  a  question  with  us,  not  so  much  what  we  would  under- 
take, as  what  we  would  reject.  We  not  infrequently  took,  on 
our  own  account,  an  entire  issue  of  bonds  of  important  lines. 

"The  negotiation  of  the  securities  of  companies  was  followed 
by  arrangements  that  made  our  house  the  agent  for  the  payment 
of  interest  accruing  on  them,  as  well  as  transfer  agents.  Such 
arrangements  naturally  led  the  way  to  the  banking  business  to 
which  we  afterward  chiefly  confined  ourselves." 


NEW    YORK    RAILROAD    FINANCING  211 

The  change  of  tendency  in  a  quarter  of  a  century,  towards 
building  up  deposits  and  neglecting  the  note  issue  privilege,  is 
strikingly  shown  by  a  joint  statement  of  the  New  York  City 
banks  in  1847,  which  displayed  nearly  $28,000,000  of  deposits, 
and  $11,000,000  of  specie,  with  less  than  $7,000,000  of  circulation. 
And  the  prosperity  of  the  country  at  large  is  indicated  by  the 
response  to  the  loans  for  the  Mexican  War:  on  one  for  $18,000,000 
subscriptions  of  over  $57,000,000  were  received,  payable  in 
specie — a  change  indeed  from  the  days  of  depreciated  paper. 

In  1844  the  first  telegraph  line  was  built  from  Washington  to 
Baltimore  by  Congressional  appropriation;  the  next  year  New 
York  and  Philadelphia  were  connected;  and  in  1848  Ezra  Cornell 
linked  up  New  York,  Cleveland,  Toledo,  Detroit  and  Chicago. 
The  personal  express  service  started  by  William  F,  Harnden  in 
1839  had  developed  into  a  great  business,  and  Wells  &  Fargo 
were  building  up  the  same  kind  of  delivery  between  Chicago, 
Cincinnati  and  St.  Louis.  Mails,  too,  had  been  greatly  improved 
and  extended,  and  the  first  postage  stamps,  of  5  and  10  cents, 
were  authorized  m  1847.  These  new  facilities  of  communicating 
intelligence  reinforced  the  effects  of  the  transportation  facilities 
in  tying  together  the  country,  spreading  information,  and  mak- 
ing possible  a  new  kind  of  financial  service  to  the  wealth  that 
was  rolling  up.  The  whole  basis  of  dealing  in  stocks,  bonds  and 
exchange,  and  most  banking  operations  were  radically  altered 
and  stimulated. 

To  crown  all,  came  the  discovery  of  gold  in  California;  even 
the  memorable  Astor  Place  Riot  of  1849  (when  thirty-four  of 
the  mob  were  killed  and  hundreds  of  soldiers  and  rioters  wounded) 
paled  at  that  news;  and  there  poured  into  the  high  tide  of  pros- 
perity some  $50,000,000  a  year  of  the  precious  metal  added  to 
the  country's  resources — somewhat  more  than  the  total  amount 
oi  specie  held  by  all  the  banks.  There  was  also  added  a  new 
State,  of  boundless  energy  an<l  optimism,  besides  a  quickening 
of  the  impetus  to  explore  and  settle  all  the  Western  regions. 

Meanwhile  New  York  City  had  waxed  and  changed  quite  asx 
much  as  the  country  at  large.  Union  Square  had  been  built  up 
and  beautified,  largely  through  the  efforts  of  Samuel  B.  Ruggles, 
who  presented  Gramercy  Park  to  the  owners  of  sixty  surround- 
ing lots  to  induce  the  building  of  fine  houses  there.  Madison 
Square  was  cleansed  from  its  former  unsightliness;  the  famous 
Crystal  Palace  and  the  first  World's  Fair,  on  the  block  next  to 
the  reservoir,  aroused  bursts  of  oratorical  enthusiasm  in  1853; 
and  in  the  year  that  the  white  marble  Fifth  Avenue  Hotel  was 
begun,  1856,  the  site  of  Central  Park  (the  first  real  park  in  the 


212  A  CENTURY  OF  BANKING  IN  NEW  YORK 

land)  was  purchased  for  $5,500,000 — as  usual,  "the  largest  sum 
ever  expended  in  the  purchase  of  ground  for  a  similar  purpose;" 
also  the  first  statue  since  King  George  had  been  so  rudely  dis- 
possessed from  Bowling  Green,  to  Washington,  was  put  up. 

Free  schools  had  come  in  1842,  the  same  year  that  the  great 
fountain  in  City  Hall  Park  shot  up  in  evidence  that  the  Croton 
River  had  been  brought  to  Manhattan;  the  staid  old-time  con- 
servatives were  horrified  at  the  residences  which  were  being 
constructed  on  Washington  Square,  Astor  and  Waverley  Places, 
East  Broadway  and  lower  Fifth  Avenue,  costing  $100,000  for 
lot,  house  and  furniture;  steam  packets  took  the  wealthy  to 
Europe  in  sixteen  days  and  brought  back  all  sorts  of  luxuries  for 
the  new  homes  "furnished  according  to  the  taste  and  fashion  of 
noblemen;"  and  again  a  great  downtown  fire,  which  in  1845 
destroyed  345  buildings  between  Beaver  and  Whitehall  Streets, 
merely  emphasized  the  commercial  credit  of  a  city  which  con- 
sidered such  a  disaster  but  an  opportunity  to  rebuild  better. 

The  population  in  1855  had  grown  to  630,000,  doubling  in 
fifteen  years;  New  York  had  become  a  manufacturing  centre 
with  thousands  of  plants,  but  her  foreign  commerce  was  still  far 
in  the  lead,  amounting  to  an  annual  sum  of  $323,000,000;  and 
the  assessed  value  of  her  real  and  personal  property  was  not  far 
short  of  the  same  amount. 

There  were  over  fifty  banks  in  New  York  City  with  a  combined 
capital  of  sixty-odd  millions,  almost  exactly  a  fifth  of  the  banking 
resources  of  the  whole  nation,  and  exercising  from  the  very  con- 
centration an  influence  even  greater  proportionately.  This  had 
been  for  a  generation  the  financial  nerve-centre  of  the  United 
States. 

Most  observers  considered  the  country,  and  New  York  in 
particular,  to  be  in  a  state  of  remarkable  soundness;  they  pointed 
to  the  constant,  rapid  growth,  the  high  prices  which  were  making 
farmers,  planters  and  stockgrowers  rich,  the  check  in  some  of 
the  extravagant  railroad  projects  and  the  wild  foreign  flotations. 
"Stock  companies  could  no  longer  send  an  agent  to  Europe  with 
five  millions  of  credit  tokens,  and  receive  the  money  for  them 
within  sixty  days  from  the  engraver's  press." 

There  were  some  shrewd  and  experienced  observers  who  in- 
sisted that  there  was  a  huge  weight  of  real  insolvency  being 
carried  along  by  the  momentum  of  ever-increasing  trade;  that 
extravagance  in  living  and  in  business,  and  worthless  bonds 
foisted  on  the  public  by  promoters  must  come  back  to  roost; 
that  banks  and  credit  in  New  York  had  become  top-heavy;  and 
that  anyhow  there  was  a  periodicity  in  financial  crises  which  was 


RISE    OF    BANKS    IN    1  85  1  213 

bringing  another  fateful  year.  Naturally  enough,  these  few 
were  considered  old-fashioned  "croakers;"  human  nature  and 
the  psychological  law  of  crowds  act  in  finance  as  in  all  other 
social  matters,  and  the  uncurbed  optimism  which  considers 
prosperity  far  too  vigorous  and  secure  to  alter  is  the  very  thing 
which  brings  its  own  cure  in  the  shape  of  a  reaction.  Everything 
was  the  more  susceptible,  too,  from  the  great  increase  of  credit 
as  a  basis  for  business  dealings,  and  from  the  various  new  methods 
of  communication.  A  financial  panic  is  most  destructive  through 
the  terror  it  arouses.  Railroads,  telegraphs,  and  widely  circu- 
lated magazines  and  newspapers  had  given  business  invaluable 
facilities;  but  these  same  means  were  to  spread  first  doubt,  then 
blind  fear,  just  as  effectively. 

There  was  certainly  some  reason  for  the  opinion  that  New 
York's  financial  institutions  had  multiplied  too  rapidly.  In 
1851  a  new  bank  was  started  for  each  month  of  the  year;  fifteen 
more  sprang  up  in  1852  and  1853;  and  worst  of  all,  nearly  half 
of  their  nominal  sixteen  millions  of  capital  was  paper — a  book 
entry  secured  by  stock  certificates.  Moreover,  while  among 
them  there  were  men  of  ability  and  knowledge,  quite  a  number 
were  without  experience.  A  very  keen,  well-informed,  con- 
temporary banker  says: 

"One  had  acquired  wealth  by  selling  dry  goods,  and  therefore 
he  was  fit  to  be  a  bank  president;  another  had  been  equally  suc- 
cessful in  making  shoes;  another  had  been  a  ship  chandler,  and 
fortunate  in  the  schooner  coasting-trade;  another  had  been  a 
stage-driver;  not  a  few  were  men  of  the  narrowest  minds,  wholly 
lacking  in  mercantile  education,  and  without  the  ability  to  con- 
duct the  simplest  commercial  correspondence.  It  is  due  to  some 
of  these  gentlemen  to  say  that,  if  they  were  ignorant  in  the  be- 
ginning, they  have  improved  by  close  attention  to  practical 
duties,  and  that  for  general  intelligence  they  are  not  far  below  their 
contemporaries  in  office.  They  have  yet  to  learn,  however,  that 
it  is  one  thing  to  be  bill  broker  and  a  shrewd  calculator  of  balances, 
and  quite  another  to  understand  the  principles  of  true  economy 
in  finance." 

Some  of  these  qualities  and  lacks  were  to  become  apparent 
before  long,  when  the  pinch  came.  Meanwhile  the  trebling  of 
the  number  of  banks,  and  the  resultant  increase  of  complexities 
in  dealings,  emphasized  a  need  which  clear-sighted  leaders  in  the 
profession  had  long  recognized,  and  undoubtedly  hastened  the 
coming  of  the  Clearing  House,  without  which  the  financial  opera- 
tions of  today  would  be  unthinkable. 

Gallatin  had  pointed  out  in  one  of  his  lucid  pamphlets,  as 
early  as  1841,  how  important  in  preventing  over-expansion  of 
discounts  and  issue  would  be  "a  regular  exchange  of  notes  and 
checks,    and    an   actual   daily   or   semi-weekly    payment    of   the 


214  A  CENTURY  OF  BANKING  IN  NEW  YORK 

balances."  Such  a  plan  was  in  use  in  London  and  among  the 
Scotch  banks;  and  he  suggested  the  establishment  of  a  general 
"cash  office"  where  each  bank  should  deposit  specie  in  propor- 
tion to  its  capital,  being  charged  or  credited  for  the  balance  of 
its  account  with  other  members,  and  replenishing  its  quota 
when  it  was  diminished  one  half.  This  was  in  essence  the  Clear- 
ing House  idea;  but  it  was  a  dozen  years  or  more  before  the  in- 
convenience of  the  old  method  brought  action. 

J.  S.  Gibbons,  who  was  cashier  of  the  Ocean  Bank,  has  left  a 
vivid  picture  of  the  conditions  under  which  this  everyday  neces- 
sity was  formerly  accomplished: 

"During  the  few  years  following  1849,  the  number  of  banks 
in  New  York  was  increased  from  twenty-four  to  sixty.  To 
make  the  daily  exchange,  one  half  of  them  must  necessarily  send 
to  the  other  half.  But  this  plain  division  of  the  service  was  not 
convenient  or  economical.  It  was  found  better  for  all  of  them 
to  do  a  part  of  the  distribution,  and  thus  the  whole  sixty  Porters 
were  in  motion  at  the  same  time.  Each  carried  a  book  of  entry, 
and  the  money,  for  every  bank  on  which  he  called.  The  Paying 
Teller  of  the  receiving  bank  took  the  exchange  and  entered  it 
on  the  credit  side  of  the  book;  then  he  entered  on  the  debit  side 
the  return  exchange,  and  gave  it  with  the  book  to  the  Porter, 
who  hastened  to  the  next  bank  in  his  circuit.  The  Porters 
crossed  and  recrossed  each  other's  footsteps  constantly;  they 
often  met  in  companies  of  live  or  six  at  the  same  counter,  and 
retarded  each  other;  and  they  were  fortunate  to  reach  their 
respective  banks  at  the  end  of  one  or  two  hours.  This  threw 
the  counting  of  the  exchanges  into  the  middle  and  after  part  of 
the  day,  when  the  other  business  of  the  bank  was  becoming 
urgent. 

"Instead  of  attempting  a  daily  adjustment  of  accounts,  which 
would  have  consumed  several  hours,  and  caused  much  annoy- 
ance, it  became  a  tacit  agreement,  that  a  weekly  settlement  ot 
balances  should  be  made  after  the  exchange  on  Friday  morning, 
and  that  intermediate  draft-drawing  should  be  suspended.  The 
weaker  and  more  speculative  banks  took  advantage  of  this  by 
borrowing  money  on  Thursday,  which  restored  their  accounts 
for  Friday;  and  its  return  on  Saturday  threw  them  again  into 
the  debit  column.  In  this  way,  the  banks  distant  from  Wall 
Street  managed  to  carry  an  inflated  line  of  discounts,  based  on 
debts  due  to  other  institutions.  It  became  an  affair  of  cunning 
management  by  some  to  run  a  small  credit  of  two  or  three  thou- 
sand dollars  each  with  thirty  or  more  banks,  making  a  total  of 
one  hundred  thousand  dollars,  on  which  thev  discounted  bills. 


1  r^^^ 


O   'S 

fa  ^ 


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^  -fr.^. 


W    1^ 
X     > 

H      (u 


ORIGIN    OF    THE    CLEARING    HOUSE  215 

Conseciuenlly,  the  Friday  settlements  proved  to  be  no  settle- 
ments at  all,  but  a  prodigious  annoyance.  As  soon  as  the  Pay- 
ing Teller  or  his  Assistant  completed  the  Exchange  Balance 
List,  the  Cashier  of  each  bank  would  draw  checks  lor  every  debt 
due  to  him  by  other  banks,  and  send  out  the  Porters  to  collect 
them.  A  draft  on  one  in  favor  of  another  might  settle  two 
accounts  at  once,  but  there  was  no  understanding  that  made  it 
possible  to  secure  that  small  economy;  or  if  there  was,  it  was 
disregarded.  The  sixty  Porters  were  out  all  at  once,  with  an 
aggregate  of  two  or  three  hundred  bank-drafts  in  their  pockets, 
balking  each  other,  drawing  specie  at  some  places  and  depositing 
it  in  others;  and  the  whole  process  was  one  of  confusion,  disputes, 
and  unavoidable  blunders,  of  which  no  description  could  give  an 
exact  impression. 

"After  all  the  draft-drawing  was  over,  came  the  settlement  of 
the  Wall  Street  Porters  among  themselves.  A  Porter  s  Exchange 
was  held  on  the  steps  of  one  of  the  Wall  street  banks,  at  which 
they  accounted  to  each  other  for  what  had  been  done  during  the 
day.  Thomas  had  left  a  bag  of  specie  at  John's  bank  to  settle 
a  balance,  which  was  due  from  William's  Bank  to  Robert's;  but 
Robert's  bank  owed  twice  as  much  to  John's.  What  had  become 
of  thai?  Then  Alexander  owed  Robert  also,  and  William  was 
indebted  to  Alexander.  Peter  then  said,  that  he  had  paid 
Robert  by  a  draft  from  James,  which  he,  James,  had  received 
from  Alfred  on  Alexander's  account.  That,  however,  had 
settled  only  half  the  debt.  A  quarter  of  the  remainder  was 
cancelled  by  a  bag  of  coin,  which  Samuel  had  handed  over  to 
Joseph,  and  he  had  transferred  to  David.  It  is  entirely  safe  to 
say,  that  the  Presidents  and  Cashiers  of  the  banks  themselves 
could  not  have  untangled  this  medley.  Each  Porter  had  his 
tally,  and  by  checking  off  and  liberating,  first  one  whose  account 
was  least  complicated,  and  then  another,  they  finally  achieved 
a  settlement. 

"This  scene  was  re-enacted  on  every  Friday.  In  consequence 
of  the  Porters  being  withdrawn  from  their  regular  service  in 
the  bank,  extra  labor  was  imposed  on  others,  responsibilities 
became  mingled  together,  and  the  officers  were  kept  for  the  whole 
day  in  a  state  of  distraction  and  anxiety.  The  Paying  Tellers 
were  subject  to  frequent  interruption,  as  they  were  obliged  to 
receive  and  deliver  all  specie. 

"Not  the  least  irritating  feature  of  the  case  was,  that  a  single 
small  draft  by  any  one  bank  on  any  other  induced  a  general 
drawing,  and  all  became  involved  in  commotion,  and  'war'  upon 
each    other.      If   time    were    allowed,    the    debtor    banks    would 


216     A  CENTURY  OF  BANKING  IN  NEW  YORK 

finally  be  obliged  to  pay  the  liquidating  balance;  but  three 
o'clock  arrested  the  process,  and  the  banks  where  the  demand 
was  then  in  force  were  obliged  to  disburse  the  coin.  It  was 
not  unusual  for  a  debtor  bank  to  add  fifty  thousand  dollars  to 
its  specie  at  the  close  of  the  day,  with  its  debt  doubled,  while 
a  creditor  bank  to  half  a  million  in  the  general  account,  would 
find  itself,  at  three  o'clock,  depleted  of  one  or  two  hundred 
thousand  dollars  in  coin." 

Even  after  the  subject  had  been  discussed  exhaustively  at 
informal  conferences,  it  was  a  year  before  a  meeting  was  called 
to  take  up  the  project  definitely.  Some  of  the  banks  which 
had  found  the  laxness  and  uncertainty  of  distinct  advantage 
were  violently  opposed  to  the  plan;  and  the  old  bogy  of  cen- 
tralized power,  which  never  yet  failed  to  win  response  from  some 
apprehensive  members  of  our  democracy,  was  brought  out  with 
considerable  effect. 

The  logic  of  the  facts,  however,  was  too  strong.  The  New 
York  Clearing  House  was  formed,  and  began  operations  on 
October  1,  1853.  The  next  year,  a  formal  constitution,  prepared 
by  George  Curtis,  was  adopted — again  in  face  of  protests  against 
"dangerous  concentration  of  power."  From  the  day  it  first 
went  into  operation  there  has  never  been  any  question  as  to 
its  indispensable  functions.  Boston  followed  suit  in  1856, 
Philadelphia  in  1858,  and  Chicago  in  1865;  today  there  are  a 
hundred  and  eighty-two  regularly  organized  clearing-houses, 
with  special  arrangements  in  scores  of  other  places. 

By  the  modern  method  all  checks  are  sorted  into  numbered 
bundles  belonging  to  each  member  bank  and  those  for  whom  it 
clears.  On  a  settKng-sheet  the  credit  and  debit  accounts  are 
entered  and  balanced,  giving  each  bank  a  final  balance  to  pay 
to,  or  receive  from,  the  Clearing  House,  which  in  turn  settles 
with  each.  In  one  case  a  bank  which  had  debit  charges  foot- 
ing up  $6,180,000  had  to  pay  merely  $167.31.  Obviously  there 
is  a  saving  of  thousands  upon  thousands  of  individual  trans- 
actions. The  New  York  Clearing  House  now  averages  some- 
thing like  a  billion  dollars  a  day,  makes  three  daily  clearings, 
sometimes  adjusting  three  hundred  millions  in  six  minutes,  and 
handles  items  running  into  the  tens  of  millions,  a  single  check 
drawn  by  J.  P.  Morgan  &  Co.  in  1917  to  the  credit  of  the  Can- 
adian Minister  of  Finance  being   for  $96,111,111.11.* 

*  This  is  believed  to  be  the  largest  check  ever  drawn  in  the  United  States; 
but  in  1915  there  was  one  of  $49,000,000  for  Pennsylvania  Railroad  bonds, 
and  the  next  year  one  for  $43,538,151.11  for  an  issue  of  Midvale  Steel 
bonds. 


ORIGIN    OF    THE    CLEARING    HOUSE  217 

Each  bank  pays  its  balance  due  the  Clearing  House  by  one 
o'clock,  settlements  being  made  simply  by  entries  against  the 
balances  in  the  Federal  Reserve  Bank,  thus  doing  away  with 
the  necessity  of  money,  drafts,  or  even  Clearing  House  certi- 
ficates. The  basic  principle  is  still  the  same  as  that  the  test 
of  which  nearly  seventy  years  ago  produced  such  "gratification 
and  common  interest"  among  New  York  financiers. 

They  had  need  shortly  to  draw  upon  all  their  reserves  of 
gratification  and  optimism.  In  the  summer  of  1857  a  storm 
burst — out  of  a  clear  sky,  though  more  experience  would  have 
enabled  the  leaders  to  foresee  what  was  coming  from  a  study 
of  the  Clearing  House  reports. 

For  two  years  a  great  expansion  of  loans  had  accompanied 
a  declining  ratio  of  specie  to  deposits,  which  went  from  the 
25  percent,  considered  conservative  down  to  less  than  18.  In 
spite  of  receding  deposits,  loans  were  still  further  extended  until 
they  stood  at  $122,000,000,  the  highest  figure  ever  known  to 
that  time,  and  probably  a  third  above  the  proper  scale.  It 
seems  to  be  true  that  the  dangerous  part  of  this  extension  came 
from  the  newer  banks. 

On  August  8th  the  banks  began  to  contract.  Securities 
immediately  went  down,  and  one  large  produce  house  failed. 
There  began  to  be  rumors  of  defalcations  and  misuse  of  rail- 
way funds.  On  the  24th  the  Ohio  Life  Insurance  &  Trust  Co. 
suspended,  and  several  banks  went  under.  Disclosure  of  a 
$70,000  fraud  by  the  teller  of  one  of  the  associated  banks  did 
not  help  matters.  Some  of  the  managers  of  the  more  recent 
banks,  who  were  of  course  in  the  least  favorable  position,  clearly 
grew  alarmed:  during  the  succeeding  two  weeks  the  loans  were 
ruthlessly  cut  down  by  $8,000,000.  Commercial  paper  could 
not  be  discounted  and  on  the  street  money  commanded  as  much 
as  five  percent,  a  month.  Checks  had  to  be  certified.  Though 
the  older  banks  almost  without  exception  maintained  their  lines 
of  discounts,  it  became  only  too  clear  that  the  other  inexperienced 
financiers  were  in  a  state  of  "blue  funk,"  and  were  trying  to 
save  themselves  from  the  results  of  their  own  rashness  at  any 
cost.  What  they  actually  did  was  to  start  a  general  confla- 
gration. 

Deposits  had  actually  increased  $500,000  between  September 
5th  and  19th,  though  further  loan  reductions  of  $3,500,000  had 
been  forced.  But  now  the  depositors  took  fright,  and  in  three 
weeks  some  $14,000,000  were  withdrawn;  the  country 
banks  kept  the  new  telegraph  wires  hot  with  imperative  de- 
mands  for   the   return   of  their   balances   in   specie;   it   was   an- 


218     A  CENTURY  OF  BANKING  IN  NEW  YORK 

nounced  that  the  Bank  of  Pennsylvania  had  failed,  and  that 
most  of  the  others  there,  those  in  Baltimore,  and  the  majority 
all  through  the  South  had  gone  under. 

Business  everywhere  went  down  like  corn  before  a  hurricane 
— bankers,  merchants,  manufacturers,  railroads,  everybody. 
Old  firms  which  had  weathered  many  a  storm  were  suddenly 
bankrupted,  and  the  publication  of  these  lists  in  the  Independent, 
from  which  they  were  copied  from  Boston  to  New  Orleans, 
spread  excitement  and  consternation. 

When  by  mid-October  the  failures  totalled  twelve  hundred, 
the  New  York  banks  had  to  suspend,  and  those  of  New  England 
followed  immediately.  To  add  to  the  depression,  Europe  was 
undergoing  the  same  sort  of  crisis;  bear  speculators  in  London 
fanned  the  fear  for  the  hundreds  of  millions  invested  in  American 
securities;  the  Bank  of  France  lost  25,000,000  francs  in  a  week; 
the  Bank  of  England  reserve  which  had  gone  below  £9,000,000 
by  October  19,  was  so  depleted  that  by  the  night  of  November 
11  it  had  less  than  three-quarters  of  a  million  in  notes  and  coin 
between  it  and  bankruptcy:  only  a  suspension  of  the  bank  act, 
and  authorization  to  issue  notes  beyond  the  legal  limit,  saved  it. 

That  was  a  doleful  winter  in  New  York.  To  the  police  riots 
of  the  spring  and  summer  succeeded  riots  of  the  hungry  and 
starving.  Ten  thousand  persons  were  fed  by  charity  in  a  single 
district  one  day  in  December,  and  though  the  banks  led  the 
country  in  resumption  on  December  14,  the  shock  to  confidence 
had  been  so  great  that  business  was  prostrated  for  some  time. 

One  more  cessation  of  specie  payments  was  to  come  in  the 
cataclysm  of  the  Civil  War  before  our  financial  experience  and 
methods   rendered   such  periodic   repudiation  unnecessary. 


^s^^ 


Chapter  VIII 

THE  CIFIL   WAR  AND   THE 

NATIONAL  BANKING 

SYSTEAI 

Business  Prosperity  in  i6'6o — //<;ni'  the  Banks  Finance? 
the   W^ar—An   Orgy  of  High   Prices— The  "Coun- 
terfeit Detector" —Inflation  After  the  JF^ar-The 
GroKi'th  of  the  Stock  Exchange — Changes  in  iX^u' 
York  in  the  60' s— The  Financial  Situation 
in  the  jo's — The  Panic  of  i8jj  —  The 
Price  of  Gold  in  i8jS 

rHE  years  following  would  have  been  anxious  ones  in  any 
event  owing  to  the  increasing  bitterness  between  North 
and  South.  It  did  not  help  business  men  to  take  a  more 
cheerful  view  when  figures  showed  that  the  customs  payments 
had  dropped  a  third  in  1858,  that  there  was  a  huge  govern- 
ment deficit  in  consequence,  reaching  $50,000,000  in  three 
vears,  that  the  bank  circulation  had  suddenly  fallen  nearly 
$60,000,000,  and  that  the  exchanges  at  the  Clearing  House 
were  but  little  more  than  half  what  they  had  been  the  preceding 
twelve  months. 

Still,  to  the  average  man  the  savageries  of  the  western  border 
ruffians  were  most  remote — mere  incidents  of  a  frontier  com- 
munity which  had  taken  sides  on  an  issue.  It  was  the  custom 
to  discount  the  utterances  of  fire-eating  Southern  politicians, 
so  few  comprehended  the  reality  of  danger.  And  the  severity 
of  the  late  crash  had  been  so  largely  due  to  blind  fear,  that 
when  a  normal  view  returned,  the  revival  of  trade  and  enter- 
prise was  immediate. 

By  1860  everything  was  again  in  full  blast:  the  cotton  crop 
was  a  record-breaker  by  a  million  bales;  there  were  bumper 
crops  of  wheat  and  corn;  the  output  of  anthracite  coal  and 
pig  iron  was  far  ahead  of  anything  known  hitherto;  exports 
reached  the  $400,000,000  mark,  two-thirds  of  them  carried  in 
American  ships;    179,000   immigrants  arrived   to  swell   the  31,- 

219 


220  A  CENTURY  OF  BANKING  IN  NEW  YORK 

000,000  of  population,  who  had  added  nearly  $4,000,000,000 
of  value  to  the  nation's  store  the  past  year,  two- thirds  of  it 
in  the  North;  there  were  still  a  thousand  million  acres  of  un- 
occupied land  in  the  west  and  northwest  which  were  a  potential 
gold  mine;  wealth  flowed  in  upon  the  land,  and  such  former 
luxuries  as  sugar  and  tea  became  everyday  matters  In  the 
humblest  homes. 

The  leisurely,  tree-shaded  stretches  of  lower  Broadway,  and 
the  handsome,  dignified  residences  had  turned  into  busy  blocks 
of  shops,  offices,  theatres  and  hotels — the  Astor  House,  St. 
Nicholas,  Metropolitan  and  so  on.  The  fashionable  dwellings 
were  above  Fourteenth  Street,  many  around  Union  and  Madison 
Squares. 

The  city  outdid  itself  in  August  of  1858  over  the  linking  of 
the  Old  and  the  New  Worlds  by  Field's  Atlantic  cable;  bell- 
ringings,  firing  of  cannon,  crowds  at  the  Crystal  Palace,  fireworks 
and  Illuminations,  speeches,  parades,  processions,  before  a 
hundred  thousand  wondering  visitors — only  to  discover  a 
month  later,  when  the  expected  message  from  the  Queen  failed 
to  come,  that  the  rejoicing  was  premature.  The  cable  had 
parted,  and  it  was  another  eight  years  before  cabhng  abroad 
became  a  reality. 

People  talked  of  the  mob  which  had  set  fire  to  the  quarantine 
Station  on  Staten  Island,  of  the  burning  of  the  Crystal  Palace 
with  its  $2,000,000  worth  of  exhibits,  of  the  crew  of  slaves, 
flush  with  Spanish  doubloons,  who  came  ashore  at  Montauk 
from  the  scuttled  Haidee,  of  the  building  of  the  Great  Eastern, 
of  the  bloody  battles  of  Magenta  and  Solferino,  of  the  prices 
of  real  estate,  when  102  Fifth  Avenue,  36  feet  wide,  sold  for 
$31,200.  Even  John  Brown's  insurrection  was  forgotten  in 
the  arrival  of  the  Great  Eastern  leviathan,  and,  still  more,  In 
the  outburst  of  welcome  to  the  Prince  of  Wales  as  he  passed 
up  Broadway  from  Castle  Garden  In  1860.  There  are  men 
and  women  still  living  who  remember  the  frantic  efforts  of  our 
social  leaders  to  secure  costumes  of  the  latest  fashion,  and  the 
blaze  of  diamonds  at  the  famous  ball — the  last  great  happy 
social  festival  for  years. 

Lincoln  was  elected,  and  most  business  men  rejoiced  as  at 
the  passing  of  a  danger.  They  saw  prosperity  ahead,  factories 
full,  trade  active,  growth  unchecked. 

Presently  came  news  that  could  not  be  Ignored — South 
Carolina  was  arming,  was  calling  a  convention  to  secede.  Busi- 
ness became  demoralized  and  gold  was  hoarded;  everybody 
prepared   for   the  storm.      The  banks  In  particular   took  a   far- 


BUSINESS    PROSPERITY    IN    1860  221 

sighted  stand  in  November:  they  "deemed  it  wise  to  band 
themselves  together,  putting  their  coin  into  a  common  fund, 
and  otherwise  aiding  each  other,  so  as  to  enable  them  best  to 
sustain  their  dealers,  and  by  joint  action  to  relieve  the  wants 
of  the  Government,  if  it  became  necessary,  to  the  largest  pos- 
sible extent."  Just  before  Christmas  South  Carolina  declared 
herself  no  longer  a  member  of  the  Union.  Many  Southern 
cities  expressed  their  approval.  Then  Fort  Moultrie  was 
evacuated.      Sumter  was  fired   on.      The  war  was   on. 

Though  there  were  reputable  citizens  who  considered  that  one 
outcome  of  the  struggle  might  be  to  make  New  York  a  free 
city,  completely  independent,  and  Mayor  Wood  actually  re- 
commended this  in  his  annual  message  of  January,  the  great 
mass  of  men  of  affairs  knew  that  the  privileges  of  being  financial 
leaders  of  the  nation  had  now  become  responsibilities.  Upon 
them  must  devolve  the  chief  burden  of  providing  ways  and 
means:  "Our  financial  community  accept  the  duty  and  will 
perform  it,"  said  one  newspaper.  "This  view  we  find  to  be 
universal  among  moneyed  men,  including  many  whose  sym- 
pathies have  heretofore  been  with  the  South.  If  the  Govern- 
ment prove  true  to  the  country,  it  need  not  feel  any  uneasiness 
about  money." 

How  accurate  this  was  appeared  from  the  flood  of  voluntarv 
contributions  offered  the  Government  in  the  first  two  weeks: 
private  individuals  in  New  York  poured  out  over  $2,000,000 
in  amounts  of  $1,000  and  up,  and  fourteen  banks  added 
$715,000. 

At  the  outset,  the  Government  almost  ignored  the  banks. 
Loans  were  placed,  and  funds  were  supposed  to  be  handled 
and  interest  paid  by  the  Treasury  direct — though  in  point  of 
fact  many  public  officers  necessarily  deposited  their  funds 
temporarily  in  banks. 

It  soon  became  clear  that  the  huge  sums  needed  could  be 
obtained  only  through  banking  cooperation;  the  Government 
credit  was  so  impaired  that  a  large  loan  was  out  of  the  question, 
and  even  a  small  one  must  be  for  a  short  time  at  high  interest; 
so  Secretary  Chase  conferred  with  a  group  of  bankers  of  New 
York,  Boston  and  Philadelphia,*  at  New  York  in  August,  and 
the  syndicate  (among  which  thirty-nine  New  York  institutions 
were  represented)  agreed  to  advance  $150,000,000  in  gold 
against  three-year  Treasury  notes,  issuing  Clearing  House 
certificates  and  pooling  their  resources  as  agreed  the  fall  before. 

*  The  cooperation  of  the  Western  banks  was  sought  but  could  not  be 


secu 


red. 


222  A  CENTURY  OF  BANKING  IN  NEW  YORK 

This  sum  may  not  seem  vast  to  those  whom  the  Great  War 
accustomed  to  think  in  bilhons:  in  point  of  fact  the  combined 
capitals  of  the  banks  in  these  three  cities  was  only  $120,000,000 — 
with  a  little  more  than  that  amount  of  deposits,  and  coin  re- 
serves of  $63,000,000.  It  was  much  the  largest  financial  under- 
taking ever  attempted  here,  made  possible  only  by  the  prompt 
combination  of  forces.  Moreover,  the  struggle  had  assumed 
such  a  scale  as  to  terrify  those  who  attempted  to  figure  out  the 
cost:  the  associated  banks  had  no  hope  of  making  a  profit, 
but  begged  the  Government  to  protect  them  if  things  went 
wrong. 

Three  generations  of  hard-won  experience  had  convinced  the 
bankers  that  their  first  consideration  must  be  to  preserve  the 
specie  standard.  There  would  be  hundreds  of  millions  to  be 
paid  in  for  securities  and  paid  out  for  clothing,  munitions  and 
subsistence;  hoarding  was  already  going  on,  and  the  coin  re- 
serves might  speedily  be  endangered:  they  suggested  that 
Secretary  Chase  should  exempt  these  transactions  from  the  act 
requiring  specie  payments  for  all  Government  obligations,  and 
that  he  should  draw  checks  for  disbursements  upon  one  selected 
bank  in  each  city.  Though  the  men  who  prepared  the  re- 
vision of  the  sub-Treasury  law  declared  later  that  this  was 
primarily  intended  to  accomplish  these  very  purposes,  the 
Secretary  refused,  insisting  that  the  act  had  no  such  meaning 
or  intent.  His  familiarity  with  the  depreciated  bank  notes  of 
his  own  Western  section  made  him  apparently  fear  an^^  relaxa- 
tion of  the  "hard  money"  requirements;  and  he  did  not  appre- 
ciate the  new  elements  introduced  by   these  huge  transfers. 

He  had  little  prejudice  against  paper  issues  to  meet  Govern- 
ment needs,  however.  Contrary  to  his  assurances,  he  began 
to  put  out  United  States  notes,  payable  on  demand;  these 
the  banks  could  hardly  refuse  to  receive  on  deposit,  yet  they 
could  not  circulate  them  without  impairing  their  specie  position. 
They  attempted  to  establish  them  on  a  special  deposit  basis, 
but  this  caused  their  rapid  exchange  for  specie.  During  the 
last  three  weeks  of  the  year  (1861)  the  New  York  banks  lost 
$13,000,000  of  their  specie,  a  third  of  the  total.  They  laid 
their  predicament  before  Secretary  Chase.  When  he  insisted 
upon  his  embarrassing  course,  there  was  but  one  alternative. 
They  had  seen  too  often  the  truth  of  what  Peel  wrote  in  1826, 
that  "gold  though  in  itself  massy,  often  disappears  in  conse- 
quence of  war,  or  speculation,  nay,  the  breath  of  rumor  itself 
is  sufficient  to  disperse  it."  At  a  conference  on  December  28, 
James  Gallatin  voiced  the  sense  of  the  meeting: 


\ 

ANORGYOFHIGHPRICES  223 

"The  Government  must  suspend  specie  payments,  or  we  must; 
and  it  is  only  a  question  of  a  few  more  days'  time  as  to  who 
suspends  first,  and  who  shall  hold  the  specie  in  our  vaults. 
If  the  Government  takes  it,  the  whole  will  be  expended  and 
hoarded  by  a  few  people.  Indeed,  the  question  for  us  to  con- 
sider, as  trustees  of  the  people,  now  is:  How  much,  if  any- 
thing, can  we  help  to  preserve  of  the  values  which  the  approach- 
ing tornado  of  paper  money  threatens  to  sweep  away?  .  .  . 
In  order  to  preserve  a  basis  for  future  values,  we  should  en- 
deavor to  get  and  keep  as  much  coin  as  possible,  upon  which 
to  resume  specie  payments,  whenever  that  can  be  done  with 
safety.  Contraction  for  that  purpose  must  eventually  be  re- 
sorted to,  and  the  more  coin  we  have  on  hand  the  less  severe 
will  be  the  contraction." 

So  the  new  year  opened  with  the  country  once  more  upon 
a  paper  basis,  for  the  other  banks  and  the  Government  had  to 
follow  the  action  of  New  York.  It  was  to  be  sixteen  long  years 
before   "money"   was  again   really   sound   money. 

In  spite  of  this  step,  engagements  with  the  Government  were 
more  than  fulfilled:  the  syndicate  of  banks  made  the  final  pay- 
ment on  the  November  loan  in  February,  though  only  a  fifth 
of  the  securities  had  then  been  received — and  made  it  in  coin 
and  Government  notes,  gold  being  already  quoted  at  102  on 
January  1  and  travelling  upward.  While  it  fluctuated  wildly 
from  speculation,  it  kept  on  appreciating  until  it  reached  285 
in  the  summer  of  1864. 

Able  as  Mr.  Chase  was,  he  had  not  sufficient  familiarity  with 
the  elaborate  machinery  of  exchange  which  our  banking  system 
had  alread3^  developed,  through  bills,  certificates,  drafts  and 
checks,  to  appreciate  its  value  in  meeting  his  pressing  problems. 
He  rejected  the  proposal  of  the  banks  for  an  issue  of  $200,000,000 
of  notes  secured  by  the  Government  bonds  they  held,  along 
with  all  the  other  suggestions  for  raising  money  presented  by 
a  delegation  of  the  associated  banks — except  one  for  sj^ecial 
taxes;  and  pressed  through  the  issue  of  $150,000,000  legal 
tender  notes  receivable  for  all  claims  against  the  United  States 
except  interest  on  bonds  and  notes. 

As  had  always  proved  true,  this  easy  method  of  paying  debts 
required  repetition:  it  was  only  a  few  months  before  the  Treas- 
ury asked  for  another  $150,000,000  of  legal  tender  notes. 
Gold,  which  had  changed  from  a  circulating  medium  to  mer- 
chandise, constantly  advanced  in  price;  so  did  every  commodity, 
still  further  stimulated  by  the  enormous  buying  of  the  Govern- 
ment; and  the  orgy  of  high  prices  and  speculation  was  fairly  on. 


224     A  CENTURY  OF  BANKING  IN  NEW  YORK 

Out  of  the  continued  necessities  of  the  Government  came 
one  great  advance.  Largely  with  the  idea  of  securing  a  market 
for  Federal  securities  at  lower  interest  rates,  Mr.  Chase  recom- 
mended the  issue  of  a  national  circulation,  under  the  control 
of  a  national  officer,  secured  by  United  States  bonds;  and  before 
long  a  bill  embodying  the  National  Banking  System  was  pro- 
posed. 

There  was  need  enough  for  some  unification.  The  fourteen 
hundred  banks,  under  thirty  different  State  and  Territorial 
governments,  presented  a  chaotic  variety  of  notes,  regulations, 
degrees  of  security.  There  were  some  seven  thousand  different 
kinds  of  notes  in  circulation.  "Bank  note  reporters"  and 
"autograph  detectors"  were  pubhshed  to  enable  even  experts 
to  tell  what  a  given  note  was  worth  and  to  spot  counterfeits, 
the  annual  loss  from  bad  notes  and  counterfeiting  being  esti- 
mated at  almost  as  much  as  the  interest  on  the  whole  circula- 
tion. "Every  year,"  said  John  Sherman,  "more  or  less  of 
these  banks  break.  There  is  no  stability  about  them.  They 
have  no  common  bond  of  organization;  any  important  event 
that  disturbs  the  money  market  of  the  world  makes  a  greater 
flurry  among  them  than  a  shot  among  a  bevy  of  partridges. 
The  uncertain  ratio  of  exchange  between  the  different  States 
grows  out  of  the  multitude  and  diversity  of  the  banks.  The 
bank  paper  of  States  adjoining  each  other  has  varied  in  value 
as  much  as  one  year's  interest  of  money." 

It  was  time  in  the  growth  of  the  country  for  the  same  sort 
of  standardization,  and  responsibihty  to  a  central  authority, 
which  has  perpetually  proved  its  necessity,  in  one  matter  after 
another,  throughout  the  history  of  the  United  States,  in  the 
face  of  the   States'    rights   tradition  and   sentiment. 

As  developed,  after  minute  study  of  all  the  State  laws  and 
experience,  the  system  was  largely  based  on  the  New  York  plan, 
with  some  improvements  from  Massachusetts;  certain  sections 
came  from  Ohio  and  Ilhnois,  and  the  reserve  principle  was  taken 
from  the  Louisiana  acts.  The  system  was  not  compulsory,  but 
estabhshed  a  new  class  of  "national"  banks;  issuing  notes  only 
upon  their  deposits  of  Federal  bonds.  They  were  secured  in  a 
monopoly  of  this  privilege  by  the  imposition  of  a  10  percent,  tax 
on  the  face  value  of  notes  of  state  banks  in  circulation  after 
July  1,  1866. 

There  was  much  apprehension  as  to  the  effects  of  the  measure 
in  the  profession;  many  conservative  New  York  bankers  opposed 
it,  fearing  a  multiplication  of  small  new  banks  in  every  locality, 
mere    "conduits"    through    which    an    irredeemable    circulation 


THE  "COUNTERFEIT  DETECTOR' 


225 


THE   "AUTOGRAPHICAL  COUNTERFEIT  DETECTOR' 


Under  Uiis  title  an  8()-page  liook  containing  fac-simile  signatures  (il  (lie 
President  and  Cashier  of  nearly  every  bank  in  the  United  States  was  compiled 
in  1853  by  J.  Thompson,  a  Stock  Exchange  broker,  and  issued  free  of  charge 
as  a  companion  to  The  Bank  Note  and  Commercial  Reporter.  "As  a  test  of 
signatures"  the  foreword  states,  "the  book  is  equivalent  to  One  Bill  on 
each  bank  therein  represented,"  as  i'  enabled  one  to  verify  the  signatures 
on  the  notes  issued  by  the  banks  at  that  period.  This  and  the  following 
three  pages  show  reproductions  of  that  section  which  includes  the  New  York 
Citv  banks  of  that  date. 


Jbo.  a.  Sterena,  Pnsulent. 


@fl^^^(/^ 


J.  Oothoat,  ProaldaQt. 


Bank  of  North  Anwrlea. 


of  the  Bepnbllo 


Bank  of  the  Stat* 


E  Withera,  Cwluer. 


Lawrence.  President. 


226     A  CENTURY  OF  BANKING  IN  NEW  YORK 

3^)  arsw  TORS  ozw. 

Bowery  Baak.  ^ /^ 

EdocIi  Dean,  Preaident. 

J.  L.  Ereritt,  Cashier.  S.  A.  Palmer,  President. 

Batcher*'  ft  Drorerg'  Bank. 


c^y^fT^ 


B.  Lewii,  Jr.,  Caaluer. 

-  _  Oh«th«< 

W.'  L.  Kirby.  Cashier.   / 

Chemici 


Jtcob  Aimi,  Preaiilaat. 


E.  O.  Drake,  President. 


J.  B.'Desdoity,  Caaliier. 


J.  Q.  Jones,  President. 


01tlz«at'  Bank. 


Jolm  Adasu,  Preodest. 
B.  F.  Wheelwright,^  President. 


Hanover  Bank. 


C.  H.  LiTingstoo,  Cashier. 


Isaac  Otis,  President. 


THE    "COUNTERFEIT    DETECTOR"  227 

xrxiw  TORS  csTir.  si 


'TK^m.T'rv^rTi/   ^^^ 


J-  M.  Morrison,  Csiliier. 


C.  O.  Haljted,  Preiident. 


Mschanloi'  Banking  Aisociatlon. 


m^^       C^<^^ 


J.  H.  Cornell,  Cashier. 


lier.          ' 


Mecbanlot'  Bank. 


F  W.  Edmonds,  Cashier. 


Mechanics'  k  Trader*'  Bank 


».  Penti,  President. 
8.  Knapp,  President. 


K.  D.  Brown,  Cashier. 


John  Clapp,  President. 


B.  8.  Oaklay,  Cashier 


Mercantile  Bank. 


W.  B  Don«Ias,  President. 


^^ 


Merchant*'  Bank. 


O.  i.  Cammann,  Cashier. 


Jbkm  J.  Palmer,  President. 


228     A  CENTURY  OF  BANKING  IN  NEW  YORK 

32  ZTBW  -s-oas  ciTsr. 

Merchanta'  Exchange  Bank. 


an  Nostrand,  Piesidenf . 
J»».  OttUatin,  Preaideot. 


Jtto  W.  Lawnsee,  President. 


A.  S.  Frwer.  CMhi«r. 
n^.h.r^  n«rr,   riuihl.r.      //  '  W  H  r«Jl»,  President. 


Tradeimen's  Bank. 


Richard  Berry,  Cashier. 


INFLATION    AFTER    THE    WAR  229 

would  flow  out  from  Washington  all  over  the  land,  constantly 
raising  the  price  of  gold  and  lowering  its  own  value. 

As  it  turned  out,  the  obvious  handicap  upon  banks  which  did  '^ 
not  come  into  the  new  system  caused  practically  all  the  impor- 
tant state  banks  to  accept  the  Government's  offer.  By  the  close 
of  the  war,  the  483  national  banks  of  1864  had  grown  to  1600,  of 
which  922  were  converted  state  institutions.  They  had  out- 
standing about  $170,000,000  of  notes,  and  another  $20,000,000 
not  issued.  There  were  still  $79,000,000  of  state  bank  notes  in 
circulation;  but  these  steadily  dwindled  till  their  fmal  appearance 
in  Treasury  reports  listed  them  at  slightly  more  than  $1,000,000. 
There  was,  almost  from  the  outset,  a  constant  cry  against  the 
banks.  In  Congress,  in  the  press,  in  pamphlets  and  books,  because 
they  paid  nothing  for  this  circulation  privilege.  As  a  financial 
historian  remarks: 

"One  of  the  first  things  discovered  by  the  people  after  the 
creation  of  national  banks,  was  that  they  gained  three  profits; 
one  profit  on  their  bonds  deposited  as  the  basis  for  their  circula- 
tion; another  on  their  circulation,  and  a  third  on  their  deposits. 
Although  this  had  always  been  the  case,  the  people  had  not 
learned  the  fact." 

This  profit  proved  in  practise  to  be  fluctuating  and  not  nearly  ^ 
so  great  as  was  popularly  supposed;  the  amount  in  circulation 
came  to  be  largely  determined  by  the  price  of  bonds;  in  1883  it 
reached  $362,000,000,  but  then  declined  steadily;  and  after  the 
price  of  Government  4's  rose  above  129  in  1889,  It  dropped  to 
less  than  had  been  out  in  1865. 

Some  of  the  net  results  of  over-reliance  upon  loans  In  war 
financing,  and  of  the  depreciation  from  the  legal  tender  Issues 
are  apparent  enough  today.  During  the  war  period,  the  Govern- 
ment sold  over  $2,500,000,000  of  securities  at  a  loss  in  gold  value  , 
of  $860,000,000.  Many  authorities  believe  that  if  the  Secretary 
of  the  Treasury  had  been  willing  to  use  the  banking  knowledge 
put  at  his  disposal,  we  might  have  saved  this — besides  the  Incal- 
culable costs  from  retail  prices  mounting  a  hundred  to  two 
hundred  percent.,  and  the  attendant  evils  of  speculation  and 
credit  disturbance  through  the  years  that  elapsed  before  specie 
payments  were  resumed. 

New  York  could  well  gaze  back  upon  its  war  record  with  satis- 
faction— except,  perhaps,  on  the  bloody  draft  riots  of  July,  1863,  \ 
when  a  thousand  people  were  killed,  the  city  was  in  the  hands 
of  the  militia  three  days,  home  regiments  were  sent  for  from 
Pennsylvania,  and  United  States  gunboats  lay  In  the  river  await- 
ing events;  and,  perhaps  also,  the  faked  Presidential  proclama- 


230  A  CENTURY  OF  BANKING  IN  NEW  YORK 

tion  in  the  midst  of  the  Wilderness  campaign,  calling  for  400,000 
more  troops,  presently  confessed  to  be  a  stock-jobbing  forgery 
by  Joe  Howard,  its  perpetrator.  Still,  110,000  men  had  been 
actually  enlisted  there  during  the  four  and  a  half  years,  and  its 
financial  contributions  had  demonstrated  conclusively  its  com- 
manding position  as  the  money  centre  of  the  nation. 

But  looking  backward  has  never  been  a  habit  of  the  metropolis; 
and,  particularly  in  these  times  of  inflation,  the  coming  of  peace 
was  a  signal  for  the  resumption  of  improvements  held  in  abey- 

PRICE  Op  STOCKS. 


Wew-York  BiinH   :•:::.:::    I2> 

ManhHttinBank:.::;  IIG  1-2 
Mer»:haul5  Baidt  :;::  1 17  l-'Z 
Mechaiiics  Boak  ::::  H6  1-2 
Union  Dank  :::::•.:;:::::•.:::  |03 
Baqk  of  America  ::::::::::  Wi 
City  Bank  ::::.:::::::::.  1101-2 
New-York  Manuf.  Com'jr  tOO 
Six  pn-  cenb.  div.  off :::::  99 
Louudana  :::::::::•.::;;::::;::::  91 
Three  per  CtBlj.  ;:u::;.t;;:;  55 
OW  and  Deferred,  ::;:::.:::  95 
N.  York  IiKunuiec ::.-:  00  100 
Treasury  Jfotel  ::.u::.':  i  1-4 
IJnitfd  ::::::::::.::::::::  90100 
Eagle,  ibr.   off  :;::;:::::::  115 


Mutual  ;:::;:•.::::•.::•::: •••::•.  J|0 
UWie  ::;;:::::::::::::.:  I«  1-2 
WasJlingtoO  ::::::;:•.;::;:■:  n« 
City  Loofl  ::.::::::;:u  100  1-2 
Ditto  Seveo  per  ct.  104  |0» 
Phonix 

New-York  Eii«neo 


^s;;;;;;:;;|| 


EXCHANGE. 
Saturday,  HvA  4,  1815. 
BHKoQ  Loodoo,  eOdi.  95  96 
::::  Affljterdajn 


Fruiee 


The  first  price-list  of  stocks  to  be  published  in 

a  New  York  dailv, — ^the   Commercial  Advertiser 

of  March  10,   1815. 

ance  and  for  a  forward  movement  of  business  that  became  some- 
what hectic — until,  as  usual,  there  was  an  explosion  which 
reduced  the  steam  pressure. 

Looking  back  a  half  century,  it  is  quite  clear  that  the  cost  of 
the  Civil  War  is  inadequately  stated  even  by  the  long  schedules 
such  as  the  one  in  the  Senate  Document  of  1879,  which  listed  a 
hundred  appropriations  for  expenses  caused  by  the  war,  from  a 
billion  for  pay  of  volunteers,  to  $500  for  the  purchase  of  a  ceme- 
tery at  Columbus,  Ohio.  It  totals  nearly  $7,000,000,000— and 
there  were  still  some  billions  to  come  from  the  ever-rising  pen- 
sion disbursements;  nor  does  even  this  include  the  cost  to  the 
South,  the  injury  to  trade  and  private  property,  or  the  loss  of 
the  productive  power  of  perhaps  700,000  citizens.  Yet  there 
was  one  intangible,  unseen  item  of  cost,  accumulating  through 
more  than  a  decade  after  1865,  which  was  almost  more  serious 
than  all  this,  or  the  $2,400,000,000  of  national  debt  left  for  the 
future  to  take  care  of. 

This  was  the  effect  on  men's  minds  of  abrogating  accepted 
social  laws,   of  lavish  expenditures  and   "easy  money,"   of  the 


THE  GROWTH  OF  THE  STOCK  EXCHANGE  231 

basic  unsoundness  in  legal  tender  currency.  There  were  exag- 
geration and  inflation  everywhere:  prices  and  rents  in  1866  were 
nearly  double  the  pre-war  scale,  and  labor  was  sixty  percent, 
higher.  There  was  a  distinct  relaxation  of  moral  fibre  during 
this  decade,  such  as  inevitably  comes  when  a  nation  puts  the 
stamp  of  official  approval  upon  an  everyday  necessity  not  based 
on  strict  honesty.  That  force  of  public  opinion,  upon  which 
individual  human  beings  are  so  dependent,  is  subtly  affected  by 
a  compromise  in  ideals  of  integrity:  what  is  accepted  in  currency 
tends  to  be  accepted  in  character.  There  was  a  crop  of  new 
war  milhonaires  then  as  in  1917,  and  while  sober  reputable  folk 
condemned  their  methods  and  smiled  at  their  ostentation,  their 
success  caused  imitation,  contributing  largely  to  the  unhealthy 
tone  of  business,  real  estate,  railway,  stock  and  gold  speculation, 
and  commercial  and  social  life  in  general.  The  Tweed  Ring, 
the  gold  speculation,  Fisk  and  the  Erie  scandal,  and  the  Credit 
Mobilier  are  the  outstanding  indications  of  this  unsettlement  of 
mind  and  abandonment  of  old  standards.  In  short,  we  took 
things  as  they  came,  until  conditions  reached  a  point  that  de- 
manded the  drastic  house-cleaning  of  the  Seventies. 

Of  course.  New  York  made  real  progress  in  many  directions. 
In  1866,  the  Great  Eastern  succeeded  in  splicing  the  first  Atlantic 
cable,  which  had  failed  so  disappointingly  eight  years  before, 
and  laid  a  new  one,  establishing  a  communication  never  since 
interrupted:  almost  immediately,  London  prices  began  to  be 
received  by  wire,  and  arbitrage  dealings  commenced  to  influence 
exchange  operations;  the  old  volunteer  fire-fighting  system, 
always  inadequate  and  now  much  corrupted,  was  completely 
abolished,  and  an  efficient  paid  fbrce,  equipped  with  modern 
steam  engines,  set  a  new  standard  in  fire  protection;  the  arrival 
of  a  ship  with  cholera  brought  about  in  February,  1866,  the 
formation  of  a  Board  of  Health  which  started  a  vigorous  cleaning- 
up  and  sanitary  control  and  probably  saved  the  town  from  an- 
other cholera  scourge  that  year;  the  intensely  cold  winter  of 
1866-67,  and  the  stoppage  of  ferry  traffic  across  the  East  River, 
brought  to  a  head  the  agitation  for  a  bridge  there,  and  the  first 
stone  of  the  great  suspension  structure  was  laid  in  1870,  from 
plans  by  John  A.  Roebling,  who  had  outlined  just  such  a  project 
as  early  as  1857;  and  in  1867  came  the  experimental  Greenwich 
Street  elevated  road,  destined  to  last  only  a  year  but  having  a 
profound  influence  later  as  a  crude  demonstration  of  the  rapid 
transit  upon  which  the  future  greater  city  depended. 

The  Stock  Exchange  had  grown  from  the  informal  association 
of  brokers,  meeting  casually  under  the  famous  Wall  Street  button- 


232     A  CENTURY  OF  BANKING  IN  NEW  YORK 

wood  tree  or  at  the  Tontine  Coffee  House,  to  a  close  corporation 
whose  daily  activities  were  a  mystery  ardently  spied  upon  by 
outsiders.  During  the  war,  it  had  prohibited  its  members  from 
selling  Government  bonds  "short,"  or  from  dealings  in  gold,  the 
Gold  Exchange  being  in  consequence  formed  by  those  who  held 
that  patriotism  should  not  interfere  with  such  a  promising  field 
of  business  and  speculation.  The  Exchange's  conservatism 
resulted,  just  about  the  time  it  found  a  new  and  permanent  Wall 
Street  site  for  its  home  in  1865,  in  the  rapid  growth  ot  rival 
organizations;  these  began  to  make  such  inroads  upon  the  Board's 
leadership  in  stock  dealings  that  a  consolidation  was  effected  in 
May,  1869:  the  Open  Board  and  United  States  Government 
Board  were  taken  in;  from  that  time  on,  the  unchartered  organ- 
ization dominated  the  field  unchallenged,  and  its  swiftly  expand- 
ing dealings  made  it  a  factor  of  increasing  importance  in  the 
banking  situation. 

The  first  dealings  had  been  practically  confined  to  a  couple  of 
classes  of  Government  bonds,  English  consols,  foreign  exchange, 
and  shares  in  the  few  banks  and  insurance  companies;  even  in 
1817,  when  the  New  York  Stock  and  Exchange  Board  was 
organized  because  of  the  extensive  operations  in  the  securities  of 
the  new  banks,  the  leading  journals  of  trade  and  finance  quoted 
only  U.  S.  6  and  3  percents.,  and  exchange  on  London  in  their 
"Prices  of  Stocks."  Here  is  a  sample  quotation  list  of  May  6, 
1792: 


percents 


22s     Od 


3  percents 12s  8d 

Deferred 13s  2d 

Indents 12s  3d 

Final  settlements .18s  6d 

Half  shares.   Bank  of  the  U.  S.   50  percent,  premium. 

Shares    Bank    of  North    America    (Phlla.),    13  percent, 
premium. 

On  November  25,  1818,  the  Exchange  activities  had  expanded 

somewhat : 

United  States  Bank 113^ 

Bank  of  New  York 27 

Manhattan 120^ 

Union "4 

Merchants None 

Bank  of  America 95 

City  Bank 96 

Phenix 100 

New  York  Insurance 94 

Mutual  Insurance 

American 34 

National 90>^ 

Globe Ill 

Doubloons $15.88 


CHANGESINTHE60'S  233 

And  in  1827  "industrials"  had  begun  to  appear: 

United  States  Bank 124 

New  York  Bank 124^' 

Manhattan 118X 

Merchants 108 

Mechanics 112 

City 101 

Phenix 125 

America 97  J^ 

Union 1021^ 

Etna  Insurance 95 

Equitable  Ins 108^ 

Delaware  &  Hudson  Co 88 

N.  Y.  Gas  Light  Co 140 

Merchants  Exchange 110 

Doubloons $15.87 

In  1837,  "New  York  As  It  Is,"  a  very  complete  guide,  has  thirty 
pages  of  banks,  insurance  companies  and  trust  companies;  but, 
outside  of  sixteen  railroads,  canal  and  ferry  concerns,  lists  merely 
two  gas-light  companies,  one  land  and  building  venture,  one 
lumber,  one  fur  and  one  iron  corporation — and  does  not  so  much 
as  mention  the  Stock  Exchange.  But  the  influx  of  canal  securi- 
ties in  the  '20s,  the  land  companies,  the  railroads,  the  copper 
mines,  the  manufacturing  companies,  the  new  corporations  of 
every  sort  as  the  country  developed,  and  the  vast  outpouring  of 
Government  .bonds  during  the  Civil  War,  had  produced  a  list 
of  securities  approximating  $3,000,000,000  in  1868  which  were 
being  dealt  in  on  the  Exchange.  The  estabhshment  of  stock 
tickers  in  1867  Avas  an  external  indication  of  the  importance  stock 
trading  was  assuming.  The  Produce  Exchange,  too,  had  come 
into  existence  in  1860,  and  was  housed  in  its  own  building  the 
next  year. 

One  of  the  first  evidences  of  the  public  state  of  mind  was  the 
real  estate  "boom"  which  started  in  New  York.  Building  had 
practically  stopped  during  the  war,  rents  were  enormous,  vacant 
lots  worth  almost  nothing;  there  were  still  over  25,000  vacant 
lots  below  86th  Street. 

Owing  to  the  lack  of  street  railways,  the  scarcity  of  houses  and 
the  high  prices,  there  had  been  a  great  development  of  the 
suburbs  across  the  river  and  bay,  these  being  easier  to  reach 
than  uptown  houses  at  a  time  when  the  opening  of  Madison 
Avenue  was  hopefully  expected  to  "prepare  the  way  for  an 
extension  of  the  Fourth  Avenue  railroad"  and  give  reasonable 
communication  with  the  Central  Park  region. 

The  brazenly  corrupt  Tweed  Ring  held  the  municipality  in  its 
grip,  and  any  sort  of  public  work  offered  chances  for  plunder;  so 
the  opening  of  new  streets  and  the  frantic  rush  of  building  opera- 


234  A  CENTURY  OF  BANKING  IN  NEW  YORK 

tions  and  real  estate  sales  reinforced  each  other.  The  condition 
not  only  bred  dishonesty,  but  there  sprang  up  a  total  disregard 
of  the  city's  past.  St.  John  s  Park,  whose  superb  trees  had 
recently  shaded  the  fashionable  residence  section,  was  sold  to  a 
railroad  for  a  freight  station;  the  dignified  grounds  of  the  old 
New  York  Hospital,  at  Broadway  and  Pearl  Street,  suffered  a 
similar  fate;  and  the  lower  corner  was  sliced  off  City  Hall  Park 
for  an  unsightly  Federal  Post  Office.  The  pressure,  and  lack  of 
transportation,  caused  the  three  and  four  story  structures  which 
were  the  rule  to  shoot  upward :  the  first  apartment  houses,  known 
as  French  flats,  date  from  this  time.  In  the  next  few  years 
hundreds  of  tall  flat  buildings  were  erected  or  remodelled  from 
old  houses.  The  clumsy  elevator  that  was  one  of  the  wonders 
of  the  "towering"  Fifth  Avenue  Hotel,  was  soon  improved  and 
made  still  more  lofty  buildings  practicable. 

Railroad  building  was  speeded  up  everywhere,  the  joining  of 
the  two  halves  of  the  Union  Pacific  in  1869  giving  a  new  spur  to 
the  public  imagination  along  that  line;  the  huge  land  grants 
made  to  western  roads,  and  the  profits  in  construction  companies 
like  the  unsavory  Credit  Mobilier,  fed  the  flames  of  speculation. 
We  escaped  the  remarkable  English  "Black  Friday"  of  1866, 
when  the  panic  that  broke  with  the  failure  of  the  great  house  of 
Overend,  Gurney  &  Co.  caused  a  suspension  of  the  Bank  Act — 
largely  because  we  had  gone  through  the  enforced  liquidation  of 
1860  and  1861;  but  three  years  later,  amid  increasingly  active 
stock  speculation,  which  was  ever  absorbing  a  larger  share  of 
the  available  capital,  we  had  a  Black  Friday  of  our  own,  as  a 
slight  foretaste  and  illustration  of  what  the  country  was  heading 
toward. 
-  This  was  the  bursting  of  the  gold  speculation,  in  which  Gould, 
Fisk  and  some  associates  had  been  the  chief  figures.  Some 
months  before,  the  Treasury  had  ceased  its  steadying  sales  of 
gold,  under  the  belief  that  this  would  stimulate  crop  exports  in 
place  of  specie  ones,  and  the  syndicate  had  bought  vast  amounts, 
till  the  price  had  risen  to  160.  The  operators  held  contracts  for 
over  $100,000,000  of  gold;  there  was  barely  $25,000,000  in  the 
city  and  the  Government  held  less  than  $100,000,000.  With  a 
"short"  interest  which  Gould  himself  estimated  at  twice  the 
syndicate's  contracts,  and  believing  apparently  that  they  had 
the  Government  "fixed"  so  that  no  relief  would  come  from 
Washington,  the  managers  of  the  operations  openly  announced 
on  September  24  that  they  would  put  gold  to  200  and  smash  the 
Gold  Room.  Under  this  threat,  those  on  the  opposite  side  were 
rushing  to  cover  at  any  price,   when  an  order  arrived   to  sell 


FINANCIAL    SITUATION    IN    THE    70'S       235 

$5,000,000  of  gold  on  the  Treasury  account.  The  price 
broke  so  fast  that  Fisk's  broker  was  wildly  bidding  160  for  mil- 
lion lots  on  one  side  of  the  frantic  crowd,  while  sales  were  being 
made  on  the  other  at  descending  figures  from  150  to  132. 

The  Gold  Room  suspended  business  for  a  week;  half  the  mem- 
bers were  in  trouble,  and  the  chief  operators  lost  paper  millions. 
Terrific  as  was  the  excitement,  and  many  as  were  the  failures, 
the  whole  thing  was  so  localized  that  it  had  no  lasting  significance 
for  the  banks — except  as  an  indication  of  the  pace  at  which  the 
country  was  going.  Still,  the  next  report  on  January  1  showed 
a  drop  of  $28,000,000  in  the  deposits  held  by  national  banks. 

These  years  saw  further  destruction  of  national  resources  and 
feverish  expenditure  on  new  enterprises  all  over  the  world.  The 
war  between  Italy  and  Austria  was  followed  closely  by  the 
Franco-Prussian  War,  where  another  $2,700,000,000  was  poured 
out.  The  Suez  Canal  was  finished  in  1869,  unsettling  invest- 
ments in  shipping.  The  whole  globe  seemed  railway-mad: 
Austria  trebled  her  mileage  in  eight  years;  Russia  built  up  a 
12,000-mile  system  in  half  that  time;  nearly  200  millions  of 
English  capital  had  gone  into  South  American  construction;  the 
United  States,  which  had  added  10,000  miles  in  eight  years  from 
the  outbreak  of  the  Civil  War,  suddenly  quadrupled  the  rate  as 
the  Union  Pacific  completed  the  first  transcontinental  line;  from 
1869  to  1872  there  were  25,000  miles  of  new  roads  built.  Small 
wonder  that  the  banking  reports  from  New  York  in  1871  noted 
a  "very  marked  demand"  for  railroad  funds,  and  a  stringency 
of  money. 

At  the  same  time,  the  growing  feeling  against  the  railroads  on 
the  part  of  the  Western  farmers  tended  to  lessen  confidence  in 
these  securities — a  tendency  not  helped  by  the  notorious  per- 
formance of  Fisk  in  Erie  stocks,  and  the  frequent  "corners"  on 
the  Exchange.  The  pooling  agreements,  which  had  recently 
begun,  largely  eliminated  competition;  and  the  suspicious  resent- 
ment of  shippers  was  shown  in  the  appointment  of  State  railroad 
commissions  and  laws  fixing  maximum  rates  and  fares. 

The  whole  world,  and  the  United  States  in  particular,  was 
over-extended;  and  the  situation  only  awaited  the  chance  event 
to  become  acute.  The  summary  of  financial  happenings  during 
these  years,  which  Henry  Clews  gives  in  his  "Sixty  Years  of  Wall 
Street,"  gives  intimate  flashes  of  a  general  attitude  which  ex- 
pressed itself  in  numberless  ways  and  was  bound  to  bring  dis- 
aster: 

"June,  1871. — Rock  Island  was  cornered.  The  pool  began 
buying  at  \\A}4  and  advanced  it  to  130 J g.     On  liquidation  the 


236  A  CENTURY  OF  BANKING  IN  NEW  YORK 

stock  declined   to   110.     Many  failures  occurred  and  bad   faith 
was  charged. 

"October,  1871. — The  week  beginning  October  9,  1871,  was 
one  of  the  most  eventful  in  the  history  of  the  Stock  Exchange. 
The  banks  had  expanded  beyond  precedent  and  were  compelled 
to  contract  loans  to  raise  money  for  crop  purposes.  The  pay- 
ment by  France  to  Germany  in  settlement  of  war  claims  caused 
the  Bank  of  England  rate  to  advance  from  3  to  5  percent.,  and 
produced  a  feeling  bordering  on  panic  in  London.  The  New 
York  market  was  very  sensitive  when  news  of  the  Chicago  fire 
came.  Prices  broke  at  4 — 10  points.  On  Tuesday  there  was 
great  excitement;  sales  were  enormous  and  fluctuations  wide. 
On  Wednesday  there  was  a  rally  on  the  belief  that  the  Govern- 
ment would  purchase  5 — 20's.  The  lowest  prices,  however, 
were  made  on  Thursday.  On  Friday  there  was  more  steadiness 
and  prices  were  higher.  The  bank  statement  was  favorable  and 
matters  quieted  down. 

"December,  1871. — The  Ocean  National  Bank,  the  Union 
Square  and  the  Eighth  National  Bank  failed.  Money  was 
scarce,  but  stocks  were  firmly  held.  Operators  and  brokers 
were  loaded  up  with  stocks  and  sustained  prices,  awaiting  an 
opportunity  to  get  out. 

"March,  1872. — The  Erie  revolution  occurred.  The  Board 
of  Directors  was  overthrown,  and  Jay  Gould  resigned  the  presi- 
dency. Gen.  Dix  became  his  successor.  The  operation  caused 
great  activity  in  the  stock  market,  and  money  became  tight. 

"June,  1872. — Stock  dividends  on  Lake  Shore  and  Michigan 
Central  were  declared. 

"August,  1872. — Gold  was  cliqued. 

"September,  1872. — Erie  was  cornered.  The  Gould-Smith 
clique  was  short  of  it.  The  stock  first  became  scarce  on  pur- 
chases by  German  brokers  for  foreign  account.  Then  Drew 
became  a  heavy  purchaser.  At  the  same  time  the  German  bro- 
kers were  long  of  gold,  and  with  the  double  idea  of  punishing  them 
and  compelling  those  carrying  Erie  to  sell  out,  the  Gould-Smith 
clique  endeavored  to  lock  up  money.  This  plan  was  defeated 
by  the  refusal  of  two  banks  to  pay  out  legal  tenders  on  certified 
checks.  Just  then,  too,  the  Government  bought  $5,000,000 
bonds  and  sold  the  same  amount  of  gold.  This  completely 
broke  the  speculative  manipulation  of  money,  and  a  panic  was 
averted.  During  the  height  of  the  panic  there  were  no  quota- 
tions on  money.  Among  the  failures  of  the  week  were  Northrup, 
Chick  &  Co.,  bankers,  the  Glenham  Woolen  Manufacturing  Co., 
Paton  &  Co.,   dry   goods,   George   Bird,   Grinnell  &   Co.,   stock 


THEPANICOF1873  237 

brokers,  Hoyt,  Sprague  &  Co.,  and  A.  &  W.  Sprague.  The  banks 
suspended  their  weekly  statements  and  they  were  not  resumed 
until  late  in  November. 

"November,  1872. — Jay  Gould  was  arrested  on  criminal  charges 
based  on  his  management  of  the  Erie  Railroad.  He  surrendered 
securities  the  face  value  of  which  was  more  than  $9,000,000,  in 
December. — Northwestern  was  cornered.  It  opened  November 
20  at  83^  and  closed  at  95.  On  Thursday  it  sold  at  100,  and 
at  the  close  on  Friday  200  was  bid.  On  Saturday  buying  in 
under  the  rule  ran  the  price  up  to  230.  The  settlement  was 
made  on  the  following  Tuesday,  when  the  price  declined  to  par, 
the  highest  bid  made  being  85.  Jay  Gould,  Horace  F.  Clark  and 
Augustus  Schell  conducted  the  corner,  while  the  cornered  were 
Drew  and  Henry  N.  Smith.  It  was  one  of  the  most  profitable 
corners  ever  made  in  Wall  Street. 

"February,  1873. — -There  was  a  noted  corner  in  Northwestern. 

"April,  1873. — -The  preliminary  panic  of  the  year  occurred  in 
this  month.  The  stock  market  was  uneasy.  The  failure  of  a 
firm  of  silk  importers  was  followed  by  that  of  Barker  &  Allen, 
the  members  of  which  were  related  to  Vanderbilt.  Three  other 
firms  also  failed.  Confidence  returned  and  quiet  prevailed  until 
the  26th,  when  the  Atlantic  Bank  failed.  This  brought  about 
another  depression,  which  was  followed  by  a  quick  rally. 

"  Jlay,  1873. — Heavy  break  in  Pacific  Mail.  The  further 
retirement  of  greenbacks  was  prohibited  by  Congress. 

"August,  1873. — Fraud  was  discovered  in  the  issue  of  certain 
bonds  of  the  New  York  Central  &  Hudson  River  Railroad. 

"September,  7^7J.— The  New  York  Warehouse  &  Security 
Company  failed  on  the  8th;  Kenyon,  Cox  &  Co.,  in  which  Daniel 
Drew  was  a  special  partner,  on  the  13th;  Jay  Cooke  &  Co.  on  the 
18th,  and  Fisk  &  Hatch  on  the  19th.  Innumerable  brokers 
failed.     There  were  runs  on  the  Fourth  National  Bank  and  the 

Trust    Company.      The    secretary    of   the    company    was   a 

defaulter  to  the  extent  of  $500,000,  and  its  doors  were  closed. 
The  Bank  of  the  Commonwealth  failed.  There  was  a  panic  in 
the  stock  market,  and  the  excitement  ran  so  high  that  the  Gov- 
erning Committee  closed  the  Exchange  at  11  o'clock  on  Saturday 
the  20th.  The  Gold  Exchange  Bank  was  unable  to  effect  all  the 
clearances,  and  the  dealers  were  unable  to  get  their  balances. 
The  result  was  the  temporary  suspension  of  some  dozen  firms. 
The  Gold  Exchange  Bank  having  been  enjoined  by  the  courts 
from  making  the  clearances,  the  Bank  of  New  York  undertook 
the  job  and  failed  in  it.  Next  a  committee  of  twenty  was  ap- 
pointed to  do  the  work,  but  it  failed  also,  because  Smith,  Gould 


238  A  CENTURY  OF  BANKING  IN  NEW  YORK 

&  Martin  refused  to  render  a  statement  to  it.  The  final  settle- 
ments were  made  between  members  themselves.  Smith,  Gould 
&  Martin,  with  contracts  amounting  to  $9,000,000,  settled  on  a 
basis  of  135.     Business  was  resumed  on  September  30." 

The  immediate  cause  of  the  money  drain  which  started  the 
panic  was,  as  before,  the  sudden  demand  by  out-of-town  banks 
for  their  cash  reserves  on  deposit.  It  was  found  that  the  $60,- 
000,000  of  call  loans  on  which  the  New  York  banks  had  relied 
was  "entirely  unavailable."  The  collateral  was  unexception- 
able in  normal  times,  yet  values  tumbled  so  rapidly  that  it  could 
not  be  reahzed  on  except  at  great  sacrifice.  In  the  emergency, 
the  issue  of  Clearing  House  certificates  again-  proved  a  most 
effectual  aid,  and  more  than  $26,000,000  of  these  were  paid  out, 
all  being  cancelled  by  the  following  January. 

The  same  pooling  of  reserves  was  resorted  to  which  had  proved 
so  helpful  in  1860,  but  there  was  by  no  means  unanimity  in  this 
matter.  Most  of  the  conservative  institutions  were  strongly 
opposed  to  the  practise  of  paying  interest  on  bank  deposits; 
the  twelve  members  of  the  Clearing  House  which  allowed  such 
interest  had  naturally  secured  the  bulk  of  balances  from  the 
out-of-town  banks,  and  when  these  were  called  in,  this  group  was 
the  one  first  endangered.  The  others  naturally  found  it  pecu- 
liarly trying  to  have  to  risk  their  own  scanty  reserves  by  coming 
to  the  rescue  of  those  who  were  suffering  from  a  practise  they 
themselves  had  fought  against;  and  it  was  stated  that  they 
consented  to  equalization  of  reserves  only  in  the  belief  that  the 
Clearing  House  would  put  a  stop  to  the  paying  of  interest  on 
deposits.  This  was  not  accomplished.  Moreover,  there  was  a 
widespread  belief  that  some  of  the  banks  had  not  played  fair, 
but  had  encouraged  special  currency  deposits  and  exchanged 
greenbacks  for  notes  so  as  to  get  around  the  pooling  agreement. 
The  result  was  that  this  admirable  plan  of  standing  shoulder  to 
shoulder  in  a  crisis  fell  into  abeyance.  Its  lack  helped  to  bring 
on  the  common  disaster  in  later  years. 

Deposits  in  the  national  banks  fell  off  a  hundred  millions  in 
the  last  half  of  that  disastrous  year,  and  from  the  very  nature  of 
the  case,  business  adjustment  was  a  matter  of  years  instead  ot 
months;  there  were  thousands  of  failures  all  over  the  country, 
and  the  railway  bonds  in  default  at  the  beginning  of  1876  reached 
a  total  of  $789,000,000.  "Boss"  Tweed  and  his  ring  had  been 
overthrown,  the  hundredth  anniversary  of  independence  com- 
memorated by  the  Philadelphia  Exposition,  and,  after  intermin- 
able discussion,  specie  payments  had  been  resumed,  before  the 
full  recovery  had  been  accomplished. 


THE    PRICE    OF    GOLD    IN    187 


239 


This  welcome  return  to  national  integrity  had  been  skillfully 
prepared  for.  Secretary  Sherman,  as  the  New  York  financiers 
had  counselled,  had  built  up  an  ample  gold  supply,  assisted  by 
the  enormous  surplus  production  of  crops. 

As  the  day  appointed  approached,  it  became  more  and  more 
evident  that  upon  the  New  York  banks  depended  the  success  of 
the  much  debated  step.  They  held  over  $40,000,000  of  the  legal 
tender  notes;  and  $85,000,000  more  was  in  the  hands  of  the  rest 
of  the  banks,  who  would  doubtless  follow  their  example. 

The  Assistant  Treasurer  of  the  United  States  was  made  a 
member  of  the  New  York  Clearing  House,  which  then  contained 
forty-nine  national  and  thirteen  State  institutions.  It  was 
arranged  between  them  and  this  representative  of  the  Govern- 
ment that  the  Treasurer  should  present  drafts  on  any  bank  to 
the  Clearing  House,  and  that  he  could  conversely  adjust  drafts 
on  him  by  United  States  notes  or  Clearing  House  certificates. 
The  banks  agreed  to  stop  receiving  gold  as  special  deposits,  to 
abolish  special  exchanges  of  gold  checks,  and  to  settle  Clearing 
House  balances  in  gold  or  legal  tender. 

The  following  record  of  the  significant  event  appeared  in  a 
newspaper  of  December  18th,  1878: 

"At  12:29  yesterday,  according  to  the  official  record, 
$10,000  of  gold  was  sold  in  the  gold  department  of  the 
stock  exchange  (the  old  gold  exchange)  at  par.  This  is 
the  first  sale  of  gold  at  par  that  has  taken  place  in  this 
country  for  sixteen  years.  The  room  was  almost  empty 
at  the  time  the  transaction  was  made,  and  so  quietly  was 
it  accomplished  that  only  three  or  four  persons  who  stood 
near  the  register's  desk  knew  anything  about  it.  It  was 
a  coincidence  that  the  record-book  in  which  accounts  of 
sales  are  kept,  had  so  nearly  run  out  that  all  these  trans- 
actions were  recorded  by  the  clerk  on  the  last  page  of  the 
last  leaf.  Word  was  sent  immediately  to  the  Stock  Ex- 
change, and  the  announcement  of  each  sale  was  received 
with  vigorous  cheers.  Following  are  the  highest  prices 
reached  by  gold  in  each  year,  beginning  with  1862,  when 
it  was  quoted  at   102  on   Jan.    1 : 


1862  . 

.  154 

1868  . 

.  150 

1874  . 

.  1143/8- 

1863  . 

.  1521^ 

1869  . 

.  162K 

1875  . 

.  117  s^i 

1864  . 

.  285 

1870  . 

.  123>^ 

1876  . 

.    115 

1865  . 

.  233  3^ 

1871  . 

.  1153/^ 

1877  . 

.  107^ 

1866  . 

.  167f< 

1872  . 

.  1155^ 

1878  . 

.  107" 

1867  . 

.  145^ 

1873  . 

.  119M 

^^a^.: 


Chapter  IX 
J  MARVELLOUS  QUARTER-CENTURY 

Reasons  for  the  Prosperity/  of  iSjo-igoo  —  SpeclallzaUon  of 

Banking  Activities— Abuses  of  the  Check  System  — 

Banks  anJ  the  Gotd  Resen^e  of  i8(j2  — 

The  Panic  of  iSgy-Rlse  of  the 

Great  Trust  Companies 


rHE  long-awaited  return  to  realities  and  one  hundred  percent, 
financial  honor  was  undoubtedly  a  large  factor  in  the  gen- 
eral business  quickening  that  ensued.  "Many  industries 
which  had  been  depressed  since  the  panic  of  1873  revived,  while 
increased  activity  appeared  in  all  branches  of  production,  trade 
and  commerce.  Every  preparation  for  resumption  was  accom- 
panied with  increased  business  and  confidence,  and  its  consumma- 
tion was  followed  by  a  revival  of  productive  industry  unexampled 
in  our  previous  history. 

The  country  had  entered  in  fact  upon  a  period  of  amazing  de- 
velopment. It  has  been  pointed  out  by  a  historian  of  the  great 
inventions  that  each  important  mastery  of  one  of  Nature's  forces 
has  raised  mankind  to  a  higher  level  of  knowledge  and  capabilities, 
where  his  progress  was  not  merely  added  to  but  multiplied.  Sim- 
ilarly, the  United  States  was  about  to  multiply  its  powers  indefi- 
nitely through  new  inventions,  discoveries  of  unsuspected  mineral 
resources,  revolutionary  advances  in  manufacturing  processes, 
evolution  of  the  vast  potencies  in  combination  and  systematizing 
of  business  methods. 

The  purchase  of  Alaska  in  1867  had  added  half  a  million  square 
miles  and  a  sixth  of  the  total  area;  most  people  thought  it  dear 
enough  at  the  price  of  $7,200,000,  little  dreaming  of  the  golden 
flood  which  it  was  to  pour  into  the  country,  amounting  in  the  years 
since  the  Klondike  discoveries  to  over  $300,000,000.  But  the 
growth  of  this  miraculous  era  was  chiefly  from  development  of 
what  we  had  long  possessed — the  petroleum  of  Pennsylvania  and 
of  subsequent  fields,  the  iron  of  the  Lake  Superior  and  Alabama 
regions,  the  copper,  silver,  zinc  and  lead;  the  vast  lumber  re- 
sources of  Maine,  the  Lakes  country  and  CaHfornia;  the  turning  of 

240 


SPECIALIZATION    OF    BANKING  241 

the  trans-Mississippi  area  into  a  colossal  granary  for  us  and  for  the 
world;  agriculture,  mining,  manufacturing — every  form  of  in- 
dustry—waxed like  the  Eastern  conjuror's  tree  that  grows  to 
maturity  before  one's  eyes. 

From^  1869  to  1900  we  doubled  our  population,  trebled  our 
wealth,  and  cut  the  national  debt  to  less  than  half.  Between  1876 
and  the  end  of  the  century  the  New  York  annual  bank  clearings 
rose  from  less  than  $22,000,000  to  more  than  $77,000,000,  the 
total  bank  and  trust  company  deposits  throughout  the  country 
grew  from  two  billions  to  seven;  our  Imports  and  exports  went  up 
250  percent. ;  the  value  of  our  farm  products  approached  five  bil- 
lions a  year,  our  manufactures  exceeded  eleven  billions — great 
new  Industries,  like  steel,  tinplate  and  beet  sugar,  and  the  gigantic 
series  of  electrical  productions,  having  been  added  in  their  en- 
tirety; our  76,000  miles  of  railways  had  become  199,000. 

The  electrical  age,  which  was  to  more  than  repeat  the  transfor- 
mations of  steam,  had  begun:  Bell's  first  telephone  had  been  pat- 
ented in  1876;  within  thirty  years  five  percent,  of  all  the  people  in 
the  United  States  were  bound  together  by  this  new  means  of  com- 
munication; Edison  had  711  patents  to  his  credit,  Ellhu  Thomson 
394;  the  total  inventions  in  the  field  of  telegraphs  and  telephones, 
electric  railways,  motors,  signalling  and  generation  exceeded 
17,000.  As  a  consequence,  an  industry  which  barely  existed  in 
1870,  had  to  be  measured  by  hundreds  of  millions  by  1900.  Elec- 
tric lighting  became  common  in  the  '80s,  the  trolley  car  in  the  '90s; 
the  automobile  arrived,  and  presently  In  place  of  the  600  produced 
here  In  1899,  we  were  turning  them  out  by  the  hundred  thousand 
and  had  added  one  more  billion-dollar  industry,  as  well  as  a  new 
factor  in  passenger  and  freight  transportation.  The  New  South, 
freed  from  the  economic  shackles  of  slavery,  had  developed  a 
tremendous  industrial  and  mining  balance  to  its  agricultural 
production. 

Men  had  discovered  the  undreamed-of  force  that  lay  in  organi- 
zation and  combination;  and  the  tendency  towards  consolida- 
tions, which  had  proved  so  essential  in  railroads  almost  from  the 
beginning.  Increased  steadily  after  the  Civil  War,  till  it  reached  Its 
apogee  In  the  colossal  trust  formations  of  1890  to  1900.  Radical 
advances  in  management  and  distribution  constantly  stimulated 
Industry;  the  department  store,  the  mail-order  business,  the  chain 
stores  altered  the  entire  nature  of  retailing. 

Inevitably  the  banking  development  followed  the  same  course 
as  the  trade  from  which  It  sprang,  growing  ever  larger,  so  complex 
that  It  had  to  be  spht  up  into  specialities,  and  forming  vaster  and 
vaster  aggregations  of  capital  that  could  meet  the  needs  for  mil- 


242  A  CENTURY  OF  BANKING  IN  NEW  YORK 

lions  where  thousands  had  once  been  sufficient.  As  a  larger  and 
larger  proportion  of  the  country's  industry  was  handled  by  cor- 
porations whose  securities  were  dealt  in  on  the  stock  exchange, 
"Wall  Street"  became  the  barometer  of  trade  conditions  on  which 
all  eyes  were  focussed;  and  there  was  a  constant  complaint  that 
too  large  a  proportion  of  the  available  banking  capital  in  New 
York  was  engaged  in  the  profitable  financing  of  speculation. 

This  criticism  reached  a  high  pitch  in  the  Seventies,  and  testi- 
mony in  a  congressional  investigation  of  a  "lock-up,"  or  artificial 
currency  contraction,  excited  the  public  mind  against  the  banks. 

"A  Director  of  the  Tenth  National  Bank  of  New  York  was  a 
special  partner  in  three  firms  with  whom  he  left  his  money  to  be 
loaned.  On  a  day  specified,  he  directed  them  to  call  in  his  money, 
which  they  did.  In  the  afternoon  he  went  to  his  bank  with  the 
checks  received  from  the  three  firms,  amounting  to  $4,100,000. 
He  requested  the  President  to  put  them  through  the  Clearing 
House  the  next  morning.  This  was  done,  the  money  was  paid; 
but  instead  of  putting  it  into  the  bank  on  deposit,  he  carried  it 
away.  The  whole  transaction  was  outside  the  regular  and  usual 
business  of  the  bank,  and  was  simply  an  arrangement  by  which  it 
withdrew  over  $4,000,000  of  legal  tender  notes  from  circulation  for 
a  Director  of  the  concern,  whose  avowed  object  in  having  it  done, 
as  he  himself  testified  before  the  investigating  committee,  'was  to 
cause  a  stringency  in  the  money  market  for  the  purpose  of  bring- 
ing about  a  decline  in  the  price  of  stocks',  of  which  he  was  short. 
Tt  affected  not  only  the  banks  and  the  business  community  of  the 
city  of  New  York,  but  that  city  being  the  principal  centre  of  the 
monetary  operations  of  the  whole  country,  the  stringency  pro- 
duced there  in  the  money  market  extended  to  other  cities,  and 
affected  more  or  less  injuriously  every  branch  of  business  requiring 
the  use  of  money  throughout  the  country.'" 

Such  things  as  this,  and  evidence  that  a  firm  of  brokers  with 
very  little  capital  had  just  before  the  panic  had  $14,000,000  from 
banks  when  a  reputable  old  commercial  firm  could  not  get  $24,000 
on  good  thirty-day  business  paper,  helped  the  movement  for  re- 
strictive legislation  and  close  supervision.  Publicity  had  for  half 
a  century  been  a  distinguishing  feature  of  the  American  system, 
and  Gallatin  pointed  out  how  reports  and  examinations  strength- 
ened the  banks  in  public  confidence.  The  national  banks  were 
divided  into  twenty-five  regional  groups,  with  an  examiner  for 
each  district,  charged  not  only  with  the  inspection  of  the  cash, 
bills  and  books,  but  the  character  of  loans  and  the  whole  conduct 
of  the  business.  The  well  run  banks,  of  course,  welcomed  such 
publicity  and  the  additional  check  thus  given  by  a  government 


ABUSESOFTHECHECKSYSTEM  243 

official.  From  1870  on,  five  reports  a  year  were  demanded  by  the 
Comptroller,  at  any  dates  fixed  by  him;  after  1893  there  were  two 
examinations  each  year;  and  the  severity  of  these  was  increased  as 
any  point  of  probable  weakness  was  disclosed.  While  there  is  a 
plausible  tale  of  at  least  one  examiner  who  knew  so  little  that  he 
had  to  get  assistance  from  the  cashiers  of  the  examined  bank  to 
make  out  his  report,  the  average  standard  has  certainly  been  high, 
and  the  American  public  rests  heavily  upon  this  government 
supervision  for  its  confidence  in  bank  soundness. 

A  point  which  attracted  much  attention  at  this  time  was  the 
alleged  abuses  of  certification.  This  custom  had  come  into  use 
mainly  through  an  effort  to  stop  certain  sharp  practices. 

"The  system  of  certifying  checks,"  says  a  journal  of  1883, 
"may  be  said  to  have  originated  in  New  York.  Only  a  little  over 
thirty  years  ago  the  banks  of  this  city  made  their  exchanges  but 
once  a  week,  and  this  was  on  Monday  morning  before  banking 
hours.  Many  shrewd  dealers  with  more  wit  than  capital  availed 
themselves  of  this  fact  to  secure  funds  not  otherwise  within  their 
grasp.  At  the  beginning  of  the  week.  A,  B  and  C  had  accounts  in 
three  different  banks;  A  would  obtain  B's  check,  B  would  secure 
a  like  amount  of  C,  and  C,  in  turn,  of  A,  and  each  would  deposit 
the  order  in  his  own  bank  and  of  course  draw  against  it.  Thus, 
without  any  money,  they  could  draw  three  thousand  dollars  and 
use  it  up  to  Saturday.  On  this  day  the  money  must  be  deposited, 
as  the  checks  would  go  in  for  settlement  on  Monday  morning.  It 
was  not  difficult  for  each  of  them,  just  before  the  bank  closed  on 
Saturday,  on  their  checks  dated  Monday,  to  borrow  of  some  friend 
a  thousand  dollars,  and  this  would  keep  them  going  indefinitely. 

"This  was  called  'flying  paper',  and,  by  an  easy  transition, 
'Kiting',  as  it  was  raising  money  by  the  use  of  paper  that  had  no 
solid  support.  Of  course,  it  was  adroitly  disguised,  the  checks 
being  for  odd  amounts,  and  the  various  transactions  as  much 
mixed  as  possible.  To  prevent  such  a  misuse  of  credit,  the  banks 
began  to  send  out  runners,  either  to  present  the  checks  for  collec- 
tion on  the  day  they  were  deposited  or  to  ask  for  a  certification. 
If  the  check  was  certified  it  was  charged  at  once  to  the  drawer,  and 
unless  he  had  the  money  in  bank  at  the  close  of  business  his 
account  would  stand  overdrawn.  It  was  done  to  prevent  kiting 
and  not  to  facilitate  it.  It  is  true  that  from  the  hour  of  certifica- 
tion to  the  close  of  business  the  drawer  of  the  check  had  a  credit, 
but  the  paper  was  not  a  kite,  as  it  had  the  stamp  of  the  bank, 
which  represented  real  capital. 

"After  the  practice  of  making  daily  exchanges  came  into  vogue, 
the  system  of  certifying  checks  was  extended  to  avoid  the  carrying 


244     A  CENTURY  OF  BANKING  IN  NEW  YORK 

of  money  through  the  streets,  and  to  bring  all  the  settlements  to- 
gether into  the  morning  hour.  When  the  clearing  house  was 
established  it  became  still  more  convenient,  and  no  one  thought  of 
presenting  a  check  for  payment." 

At  first  there  was  no  conception  of  the  bank's  assuming  a  legal 
obligation  for  the  amount  certified.  The  cheque  was  not  charged 
to  the  drawer's  account  until  presented,  and  the  stamp  was  con- 
sidered little  more  than  information.  But  the  obvious  chance 
here  for  creating  a  credit  from  nothing  could  not  fail  to  be  seized 
upon  during  the  frenzy  of  speculation;  some  banks  certified  to  an 
enormous  extent,  practically  guaranteeing  the  brokers'  contracts 
with  their  customers, — and  in  the  pressure  over-certifying  became 
so  common  that  a  State  law  in  1869  penalized  it  by  forfeiture  of 
charter.  The  New  York  Clearing  House  declared  vigorously 
against  any  certification  unless  the  amount  were  found  regularly 
entered  to  the  dealer's  credit;  and  when  the  abuse  continued 
another  law  was  passed  providing  heavy  fines  and  imprisonment. 

In  spite  of  everything,  the  fatal  ease  of  the  transaction,  and  the 
possibility  that  it  might  never  come  to  light,  made  cases  crop  out 
again  and  again:  when  a  New  York  bank  lost  a  large  sum  by  over- 
certifying,  the  indicted  teller  pleaded  orders  from  his  superior;  and 
the  certifying  banks  generally  assumed  that  accepting  checks  was 
not  a  violation  of  the  statute.  In  1822  a  Federal  Act  prescribed 
severe  penalties  for  any  violation  or  any  evasion  by  receiving  ficti- 
tious obligations,  and  the  Comptroller's  strictness  in  following  up 
the  matter  caused  some  of  the  conspicuous  offenders  to  abandon 
their  national  charters  and  reorganize  under  the  more  liberal 
state  law. 

It  was  at  just  this  time  that  the  charters  of  nearly  four  hundred 
national  banks  were  about  to  expire,  and  there  was  much  discus- 
sion over  renewal.  The  conservative  banks  were  most  anxious 
not  to  reorganize,  but  to  continue  maintaining  the  undivided  sur- 
plus built  up  to  20  percent,  of  the  capital  under  the  national  law- — 
amounting  all  told  to  $181,000,000;  and  the  bill  for  the  twenty- 
year  extension  finally  passed.  There  were  then  over  2,000 
national  banks  and  the  yearly  loans  and  deposit  items  had  each 
;ust  passed  the  billion  mark;  the  savings  banks  held  nearly  $900,- 
000,000,  the  state  and  private  banks  another  half  a  billion,  and  the 
trust  companies,  just  on  the  verge  of  their  swift  expansion,  showed 
$111,000,000.  The  constantly  increasing  emphasis  on  the  deposit 
funds  was  strikingly  shown  in  the  report  for  1900.  This  gave 
aggregate  individual  deposits  as  follows: 

In  National  Banks  .    $2,458,092,758         In  Loan  and  Trust 

In  Savings  "      .      2,589,719,954  Companies    .     .    $1,028,232,407 

Instate^  "      .      1,266,755,282         In  Private  Banks .  96,206,049 


GOLD    RESERVE    OF    1892 


245 


By  1900  the  trust  company  deposits  had  reached  the  billion 
mark;  in  1910  they  were  over  three  billions,  had  passed  the  State 
banks,  and  were  a  fifth  of  the  total  for  all  classes. 

The  '80s  saw  a  continuation  of  the  consolidations  of  all  sorts; 
the  Gould  system  of  railways  was  built  up.  Western  Union  ab- 
sorbed its  telegraph  rivals,  and  these  groupings  into  systems  alter- 
nated with  heavy  stock  dividends  and  with  frequent  stock  market 
"corners"  and  outbursts  of  speculation.     There  was  an  excess  of 


Significant  features  of  this  graph  of  commodity  prices  from  1810  to  1920  are 
the   fluctuations  following   the   war  periods. 

exports  over  imports  amounting  to  nearly  $700,000,000  in  the  first 
years  of  the  decade,  and  the  tide  of  gold  set  heavily  back  towards 
the  United  States.  The  French  crash  of  1882  had  almost  no 
effect  here,  but  1884  was  made  memorable  by  the  failure  of  Grant 
&  Ward,  and  the  wrecking  of  the  Marine  Bank,  followed  by  the 
Metropolitan,  where  the  management  had  been  of  the  unsoundest, 
and  the  Atlantic. 

Again  In  1890  the  failure  of  the  Baring  firm  in  London,  with 
liabilities  of  £21,000,000,  owing  to  their  heavy  backing  of  the 
Argentine  railroad  boom,  had  only  a  temporary  effect  in  America. 
The  New  York  banks  stood  the  strain  with  the  help  of  Clearing 
House  certificates. 

Nevertheless,  this  rude  shock  to  English  optimism  had  an  after- 
effect In  that  it  presently  caused  a  check  in  the  flood  of  foreign 
capital  which  had  been  poured  into  our  railroad  and  other  enter- 
prises. The  magnitude  and  persistence  of  this  investment  and 
reinvestment  had  obscured  the  true  state  of  affairs.     Probably  a 


246  A  CENTURY  OF  BANKING  IN  NEW  YORK 

hundred  millions  a  year  were  annually  payable  to  Europe  on  in- 
vestment accounts  alone;  and  when  our  silver  legislation  in  1890 
increased  the  aroused  apprehensions  of  foreign  capitalists,  a 
steady  calling-in  of  these  great  sums  began.  Heavy  gold  exports 
commenced  the  very  month  the  Sherman  Law  was  passed.  In 
five  years  the  gold  reserve  in  the  Treasury  was  reduced  by  a  half. 
"The  theory  of  Gresham's  law,  that  the  departure  of  gold  denotes 
the  presence  of  a  poorer  currency  behind  the  gold,  expelling  it 
from  the  country,  was  verified  by  the  manner  in  which  the  gold 
went  out  as  the  new  Treasury  notes  were  pumped  into  the  circula- 
tion at  the  rate  of  $4,500,000  a  month." 

It  seemed  to  justify  the  caustic  statement  of  experts  that  the 
United  States  was  in  banking  "at  about  the  same  point  that  had 
been  reached  by  Europe  at  the  time  of  the  Medicis,  and  by  Asia, 
in  all  likelihood,  at  the  time  of  Hammurabi" — when  in  1892  we 
beheld  the  government  appealing  to  the  generosity  and  patriotism 
of  the  banks  to  help  build  up  its  diminishing  gold  reserve.  The 
inelasticity  of  our  currency,  and  the  absence  of  any  central  bank, 
ready  at  all  times  to  rediscount  the  paper  held  by  the  banks  and 
thus  prevent  the  violent  contractions  and  general  convulsions — 
these  features  of  the  European  system  were  conspicuously  lacking 
each  time  we  had  to  meet  a  crisis.  As  we  have  seen,  even  the 
pooling  arrangement  of  1873  had  fallen  into  disuse,  so  there  was  a 
minimum  of  chance  for  concerted  action. 

A  group  of  New  York  bankers  did  make  a  real  joint  contribu- 
tion of  effort  between  June  and  July,  1893,  assisted  by  those  of 
other  cities;  and  the  gold  reserve  was  thus  raised  from  $90,000,000 
to  $97,000,000.  But  the  effects  of  the  silver-based  Treasury 
notes  were  reinforced  by  a  renewed  outburst  of  the  speculative 
extravagances. 

"Funds  were  raised  for  working  alleged  tin  mines  in  South 
Dakota;  vast  tracts  of  land  were  purchased  in  Florida  to  be 
unloaded  as  sugar  lands  upon  foreign  investors  under  the  guaran- 
tee of  the  government  bounty  upon  sugar;  and  new  towns  sprang 
up  all  over  the  South,  dowered  in  the  imagination  of  their  projec- 
tors with  infinite  possibilities  of  mineral  wealth  and  manufactur- 
ing development,  but  which  proved  in  fact  little  more  than 
bottomless  pits  for  the  millions  of  northern  capital  spent  in  laying 
them  out.  It  was  the  same  with  suburban  improvements  in  the 
neighborhood  of  the  great  cities  as  with  the  'boom'  towns  of  the 
South.  Millions  were  sunk  i^  improvements,  in  advance  of 
actual  demand,  upon  property  for  which  no  purchasers  could  be 
found  when  people  began  to  ask  themselves  what  was  the  basis  of 
realitv  beneath  inflated  and  fictitious  values." 


T  H  E    P  A  N  I  C    O  F    1  8  9  3  247 

The  place  of  railroads  in  this  over-extension  was  taken  by  the 
street  railways  which  were  being  transformed  on  all  sides  to  cable 
and  trolley  hnes.  Government,  States,  cities,  corporations,  indi- 
viduals— all  were  contracting  to  spend  money  for  ventures  of 
every  sort,  ventures  which  caused  a  financial  writer  to  estimate 
shortly  afterwards  that  "the  bad  investments  of  the  public, 
within  three  years,  came  fully  up  to,  $1,500,000,000  and  are  likely 
to  exceed  it." 

Upon  this  situation  the  news  that  the  British  Government  in 
India  had  decided  to  suspend  the  free  coinage  of  silver  came  like  a 
thunderclap.  The  whole  financial  structure  w^as  feeling  the  strain 
of  fighting  against  inexorable  laws  in  the  attempt  to  bolster  up  the 
gold  reserve;  here  was  the  market  for  a  third  of  the  world's  silver 
suddenly  closed,  and  the  price  of  the  metal,  which  the  United 
States  was  attempting  to  force  upon  trade,  tumbling  in  a  few  days 
from  78  cents  an  ounce  to  65.  This  meant  a  shrinkage  of  some 
$37,000,000  in  the  value  of  the  government's  bullion,  and  with  the 
gold  reserve  already  below  $100,000,000,  it  spelled  disaster  to 
every  informed  financier. 

New  York  had  stopped  telling  stories  of  the  terrific  blizzard  of 
1888,  the  most  complete  paralysis  of  the  city's  activities  in  its 
history;  the  echoes  of  the  sensational  bomb- throwing  by  the  luna- 
tic, Norcross,  in  Russell  Sage's  office;  Dr.  Parkhurst's  first  crusade 
against  the  "pack  of  administering  bloodhounds"  in  control  of  the 
municipality;  and  the  Columbian  anniversary,  with  the  unveiling 
of  the  column  and  statue  at  Columbus  Circle  had  also  died  away 
in  the  interest  aroused  by  the  great  naval  review  of  the  spring  of 
1893  and  the  reception  to  the  Spanish  Princess  Eulalia. 

But  by  June  everybody  was  thinking  mainly  of  the  business 
paralysis  which  had  gripped  everything  as  the  disaster  became 
certain.  There  were  huge  interest  payments  to  be  made  on  July 
1,  and  money  was  not  to  be  had. 

The  Clearing  House,  which  offered  the  only  instrument  for 
common  action,  held  a  meeting,  and  the  various  bank  presidents 
represented  looked  the  situation  squarely  in  the  face.  They  saw 
clearly  that  the  immediate  necessity,  in  spite  of  the  runs  which 
were  rapidly  reducing  deposits,  was  a  general  extension  of  credits. 
A  Loan  Committee  of  five  was  authorized  to  issue  Clearing  House 
certificates  so  that  the  banks  could  settle  their  daily  balances 
without  calling  in  loans;  and  on  June  30,  by  throwing  $8,000,000 
on  the  market  they  broke  the  interest  rate  from  80  percent,  to  10. 
During  the  whole  four  months'  period  over  $41,000,000  of  Clear- 
ing House  certificates  were  issued,  "without  the  loss  of  a  single 
dollar  to  the  Association,"  and  by  liberal  advances  to  exchange 


248  A  CENTURY  OF  BANKING  IN  NEW  YORK 

dealers  some  $30,000,000  of  gold   were  brought   into   the  coun- 
try. 

But  not  even  the  powerful  influence  of  this  central  organization 
could  alter  the  general  course  of  events.  Twenty-five  national 
banks  suspended  in  June  and  116  in  the  next  two  months.  State 
and  private  banks  collapsed  with  liabilities  of  $97,000,000.  A 
preliminary  crash  in  industrial  stocks  was  followed  on  July  26  by  a 
real  panic  on  the  Stock  Exchange:  with  money  rates  of  75  percent, 
there  was  a  rush  to  sell  at  any  price  and  even  standard  bonds 
melted  away  in  value.  The  closing  of  the  Exchange  was  pro- 
posed, but  the  Governors  decided  against  it.  A  great  wave 
swept  the  country,  undermining  the  foundations  of  all  but  the 
most  solid  commercial  structures.  Railway  construction  almost 
ceased;  the  production  of  pig-iron  dropped  a  third;  by  the  next 
vear  there  were  in  the  hands  of  receivers  156  railroads  operating 
39,000  miles  and  representing  a  capitahzation  of  $2,500,000,000; 
by  1895  the  annual  railroad  dividends  were  sLxty-odd  millions  less 
than  they  had  been  before  the  crash;  securities  were  suddenly 
worth  half  or  quarter  of  their  accepted  values;  the  number  of 
failures  increased  50  percent.,  their  liabiUties  300  percent. 

Everywhere  banks  were  paying  only  in  certifications  on  Clear- 
ing House  checks,  currency  was  at  a  premium,  and  factories  had 
to  shut  down  because  money  could  not  be  obtained  for  the  payroll. 
Deposits  were  checked  sharply,  but  many  private  hoards  came  on 
the  market,  and  something  like  $15,000,000  in  currency  was  sold 
at  varying  premiums  in  New  York. 

The  business  public  accepted  this  anomalous  state  of  affairs  as  a 
necessary  outcome  of  the  shock;  they  went  much  further  and  m 
many  places  evolved  an  emergency  currency  to  meet  the  most 
pressing  needs.  Clearing  House  certificates  were  for  use  only 
between  banks,  and  the  10  percent,  tax  barred  the  issue  of  notes 
by  state  and  private  banks;  but  in  dozens  of  places  certificates 
and  certified  checks,  sometimes  guaranteed  by  the  associated 
banks,  passed  current.  In  some  cases  a  single  bank  put  them  out. 
Railways  and  manufacturers  met  their  own  problems  similarly 
where  banking  aid  was  not  available.  In  more  than  one  locahty 
the  authorities  took  action,  basing  this  informal  makeshift  upon 
some  pubUc  fund.  Everywhere  these  obligations  were  treated  as 
cash,  and  were  promptly  redeemed  when  the  pressure  relaxed;  and 
the  Federal  government  discreetly  winked  at  the  whole  proceed- 
ing. 

The  experience  was  not  forgotten,  however,  and  was  a  constant 
influence  in  succeeding  years  towards  a  radical  change  of  the 
system  which  made  such  things  possible.    The  Sherman  law  was 


RISE    OF    GREAT    TRUST    COMPANIES        249 

repealed  on  November  1,  but  it  was  several  years  before  condi- 
tions approached  normality  again.  The  loss  of  confidence  which 
caused  continued  withdrawal  of  foreign  capital  was  shared  by 
Americans  themselves,  and  the  amounts  of  paper  money  pre- 
sented to  the  Treasury  for  redemption  in  gold  jumped  from 
$9,000,000  in  1892  to  $117,000,000  in  1895.  On  the  one  day  of 
January  25  in  that  year  the  aggregate  was  $7,156,046;  and  when 
the  evening  of  February  2  arrived,  with  only  $9,700,000  in  New 
York  Sub-Treasury,  and  a  single  bank  there  reporting  a  hundred 
and  fifty  requests  for  gold  coin,  there  was  general  alarm. 

This  state  of  affairs  brought  about  another  anomalous  effort  to 
correct  through  private  operations  a  basic  national  error.  Presi- 
dent Cleveland  announced  in  his  congressional  message  that  a 
syndicate  of  New  York  and  London  bankers  (the  Belmonts, 
Morgans  and  Rothschilds)  had  agreed  to  furnish  the  government 
with  3,500,000  ounces  of  gold — then  over  a  third  of  the  world's 
annual  production — in  exchange  for  $62,400,000  of  thirty -year,  4 
percent,  bonds,  and  that  the  syndicate  "as  far  as  lies  in  their 
power,  will  exert  all  financial  influence  and  will  make  all  legiti- 
mate efforts  to  protect  the  Treasury  of  the  United  States  against 
the  withdrawal  of  the  gold  pending  the  complete  performance  of 
this  contract." 

There  was  an  immense  amount  of  criticism  of  this  deal,  mainly 
in  the  sections  which  hailed  W.  J.  Bryan's  "cross  of  gold"  speech 
as  the  inspired  utterance  of  a  great  leader;  but  the  obvious  reflec- 
tion in  the  minds  of  experts  was  a  confirmation  of  the  necessity  for 
changing  a  system  which  required  such  external  bolstering.  In 
point  of  fact,  the  bankers  created  a  partial  corner  in  foreign  ex- 
change, and  for  a  time  turned  back  the  flow  of  gold  to  America 
and  stopped  the  treasury  drain;  but  this  exchange  control  broke 
down,  and  the  resumed  depletion  was  only  temporarily  checked 
by  the  government's  sale  of  a  great  issue  of  coin  bonds. 

Once  more  we  went  through  a  decade  of  recovery,  expansion, 
destruction  of  property  by  the  Spanish  War  and  a  speeding  up  of 
industrial  enterprises  which  absorbed  all  available  resources. 
Nearly  $20,000,000,000  of  new  securities  were  rushed  out  in  the 
United  States  between  1902  and  1906.  This  coincided  with  a 
huge  rise  in  gold  production  which  added  a  billion  and  a  half  to 
the  store  in  the  same  period,  stimulating  prices  and  speculative 
activities. 

"In  spite  of  the  outpour  of  gold  from  the  mines  at  a  rate  never 
equalled  or  approached  in  the  history  of  the  race,  demand  outran 
supply,  the  new  gold  did  not  offset  the  maladjustments  of  capital, 
and  the  money  market  found  gold  an  unsatisfying  element  when 


250  A  CENTURY  OF  BANKING  IN  NEW  YORK 

what  was  required  was  more  saved  capital  in  forms  adapted  to  the 
continuance  of  production." 

New  York  did  some  physical  as  well  as  financial  expanding.  In 
1895  the  northern  limits  were  pushed  up  to  the  edge  of  Yonkers 
and  Mount  Vernon.  On  January  1,  1898,  the  city  formally  ab- 
sorbed the  adjoining  communities  on  Staten  Island  and  Long 
Island  as  far  east  as  Rockaway.  Greater  New  York  came  into 
being,  with  an  area  of  327  square  miles  (eight  times  as  much  as  in 
1890)  and  a  population  of  3,100,000.  This  thirty-two  miles  of 
length  intensified  the  transit  problems,  and  the  first  tunnel  con- 
tract was  given  out  in  1900,  the  road  being  completed  from  City 
Hall  to  147th  Street  in  the  fall  of  1904.  The  Second,  Third  and 
Sixth  Avenue  elevated  roads  had  reached  Harlem  in  the  early 
Eighties;  and  they  grew  much  faster  after  the  change  to  electricity 
in  1902  and  1903.  From  these  beginnings  the  transportation 
needs  have  caused  a  prodigious  growth  to  the  present  600  miles  of 
subways  and  L  roads,  representing  over  $500,000,000  for  subways 
alone— with  just  as  much  pressure  for  new  extensions  as  there  was 
in  the  beginning. 

Long  distance  telephony  had  come — to  Boston  in  1887,  to 
Chicago  in  1892,  to  Omaha  in  1896;  by  1907  there  were  more  tele- 
phones within  thirty  miles  of  the  City  Hall  than  the  whole  United 
States  had  had  in  1885. 

In  1904  the  total  bank  deposits  of  the  country  for  the  first  time 
passed  the  ten-bilhon  mark.  There  were  five  thousand  national 
banks  announcing  earnings  of  $60,000,000  on  $750,000,000  of 
capital.  ■  And  an  entirely  new  element  had  appeared  in  the  bank- 
ing situation  through  the  unprecedented  rise  in  importance  of  the 
great  trust  companies. 


tors 


Chapter  X 
THE  ERA  OF  THE  TRUST  COMPANIES 

The  Small  Number  of  Alodeni  Companies  JV^hlch  Dale 
Before  i86jf —  Their  Growth  Largely  Due  to  New 
Business  Methods —  The  Period  of  Great  Con- 
solidations—  Nation-W ide  Speculation 
and  The  Panic  of  igoj 

A  S  we  have  seen,  the  first  trust  company,  the  Farmers'  Loan 
Ajt  &  Trust  of  to-day,  was  started  as  early  as  1822.  Eight 
^  -^  years  later  the  New  York  Life  Insurance  and  Trust  Co. 
entered  the  field,  the  Ohio  Life  Insurance  &  Trust  was  chartered 
in  1834,  the  Pennsylvania  Company  for  Insurances  on  Lives  and 
Granting  Annuities  was  authorized  to  undertake  such  business  in 
1836,  and  another  Philadelphia  concern,  the  Girard  Life  Insurance 
Annuity  and  Trust  Co.,  came  into  existence  the  same  year.  By 
1853  the  United  States  Trust  Co.  had  also  come  into  existence  (no 
other  of  the  modern  companies  dating  from  the  seventeen  years 
between  these  dates);  the  only  other  surviving  trust  company 
established  before  1864  was  the  Merchants  Loan  and  Trust  of 
Chicago,  started  in  the  panic  year  of  1857. 

All  this  time  the  developing  trust  business  was  steadily  building 
the  well-managed  companies  into  financial  factors  of  importance; 
yet  singularly  little  attention  was  paid  to  them  by  financial 
writers,  and  the  general  public  seems  to  have  had  not  the  slightest 
comprehension  of  what  a  trust  company  was.  Their  early  asso- 
ciation with  insurance  helped  to  confuse  people's  minds;  even 
pawnbrokers  and  loan  concerns  had  called  themselves  trust  com- 
panies; and  the  usual  conception  of  a  bank's  chief  function  as  the 
issuing  of  notes  undoubtedly  helped  to  obscure  the  facts. 

The  general  re-alignment  after  the  National  Banking  Act,  and 
the  increasing  emphasis  on  deposits  as  compared  with  circulation, 
drew  attention  to  the  advantages  of  the  trust  company  form  of 
organization:  between  1864  and  1875  forty  of  the  existing  com- 
panies were  added  to  the  list.  By  1890  there  were  at  least  sixty- 
three  active  concerns  in  the  United  States — ^yet  there  was  almost 
nothing  in  print  then  to  tell  what  a  trust  company's  functions 

251 


252     A  CENTURY  OF  BANKING  IN  NEW  YORK 

were.  The  "Trusts "were  looming  large  in  men's  minds  at  that 
time,  and  the  incident  has  been  often  related  of  how  an  officer  of  a 
Michigan  concern,  trying  to  gather  data  for  an  address  to  a 
bankers'  meeting,  had  his  questionnaire  returned  by  an  attorney 
general  with  the  information  that  there  were  no  trust  companies 
doing  business  in  that  state  except  the  Standard  Oil.  Incredible 
as  it  seems,  as  late  as  1907  one  of  the  chief  speakers  at  the  Conven- 
tion addressed  the  American  Bankers  Association  on  "The 
Distinction  Between  Trusts  and  Trust  Companies." 

While  the  Chancellor  of  New  York  State  required  a  statement 
of  affairs  as  early  as  1831,  there  was  almost  no  supervision  of  the 
trust  companies  before  Connecticut  in  1872,  and  New  York  in 
1874  placed  them  under  the  supervision  of  the  Superintendent  of 
Banks,  to  whom  the  banks  had  reported  since  1851.  This  official 
reported  at  the  end  of  that  year  that  the  twelve  concerns  in  that 
city  were  apparently  in  sound  condition  and  had  an  aggregate 
capital  of  $11,752,040  with  deposits  of  $38,479,764.  This  was 
about  half  the  total  for  the  whole  country,  as  statistics  issued  by 
the  Comptroller  of  the  Currency  showed  next  year. 

The  idea  and  privileges  had  been  abused  in  some  notorious  in- 
stances, owing  to  the  complete  lack  of  publicity,  and  the  financial 
magazines  of  this  time  scored  the  actions  of  some  of  the  companies 
in  the  matter  of  call  loans,  and  in  "stock-jobbing"  transactions. 
The  earlier  companies,  however,  were  conservatively  and  skilfully 
handled  from  the  start;  their  history  for  the  first  half  century 
showed  a  steady  advance;  they  were  accepted  as  being  safe  be- 
yond the  possibility  of  any  mishap;  and  the  first  three,  with  the 
Farmers'  Loan  &  Trust  in  the  lead,  had  rolled  up  a  sum  of  de- 
posits, not  so  subject  to  sudden  withdrawal  as  the  banks,  that 
rendered  them  a  formidable  factor  in  the  money  market. 

It  is  notable  enough,  too,  in  view  of  the  absence  of  supervision 
for  so  long  that  the  New  York  Superintendent  of  Banking  de- 
clared in  1908,  "So  far  as  the  records  of  this  department  are 
concerned,  we  know  of  no  case  of  a  failure  of  a  trust  company 
resulting  in  loss  to  the  depositors;"  and  no  one  has  questioned  the 
claim  that  not  a  dollar  of  trust  funds  has  ever  been  lost  through  a 
trust  company. 

For  several  years  up  to  1880  there  were  no  more  additions  to  the 
list,  but  the  vast  forward  strides  of  the  country  during  the  next 
twenty  years,  the  building  up  of  huge  holdings  by  the  insurance 
companies,  the  consolidations — all  gave  a  phenomenal  impetus  to 
the  trust  concerns,  which  had  some  obvious  advantages  in  com- 
petition with  the  banks.  By  1895  there  were  569  with  resources 
of  $962,000,000;  in  the  next  ten  tears  these  resources  quadrupled. 


GROWTHDUETONEW  METHODS  253 

To-day  the  thirty  companies  of  New  York  have  deposits  alone  of 
about  two  bilKons,  and  six  of  them  run  from  $125,000,000  to 
$450,000,000  apiece,  standing  almost  shoulder  to  shoulder  with 
the  six  largest  banks. 

The  charts  seem  to  show  that  there  is  httle  justification  in  the 
view  that  much  of  this  growth  was  at  the  expense  of  the  banks. 
The  trust  institutions  kept  pace  with  the  huge  advances  In  wealth 
of  the  country;  their  share  of  growth  was  larger  than  that  of  the 
banks  because  of  advantages  which  attracted  certain  kinds  of 
business  and  deposits. 

Another  striking  fact  that  appears  is  that  the  absence  of  reports 
and  supervision  resulted  not  in  any  noticeably  large  percentage  of 
failures,  though  it  did  make  some  bad  ones  where  the  concerns 
were  in  the  hands  of  men  carried  away  by  the  idea  of  "high 
finance" — confirming  the  usual  experience  that  the  chief  service 
of  such  state  or  government  regulation  is  to  protect  the  public 
from  occasional  recklessness,  dishonesty  or  lack  of  capacity.  The 
precautions  which  the  mass  of  conservative  bank  and  trust  com- 
pany managers  throw  around  their  own  business  are  far  more 
stringent  and  intimately  effective  than  any  external  control. 

A  question  which  became  acute  twenty  years  ago  was  the 
matter  of  reserves.  The  New  York  Clearing  House  announced 
in  1902  that  the  trust  company  members  would  be  called  upon  to 
maintain  such  cash  reserves  on  deposits  as  the  committee  might 
determine.  There  was  much  discussion  of  the  question,  but  even 
the  conservative  companies,  whose  voluntary  reserves  were  al- 
ways adequate  for  any  emergency,  pointed  out  that  there  should 
be  a  distinction  between  their  time  deposits  and  those  subject  to 
check  at  any  time.  Some  companies  withdrew  at  once  when  the 
graduated  scale  adopted  went  into  effect  in  1903;  others  followed 
next  year  when  the  percentage  rose;  and  by  June  there  were  only 
two  of  the  original  twenty-seven  left.  In  1906  a  state  law  was 
passed,  requiring  5  percent,  in  cash,  5  percent,  in  bank,  and  5 
percent,  in  bonds,  and  after  the  crisis  of  1907  this  was  raised  to  15 
percent,  of  all  demand  deposits.  Finally,  on  May  11,  eighteen  of 
the  twenty-nine  trust  companies  capitalized  at  $1,000,0001  or  more 
resumed  their  affiliation  with  the  Clearing  House. 

Undoubtedly,  a  major  cause  of  the  surprising  growth  of  the 
trust  companies  was  the  very  flexibility  resulting  from  their 
unhampered  development.  They  "grew  up  with  the  country," 
and  automatically  adjusted  themselves  to  meet  the  complex 
demands  of  business  as  it  increased  and  ramified.  With  the  single 
exception  of  issuing  currency,  the  trust  companies  came  to  per- 
form every  financial  service  that  an  estate,  an  individual,  or  a 


254     A  CENTURY  OF  BANKING  IN  NEW  YORK 

monster  corporation  needed — from  acting  as  guardian,  or  caring 
for  securities  and  valuables,  or  preparing  a  will,  to  the  detailed 
processes  of  reorganizing  a  railroad  or  putting  through  a  great 
industrial  consolidation.  While  there  were  inherent  advantages 
of  smaller  taxes,  and  the  ability  to  pay  interest  on  tremendous 
amounts  of  time  deposits,  it  has  been  mainly  this  completeness 
of  function,  and  the  constant  adaptation  to  every  new  require- 
ment, which  have  made  the  trust  company  indispensable.  The 
aggregate  resources  of  the  American  companies  doubled  between 
1914  and  1921,  reaching  a  total  of  over  twelve  billions.  In  addi- 
tion the  logical  argument  of  "complete  equipment"  has  affected 
the  national  banks  themselves;  under  the  privileges  given  by  the 
Phelan  Act  they  have  been  vigorously  establishing  trust  depart- 
ments since  1918,  and  1256  permits  for  this  had  been  granted  by 
the  Federal  Reserve  Board  up  to  the  end  of  1920. 

The  history  of  the  first  decades  of  the  Twentieth  Century 
proved  once  more  that  the  New  York  banking  institutions,  "Wall 
Street"  of  loose  speaking,  reflect  with  extreme  accuracy  the  whole 
of  the  country  at  any  given  time.  The  ideals  and  methods  of  the 
period,  as  well  as  the  commercial  condition,  are  thrown  into  sharp 
relief  and  emphasized  from  the  concentration  at  the  centre. 

Mounting  cash  assets  of  the  great  life  insurance  companies  had 
found  a  profitable  outlet  in  the  formation  of  new  trust  companies 
and  the  swift  expansion  and  combination  of  old  ones,  till  a  few 
such  concerns  were  handling  an  investment  business  of  enormous 
magnitude.  The  great  railway  systems  had  been  welded  into 
groups  whose  policy  and  resources  were  largely  controlled  by  a 
small  number  of  financiers.  Synchronous  with  that  had  been  a 
grouping  of  extensive  banking  interests;  and  all  these  concen- 
trations made  possible  flotations  and  underwritings  on  a  scale 
never  before  attempted.  The  "bilHon  dollar"  U.  S.  Steel  Corpor- 
ation, involving  scores  of  banks,  railroads  and  manufacturing 
plants,  had  in  1901  marked  the  apex  of  the  rage  for  consolidation; 
but  up  to  1906  it  seemed  to  be  accepted  by  a  large  section  of  the 
community  that  fortune  awaited  anyone  who  would  combme  a 
considerable  number  of  units  in  any  industry.  As  always,  high 
prices  and  successful  speculations  hypnotized  most  people  into  a 
belief  that  we  had  grown  so  strong  as  to  be  immune  from  reaction 
or  crisis. 

In  1905  sensational  exposure  of  extravagance  in  insurance  meth- 
ods at  once  gave  a  profound  shock  to  public  optimism,  and 
lopped  off  a  large  portion  of  the  flow  of  insurance  ^unds  into 
schemes  of  promotion.  The  failure  of  the  United  States  Ship- 
buildine  underwriting  was  an  indication  that  men  had  begun  to 


PERIOD  OF  GREAT  CONSOLIDATIONS       255 


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256  A  CENTURY  OF  BANKING  IN  NEW  YORK 

take  a  saner  view  of  consolidations;  but  from  1904  to  1906  there 
was  a  frantic  rise  of  stock  prices,  stimulated  by  the  increase  of  the 
Union  Pacific  dividend  from  6  to  10  percent.  Several  of  the  fore- 
most figures  in  the  speculative  fervor  had  succeeded  in  getting 
control  of  banks  and  trust  companies  which  they  used  to  promote 
their  grandiose  schemes.  Even  some  of  the  greatest  figures  in 
finance  seem  to  have  been  carried  away  by  the  same  faith  in 
America's  boundless  possibilities  on  which  their  career  had  been 
based. 

The  effect  of  all  this  on  legitimate  industry  was  plain  to  all 
informed  men  when  H.  H.  Rogers,  in  order  to  obtain  $20,000,000 
for  his  Virginian  railway  in  the  spring  of  1907,  had  to  pay  over  8 
percent.,  secure  the  bonds  with  $30,000,000  of  gilt-edged  collat- 
eral, and  personally  endorse  the  notes.  A  "silent  panic"  ensued, 
carrying  stock  prices  down  to  the  wiping  out  of  thousands  of 
speculative  accounts,  raising  money  rates,  and  shutting  off  loans. 
The  demoralization  in  securities  was  worse  even  than  in  the 
"Black  Friday"  or  1873  disaster.  Through  the  summer,  signs  of 
more  trouble  multiplied.  Orders  and  railway  earnings  fell  off. 
money  tightened,  the  municipal  bond  issue  was  not  taken  up. 
The  Morse  shipping  combine  went  to  pieces,  and  a  little  later  the 
Heintze  failure  involved  the  whole  chain  of  banks  which  Morse 
and  he  dominated.  On  top  of  all  came  the  revelations  of  reckless- 
ness in  the  management  of  the  Knickerbocker  Trust,  when  its 
doors  closed  and  its  president  committed  suicide.  Runs  began 
on  one  bank  after  another,  and  utter  panic  swept  over  the  stock 
market. 

John  Moody  gives  a  picture  of  how  again  the  situation  had  to 
be  met  by  a  few  private  individuals,  the  men  who  had  become  the 
greatest  powers  in  the  huge  consolidation: 

"The  morning  after  the  Knickerbocker  smash,  while  the  run  on 
the  Trust  Company  of  America  was  filling  all  Wall  Street  with 
crowds  of  excited  depositors,  a  man  walked  into  the  office  of 
J.  P.  Morgan  &  Company,  pushed  past  the  guard,  and  entered 
Morgan's  private  room.  Morgan  nodded  and  said,  'Good  morn- 
ing, Mr.  Frick'.  The  two  men  talked  quietly  for  perhaps  ten 
minutes.  Frick  went  away;  then  Edward  H.  Harriman  came  in. 
Following  him  came  other  'masters'  one  by  one,  or  in  pairs. 
Finally  came  James  Stillman,  president  of  the  National  City 
Bank,  and  spokesman  for  the  great  Standard  Oil  interests. 

"That  day  many  millions  of  dollars  were  doled  out  to  the  banks 
by  the  Secretary  of  the  Treasury ;  Government  bonds  were  sup- 
plied by  institutions  and  private  investors  for  temporary  use, 
John  D.   Rockefeller  alone   lending   ten   million   dollars'   worth. 


SPECULATION  AND  THE  PANIC  OF   1907     257 

Then  both  Morgan  and  Stillman  made  arrangements  to  buy  bills 
of  exchange  in  enormous  quantities,  and  force  gold  shipments 
from  Europe/' 

The  final  stroke  was,  after  securing  the  Government's  consent, 
to  purchase  for  $30,000,000  the  Tennessee  Coal  &  Iron  stock 
which  had  been  pledged  for  loans  of  millions  with  New  York 
banks;  the  banks  which  had  called  the  loans  on  the  stock  collat- 
eral accepted  bonds  of  the  Steel  Corporation;  a  failure  which 
might  have  brought  down  the  avalanche  was  averted.  "From 
that  hour  matters  began  to  mend." 

On  October  28  the  use  of  Clearing  House  certificates  began  and 
payments  in  currency  were  generally  suspended — causing  the 
usual  premium.  There  was  much  hoarding  and  probably 
$25,000,000  was  sold  in  the  financial  district  at  premiums  which 
got  up  to  4^/2  percent. 

It  was  small  comfort  to  the  country  to  be  told  the  unpalatable 
truth  that  it  had  ignored  the  plain  warning  of  New  York  banks 
and  the  securities  market — the  entire  loans  and  discounts  having 
tremendously  expanded  in  the  preceding  ten  years,  despite  a 
contraction  in  New  York  amounting  to  $134,000,000;  and  that  as 
Horace  White  stated  it,  "speculation  on  the  Stock  Exchange  was 
not  the  chief  contribution  to  the  collapse  of  1907,  but  speculation 
on  a  much  wider  scale,  through  the  length  and  breadth  of  the  land, 
was  the  exciting  cause."  The  focussing  of  attention  on  the  whole 
subject,  however,  helped  to  get  an  audience  for  those  who  had 
long  been  pointing  out  the  inherent  defects  of  our  banking  system. 


^^J^- 


Chapter  XI 

THE  FEDERAL  RESERVE  AND 
THE  NEW  ERA 

Backbone  of  Federal  Resen^e — A  System  Able  to  J  fee  I 

Any  Pressure — Bankers'  Banks — Sixty  Resen'e 

Cities — Scope  of  The  Resen'e  Banks — - 

Banking  Problems  of  The  JP^orlJ 

JF^ar  and  Afterguards 

MOST  of  the  efforts  to  improve  the  American  banking  sys- 
tem had  concentrated  on  the  single  point  of  securing  a 
more  elastic  currency  by  abolishing  the  provision  for 
Government  bonds  as  the  sole  basis  of  circulation.  But  students 
of  international  finance  now  began  to  point  out  that  an  equal 
essential  was  some  sort  of  reservoir  for  emergencies,  which  our 
extreme  decentralization  did  not  afford;  and  that  much  of  the 
extreme  variations  in  the  money  rate,  and  the  periodical  stringen- 
cies, could  be  avoided  by  a  proper  use  of  rediscounting  through 
some  central  organization. 

The  "real  backbone"  of  the  Federal  Reserve  came  from  the 
recognition  of  these  two  principles.  When  President  Wilson 
signed  the  Act  on  December  23,  1913,  we  got  a  central  bank  in 
everything  but  name;  and  the  provisions  for  rediscounting  trans- 
ferred the  main  factor  in  the  money  market  to  the  rate  for  com- 
mercial paper.  The  system  marked  as  definite  a  step  in  banking 
development  as  did  the  formation  of  the  national  banks;  through 
the  Federal  Reserve  Board  it  was  enabled  to  bind  together  the 
whole  banking  power  of  the  nation;  and  of  course  its  effect  and 
very  existence  were  based  upon  the  membership  of  an  adequate 
proportion  of  existing  institutions. 

The  national  banks  were  required  to  come  in  within  a  definite 
time  or  forfeit  their  charters,  and  only  eighteen  out  of  7493  failed 
to  do  so.  During  the  first  three  years  there  were  only  a  few 
accessions  from  the  State  banks  and  trust  companies,  but  an 
active  campaign  during  the  war  increased  the  membership  of 
these  State  institutions  to  the  extent  of  seven  billions  of  resources. 
The  vast  majority  of  smaller  concerns  are  still  not  enrolled,  the 

258 


SYSTEM  ABLE  TO  MEET  ANY  PRESSURE     259 

membership  campaign  committee  of  the  American  Bankers 
Association  reporting  in  1920  that  further  work  along  this  hne 
was  useless,  largely  owing  to  dissatisfaction  over  the  par  collec- 
tion plan  of  the  Reserve  Board. 

Some  provisions  of  the  Federal  Reserve  Act  aroused  objections 
both  from  bankers  and  financial  experts,  and  this  was  not  les- 
sened by  announcements  in  Congress  and  elsewhere  that  one  of 
the  important  ends  to  be  accomplished  was  the  lessening  of  the 
financial  dominance  of  New  York.  As  developed  under  the 
various  regulations  and  amendments,  however,  the  idea  has 
amply  proved  itself,  the  Bankers'  Association  declaring  formally 
in  1920  their  approval  of  its  operation  through  the  periods  of 
inflation  and  ensuing  credit  strain.  "We  are  confident/'  this 
expression  continued,  "that  the  Federal  Reserve  system  has 
demonstrated  its  ability  to  meet  any  possible  financial  pressure." 

There  were,  of  course,  many  conditions  to  be  met  for  which 
no  precedent  could  be  found  in  European  experience,  where  the 
central  banks  have  developed  almost  from  the  beginning  along 
with  the  other  financial  institutions.  In  this  case,  it  was  neces- 
sary to  tie  together,  so  that  unified  action  might  come  under 
stress,  some  30,000  independent  units,  with  resources  varying 
from  a  few  thousand  dollars  up  to  a  billion,  and  operating  under 
most  diverse  conditions  and  fifty  different  sets  of  laws.  It  would 
have  been  completely  impossible  except  for  the  existing  basis 
of  the  national  banking  system  and  the  affiliation  which  had  come 
between  this  and  the  great  trust  companies. 

The  Reserve  institutions  are  essentially  bankers'  banks,  not 
receiving  any  private  deposits.  So  far  as  the  stock  is  concerned, 
they  are  private  corporations,  owned  by  the  bank  and  trust  com- 
pany members  who  have  formed  them  by  subscribing  6  percent, 
of  their  paid-up  capital  and  surplus;  these  shareholders  are 
entitled  to  cumulative  dividends  of  6  percent,  a  year,  any  balance 
going  to  the  Government,  but  half  of  it  being  held  as  surplus  until 
this  reaches  100  percent,  of  the  capital.  Each  bank  is  governed 
by  a  board  of  nine  Directors,  six  of  whom  are  elected  by  the 
member  banks.  Class  A  of  these  directly  represent  the  banks; 
the  three  class  B  Directors  stand  for  business  interests,  and  must 
be  actually  engaged  in  commerce,  agriculture  or  some  other 
industrial  pursuit.  In  an  effort  to  secure  representation  to  the 
smaller  banks,  it  was  arranged  that  the  voting  should  be  by 
graduated  groups — the  largest  banks  in  one,  the  medium  sized 
in  another,  the  smallest  in  a  third — and  no  bank  can  vote  out  of 
its  group  when  the  election  for  two  new  Directors  is  held  each 
November.  The  remaining  three  (class  C)  Directors  are  appoint- 
ed by  the  Federal  Reserve  Board  at  Washington;  they  must  be 


260  A  CENTURY  OF  BANKING  IN  NEW  YORK 

residents  of  the  district  and  cannot  be  Directors  or  officers  of 
any  bank;  one  of  these  becomes  chairman  of  the  Directors' 
Board,  Federal  Reserve  Agent,  and  the  representative  of  the 
Reserve  Board. 

This  central  Board  of  seven  members  (five  appointed  by  the 
President,  the  Secretary  of  the  Treasury,  and  the  Comptroller 
of  the  Currency)  was  given  very  wide  powers  of  supervision, 
though  it  has  no  operating  functions  and  cannot  direct  a  Reserve 
bank  in  making  loans,  for  instance.  It  can  examine  the  affairs 
of  all  Reserve  and  member  banks,  and  require  reports  at  its 
discretion;  require  rediscounting  at  rates  it  fixes;  suspend  tem- 
porarily reserve  requirements;  supervise  and  regulate  the  issue 
and  retirement  of  notes;  add  to  or  classify  the  cities  specified  as 
reserve  and  central  reserve  cities;  suspend  or  remove  any  officer, 
or  require  the  writing  off  of  doubtful  assets,  or  suspend  the  bank's 
operations;  grant  trust  powers  to  national  banks;  and  so  on. 

There  was  created  also  an  Advisory  Council,  with  a  member 
from  each  district,  to  meet  at  least  four  times  a  year  at  Washing- 
ton, its  functions  being  limited  to  conference  and  recommendation. 

The  reserve  provisions  distinguished  between  demand  deposits 
and  time  deposits,  payable  after  thirty  days,  and  savings  ac- 
counts. Every  member  bank  not  in  a  reserve  or  central  reserve 
city  was  required  to  keep  a  net  balance  of  7  percent,  of  its  demand 
and  3  percent,  of  its  time  deposits;  for  reserve  cities  these  per- 
centages were  raised  to  10  and  3  percent.;  the  members  in  a 
central  reserve  city  were  called  on  for  reserves  of  13  and  3  percent. 
The  reserve  banks  themselves  were  called  on  for  35  percent,  in 
gold  or  money  reserves  against  their  deposits,  and  40  percent, 
against  notes  in  circulation. 

This  involved  a  definite  shifting  of  the  main  reserve  burden 
from  the  individual  banks  to  the  central  system,  in  line  with  the 
European  methods  of  central  banking;  it  afforded  a  chance  for 
the  correlation  of  note  issues,  gold  reserves  and  discount  rate 
by  which  the  supply  of  capital  and  credit  could  be  influenced. 

The  theoretical  arguments  in  favor  of  a  smaller  number  of 
central  districts  proved  powerless  against  the  demand  for  ready 
accessibility  and  the  prejudice  in  favor  of  local  recognition  which 
has  always  operated  strongly  in  the  United  States.  The  country 
was  divided  into  twelve  districts,  each  with  its  bank;  and  the 
subsequent  pressure  for  branches  has  resulted  in  a  list  of  over 
sixty  reserve  cities.      In  1921  this  stood  as  follows: 

Central  Reserve  Cities:  New  York,  Chicago,  St.  Louis 

Other  Resen^e  Cities  with  Main  Banks:  Boston,  Philadelphia, 
Cleveland,  Richmond,  Atlanta,  Minneapolis,  Kansas  City 
(Mo.),  Dallas,  San  Francisco. 


SIXTYRESERVECITIES  261 

Resen>e    Cilies,    with    Branch    Banks:    Albany,    Brooklyn    and 
Bronx,  Buffalo,  Pittsburg,  Baltimore,  Washington,  Charles- 
ton, Savannah  (a  reserve  city,  but  had  no  national  banks  in 
1921),    Jacksonville,    Birmingham,    New   Orleans,    El   Paso, 
Fort  Worth,  Galveston,  Houston,  San  Antonio,  Waco,  Little 
Rock,   Louisville,    Chattanooga,    Memphis,   Nashville,    Cin- 
cinnati,   Columbus,    Toledo,    Indianapolis,    Peoria,   Detroit, 
Grand   Rapids,    Milwaukee,    St.    Paul,    Cedar   Rapids,   Des 
Moines,  Dubuque,  Sioux  City,  St.  Joseph,  Lincoln,  Omaha, 
Kansas    City    (Kan.),    Topeka,    Wichita,    Denver,    Pueblo, 
Muskogee,  Oklahoma  City,  Tulsa,  Seattle,  Spokane,  Taco- 
ma,  Portland,  Los  Angeles,  Oakland,  Ogden,  Salt  Lake  City. 
The  Reserve  banks  are  empowered,  at  the  discretion  of  the 
Board,   to  issue  notes  redeemable  in  gold,  which  are  obligations 
of  the  United  States,  against  collateral  security  of  notes,  drafts, 
bills  of  exchange  and  acceptances;  and  at  the  end  of  the  first  five 
years   there   were   $2,752,000,000  of  such  notes   in   circulation. 
Though  it  was  apparently  designed  that  all  rights  of  currency 
issue  should  eventually  be  restricted  to  the  Government  and  these 
banks,  there  was  nothing  in  the  law  as  it  stood  at  the  end  of  1921 
to  prevent  the  issuance  by  national  banks  of  currency  secured 
by  Government  bonds.     About  $56,000,000  of  the  2  percent, 
bonds  eligible  for  this  purpose  had  been  acquired  by  Reserve 
banks,  however,  and  converted  into  3  percent,  bonds  and  3  per- 
cent, one-year  notes,  without  circulation  privilege;  and  this  had 
an  obvious  effect  upon  the  profit  of  note  circulation.     With  4 
percent,  bonds  selling  at  106>^,  and  money  at  6  percent.,  the 
profit  on  $100,000  of  circulation  figured  only  1.19  percent,  above 
the  6  percent,  on  bond  investment. 

Much  the  most  important  feature  of  the  new  plan  was  the 
basic  matter  of  rediscounting  commercial  paper,  thus  permitting 
extensions  of  credit  which  were  formerly  impossible,  even  on  the 
soundest  business  assets,  at  the  very  times  when  they  were  most 
needed.  The  whole  emphasis  is  thrown  on  "notes,  drafts  and 
bills  of  exchange  arising  out  of  actual  commercial  transactions," 
and  mere  investments  or  obligations  drawn  for  the  purpose  of 
trading  in  stocks  and  bonds  were  specifically  excluded. 

Not  only  can  acceptances  be  discounted  for  members,  but 
cable  transfers,  bankers'  acceptances,  bills  of  exchange  and  gold 
may  be  purchased  in  the  open  market.  This  soon  became  an 
important  factor  in  the  operations,  as  did  the  clearing  system 
between  members,  established  in  1915  through  a  gold  clearance 
fund  (by  which  in  three  years  63  billions  of  clearings  were  effected 
with  net  changes  of  gold  ownership  under  one  percent.),  the 
method  of  par  collection  of  checks,  soon  in  use  to  the  extent  ot 


262     A  CENTURY  OF  BANKING  IN  NEW  YORK 

95  percent,  of  the  checks  in  circulation,  and  the  free  telegraphic 
transfer  of  funds  at  par. 

As  might  have  been  expected,  the  system  has  been  held  respon- 
sible by  the  uninformed  for  all  sorts  of  local  price  collapses;  and 
there  have  not  been  wanting  charges,  impossible  to  prove,  that 
certain  sections  have  been  discriminated  against  in  favor  of 
others.  Most  bankers  have  had  similar  experiences  with  in- 
dividuals; and  the  contention  of  the  managers  that  "prices 
regulate  themselves,"  and  that  the  task  of  the  Reserve  banks  is 
the  regulation  of  credits  is  unanswerable.  At  the  end  of  1920, 
Mr.  Pierce  Jay,  Chairman  of  the  New  York  Reserve  Bank,  in  an 
address  before  the  Bankers'  Association,  summarized  the  net 
accomplishments  of  the  system  in  its  first  six  years: 

"1.  We  have  found  ourselves  with  a  recognized  banking 
leadership. 

"2.  We  have  found  ourselves  able  to  expand  our  credits,  in 
the  form  of  both  notes  and  deposits,  far  beyond  anything  we 
had  dreamed  of. 

"3.  Bank  reserves  have  been  materially  lowered,  such  action 
being  justified  by  our  more  scientific  and  economical  adminis- 
tration of  reserves.  Looked  at  from  another  angle,  the  reserves 
formerly  kept  by  banks  were  found  under  the  new  organization 
to  be  sufficient  to  sustain  many  hundred  million  dollars  of  addi- 
tional deposits.  From  this  increased  banking  power  alone, 
profits  have  accrued  far  offsetting  the  loss  of  interest  formerly 
received  on  reserve  deposits. 

"4.  Member  banks  no  longer  have  to  carry  a  required  vault 
reserve.  This  enables  most  banks  to  economize  in  the  use  of  till 
money.  Many  banks  in  farming  towns  now  get  along  comfort- 
ably with  vault  cash  of  from  1  percent,  to  2  percent,  of  their 
deposits.  In  1913  country  national  banks  kept  7.3  percent,  ot 
their  deposits  in  cash  in  vault  whereas  in  1919  they  kept  only  4.4 
percent.,  a  40  percent,  reduction. 

"5.  The  Federal  reserve  banks,  to  provide  and  encourage  a 
maximum  of  note  elasticity,  and  to  place  all  banks,  whether 
country  or  city,  on  an  equal  basis  as  far  as  cost  is  concerned,  in 
availing  of  the  currency  facihties  of  the  system,  pay  the  cost  ot 
shipping  coin  and  currency  to  and  from  member  banks.  This 
encourages  a  more  prompt  redemption  of  currency  than  we  have 
ever  before  known. 

"6.  Machinery  has  been  developed  which  accompKshes  the 
telegraphic  transfer  of  funds  from  one  section  of  the  country  to 
another  in  volume  far  exceeding  anything  heretofore  known, 
immediately,  without  expense,  without  shipment  of  currency, 
and  at  par.     This  is  done  almost  entirely  by  book  entry  in  the 


SCOPEOFTHERESERVEBANKS  263 

gold  settlement  fund  which  the  reserve  banks  maintain  with  the 
treasurer  of  the  United  States.  For  the  movement  of  actually 
available  funds,  therefore,  the  entire  country  is  at  par. 

"As  an  example  of  the  effectiveness  and  stabilizing  influence 
of  this  machinery  in  combination  with  the  use  of  the  credit 
facilities  of  the  system  I  should  like  to  give  you  some  transactions 
in  the  New  York  Federal  Reserve  District  for  the  months  of 
July,  August  and  September.  In  these  months  the  movement 
of  funds  was  unusually  active,  yet  credit  equilibrium  was  main- 
tained and  borrowers  enjoyed  steady  credit  facilities  and  rates. 

(a)  Deposits  of  the  principal  banks  in  New  York  City 
decreased  $320,000,000  from  July  2  to  September  7,  on  account 
of  Government  and  commercial  withdrawals. 

(b)  These  withdrawals  caused  a  steady  drain  of  gold  from 
the  Federal  Reserve  Bank  of  New  York  to  other  Federal 
reserve  banks,  accelerating  toward  the  end  of  the  period,  and 
in  the  three  weeks  ending  September  17,  aggregating  $198,- 
000,000. 

(c)  This  adverse  flow  of  funds  was  substantially  offset  by 
Government  transfers  to  New  York,  by  the  sale  of  certificates 
of  indebtedness  by  New  York  banks  to  other  Federal  reserve 
banks,  and  by  rediscount  operations  between  Federal  reserve 
banks. 

(d)  These  rediscount  operations  comprise  the  following: 
On  July  20,  other  Federal  reserve  banks  owed  the  Federal 

Reserve  Bank  of  New  York  $45,000,000.     By  August  27  re- 
payment of  these  loans  was  completed. 

On  September  3,  the  Federal  Reserve  Bank  of  New  York 
owed  other  Federal  reserve  banks  $47,500,000.  By  Septem- 
ber 21,  repayment  of  these  loans  was  completed. 

Between  September  8  and  15,  the  deposits  of  principal  New 
York  banks  rose  $453,000,000,  in  connection  with  the  following 
transactions: 

(a)  Certificates  of  indebtedness  were  redeemed  and  paid  in 
this  district  in  the  amount  of  $425,000,000,  which  was  $195,- 
000,000  more  than  the  taxes  payable. 

(b)  This  excess  of  redemption  over  taxes  on  September  15 
necessitated  as  usual  a  loan  by  the  Federal  reserve  bank  to 
the  Government.  The  amount,  $146,000,000,  was  repaid 
gradually  and  was  extinguished  on  September  23. 

(c)  The  banks  of  the  district  on  September  15,  increased 
their  deposits  $200,000,000,  when  they  paid  for  their  sub- 
scriptions to  the  new  issues  of  certificates  by  crediting  that 
amount  on  their  books  to  the  account  of  the  government. 


264     A  CENTURY  OF  BANKING  IN  NEW  YORK 

"Following  this  large  increase  in  deposits: 

(a)  The  principal  banks  of  New  York  City  reduced  their 
borrowings  at  the  Federal  reserve  bank  between  September  8 
and  16  by  $257,000,000. 

(b)  Their  deposits  then  began  to  decline  again  as  their 
customers'  tax  checks  were  collected,  and  as  they  sold  certi- 
ficates of  indebtedness  to  their  customers. 

(c)  Consequently  they  were  obliged  again  to  increase  their 
borrowings  at  the  Federal  reserve  bank,  a  course  which  experi- 
ence shows  is  likely  to  be  followed  increasingly  when  the 
government  begins  to  withdraw  from  them  the  deposits 
resulting  from  the  latest  sale  of  certificates. 

"These  heavy  movements  of  funds  changed  the  position  of  the 
Federal  Reserve  Bank  of  New  York  rapidly  from  week  to  week 
and  sometimes  from  day  to  day.  Disregarding  discounts  and 
sales  of  acceptances  between  Federal  reserve  banks,  the  lowest 
combined  reserve  percentage  of  the  Federal  Reserve  Bank  of  New 
York  was  31.6,  its  highest  was  43.  But  despite  these  fluctuations, 
the  reserve  position  of  the  Federal  Reserve  System  did  not  change 
substantially.  These  operations  were  essentially  those  of  a  clear- 
ing house  on  a  national  scale,  and  were  effected  with  as  little  credit 
disturbance  as  the  settling  of  balances  at  a  local  clearing  house. 

"Such  movements  as  these  are  not  visible  to  the  naked  eye. 
They  are  not  recorded  in  the  banking  statistics  of  the  country.  It 
is  only  by  such  a  special  study  that  one  gets  an  understanding  of 
what  is  going  on  under  the  surface  in  the  movement  of  funds  and 
how  well-nigh  impossible  it  would  have  been  six  years  ago  for  such 
movements  to  occur  without  serious  credit  disturbance,  that  we 
realize  what  the  elasticity  of  the  Federal  Reserve  System  and  its 
clearing  operations  are  doing,  day  in  and  day  out,  for  stability. 

"7.  So  much  for  the  movements  of  available  funds.  Now  as 
to  unavailable  funds,  that  is,  uncollected  checks.  We  had  always 
collected  checks  in  a  most  wasteful  and  uneconomical  manner. 
Through  the  desire  of  some  of  the  banks,  mostly  in  the  smaller 
places,  to  deduct  an  exchange  charge,  and  through  the  lack  of  any 
system  covering  the  entire  country,  checks  were  indirectly  routed 
to  their  destination  and  tardily  remitted  for.  This  meant  loss  of 
time,  extending  additional  credit,  carrying  additional  reserves, 
and  many  additional  handlings  of  checks.  It  resulted  in  main- 
taining reciprocal  accounts,  and  collection  accounts,  and  clerks  or 
officers  who  were  specialists  in  routing  collections.  And  finally, 
when  we  came  to  a  crisis  it  meant  a  general  breakdown  of  our 
domestic  exchange  machinery.  This  has  now  been  changed. 
The  Federal  reserve  banks,  a  system  covering  the  entire  country, 
have    brought    about    quicker,    cheaper    and    absolutely    direct 


SCOPEOFTHERESERVEBANKS  265 

collections  of  checks,  as  well  as  notes,  drafts,  and  coupons.  Their 
collection  system,  and  their  mechanical  facilities  for  transferring 
funds,  taken  in  conjunction  with  their  credit  facilities,  have  abso- 
lutely eliminated  the  danger  of  another  domestic  exchange  break- 
down. In  1863  the  National  Bank  Act  eliminated  the  deduction 
of  exchange  on  bank  notes,  which  were  then  our  principal  settling 
medium.  So  the  Federal  Reserve  Act  has  nearly  succeeded  in 
eliminating  the  deduction  of  exchange  on  checks,  which  are  now 
our  principal  settling  medium. 

"How  all  this  is  viewed  by  students  may  be  gathered  from  the 
address  of  E.  W.  Kemmerer,  professor  of  Economics  and  Finance 
at  Princeton,  at  the  June  conference  of  the  Academy  of  Political 
Science  on  the  subject  of  inflation  and  high  prices.     He  said : 

'The  development  of  the  clearing  and  collection  system  of 
the  Federal  reserve  banks  and  the  establishment  of  the  gold 
settlement  fund  represent  some  of  the  most  creditable  features 
of  our  American  banking  history  and  the  Federal  reserve  au- 
thorities deserve  high  praise  for  what  they  have  accomplished 
in  this  connection.  They  have  increased  the  efficiency  of  our 
currency  and  circulating  credit  and  enabled  the  average  dollar 
to  do  more  money  work  than  before.  They  have  reduced  the 
wasteful  habit  of  routing  checks,  cheapened  domestic  exchange 
operations,  made  possible  the  transfer  from  one  part  of  the 
country  to  another  of  many  millions  of  dollars  by  means  of  book 
credits  that  would  otherwise  have  required  the  shipment  of 
currency,  and  they  have,  therefore,  reduced  the  average  amount 
of  money  continually  tied  up  in  transit.  To  increase  the  effi- 
ciency of  the  dollar  in  these  ways  is  to  increase  the  effective 
currency  supply  as  truly  as  to  increase  the  number  of  dollars.' 

"8.  The  national  banks  now  have  the  specific  right  to  accept 
savings  deposits  and  invest  part  of  them  in  mortgages. 

"9.    The  national  banks  may  now  exercise  trust  powers. 

"10.  Member  banks  may  accept  drafts  drawn  upon  them. 
There  are  about  $1,000,000,000  of  such  bills  in  existence,  com- 
pared with  none  in  1914.      I  shall  have  more  to  say  of  them  later. 

"11.  National  banks  may  invest  in  the  shares  of  foreign  trade 
banks. 

"12.  And  if  they  are  large  enough,  national  banks  may  estab- 
lish branches  m  foreign  countries. 

"13.  And  finally  the  Federal  reserve  banks,  in  addition  to 
assuming  their  responsibility  as  administrators  of  the  banking  re- 
serve of  the  country,  are  developing  into  great  service  organiza- 
tions for  the  member  banks,  doing  most  of  the  things  which  their 
city  correspondents  used  to  do  and  doing  many  things  by  reason 


266     A  CENTURY  OF  BANKING  IN  NEW  YORK 


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268     A  CENTURY  OF  BANKING  IN  NEW  YORK 

of  their  country-wide  organization,  which  their  city  correspond- 
ents could  never  do.  The  Federal  reserve  banks  are  proving  to 
be  a  day  to  day  working  system  for  the  member  banks,  helping 
them  to  conduct  their  affairs  with  a  maximum  of  promptness  and 
economy." 

The  Reserve  banks  were  opened  for  business  November  16, 
1914.  Eleven  months  later,  they  showed  resources  of  $427,000,- 
000  and  loans  and  discounts  of  $43,000,000.  In  another  four 
years  the  resources  had  swelled  to  more  than  six  billions,  a  third  of 
which  was  represented  by  bills  discounted  for  members,  and  the 
bills  bought  in  the  open  market  aggregated  $343,000,000;  the 
earnings  for  the  six  months'  period,  mostly  from  bills,  were  at  the 
rate  of  92  percent,  on  the  average  paid-in  capital. 

A  statement  of  the  New  York  bank,  toward  the  end  of  1921, 
indicates  the  growth  of  the  system. 

At  the  outbreak  of  the  World  War  the  brunt  of  the  pressure  fell 
as  usual  upon  the  New  York  banks.  Before  the  Federal  Reserve 
Board  was  appointed,  exports  of  $46,000,000  of  gold  in  three 
weeks,  and  sales  on  the  Exchange  showing  that  Europe  was  trying 
to  change  swiftly  colossal  blocks  of  American  investments  into 
war  specie,  had  brought  joint  action  between  the  banks,  the 
Treasury  and  the  Stock  Exchange;  and  a  little  later  an  acute 
situation  arose  over  the  maturing  of  a  foreign  municipal  loan  of 
$83,000,000. 

To  avoid  the  impairment  of  credit,  especially  at  such  a  time,  the 
city  banks  formed  a  pool  to  take  up  new  notes  and  to  provide  gold 
or  exchange  to  meet  the  obligation  abroad;  on  this  operation  and 
those  to  meet  the  enormous  drain  of  gold  and  the  demoralization 
of  foreign  exchange,  some  $73,000,000  of  gold  was  shipped  to 
Canada  by  November,  1914.  When  the  Reserve  Board  began  to 
function,  the  banks  of  the  fifty-two  reserve  cities  were  brought 
into  a  general  effort  to  create  a  common  reservoir  of  gold  or 
exchange.  By  December,  the  emergency  bank  issues,  arranged 
for  in  August,  had  been  reduced  a  third,  and  the  Clearing  House 
certificates  put  at  the  same  time  had  all  been  retired.  The  Stock 
Exchange,  which  for  the  second  time  in  Its  history  had  closed  on 
July  30,  reopened  fully  on  December  14. 

The  banking  world  was  forced  continually  to  readjust  itself  to 
the  swiftly  changing  conditions,  the  basic  influence  in  which 
became  the  vast  purchases  of  foodstuffs  and  munitions  by  foreign 
governments,  creating  a  trade  balance  in  our  favor  of  over  a  billion 
dollars  at  the  end  of  the  first  year.  As  a  prominent  banker  put  it, 
toward  the  end  of  1915: 

"Several  of  our  strongest  assumptions  have  proven  erroneous. 
Our  stock  of  gold  was  not  exhausted  by  foreign  shipments;  in 


W  O  R  L  D  W  A  R  B  A  N  K  I  N  G  P  R  O  B  L  E  M  S  269 

fact  international  exchanges  gradually  turned  in  our  favor.  Our 
cotton  exports  were  not  cut  in  five  as  predicted,  but  exceeded  92 
percent,  of  the  previous  year's  volume.  Our  copper  industry  was 
not  ruined,  but  has  been  stimulated.  Our  stock  exchanges  have 
not  been  overwhelmed  by  a  flood  of  distressed  American  securities 
sold  at  sacrifice  prices  by  European  holders,  but  we  have  readily 
absorbed  all  offerings.  Our  issue  of  emergency  currency  amount- 
ing to  $384,000,000,  and  of  Clearing  House  loan  certificates 
amounting  to  $212,000,000,  nearly  $600,000,000  in  all,  did  not 
remain  long  outstanding,  but  reduction  and  redemption  took 
place  promptly,  and  they  were  practically  all  retired  by  the  middle 
of  January,  1915." 

Violent  Exchange  fluctuations  ceased  the  second  year,  largely 
because  of  the  great  foreign  loans  placed  here — 500  millions  of  the 
Anglo-French  issue,  250  millions  of  United  Kingdom,  and  others, 
to  both  belligerents  and  neutrals,  making  an  aggregate  of  more 
than  a  billion  and  a  half. 

Still,  if  any  prophet  had  told  an  American  banker,  even  at  this 
stage  of  the  war,  that  our  banks,  with  total  resources  of  about 
$25,000,000,000,  would  have  to  take  the  chief  part  in  supplying 
the  Government  with  some  $37,000,000,000  in  a  couple  of  years  as 
one  element  of  our  participation — it  would  surely  have  been 
pronounced  beyond  the  limits  of  possibility^ 

Yet,  while  many  experts  estimated  that  the  first  Liberty  Loan 
could  not  be  more  than  a  billion  and  a  half, — when  two  billions 
were  asked  for,  the  whole  banking  power  led  the  movement  which 
resulted  in  a  subscription  of  three  billions.  When  the  first  loan 
seemed  to  be  going  slowly,  and  people  were  whispering  alarmist 
reports  and  predictions,  it  was  the  great  financial  institutions,  the 
"Wall  Street"  of  the  outsiders,  which  almost  abandoned  their 
own  affairs  and  used  their  machinery  In  a  new  kind  of  intensive 
effort  that  resulted  in  the  tremendous  over-subscription  of  the  last 
few  days.  Trust  companies  of  New  York  City  alone  presented 
subscriptions  of  $300,000,000,  and  $1,700,000,000  came  by  or 
through  the  national  banks  of  the  nation — all,  of  course,  without 
any  commission  and  with  heavy  expenses. 

Of  the  temporary  certificates  anticipating  loans,  too,  the  banks 
took  nearly  three-fourths  for  their  own  account,  up  to  April, 
1918,  about  sixty-five  percent,  of  the  first  four  issues  going  to 
the  New  York  district,  where  "the  essential  role  was,  of  course, 
played  by  the  New  York  City"  banks  and  trust  companies. 
Some  14,000  financial  institutions  ultimately  participated  in  the 
flotation  of  these  temporary  certificates.  Moreover,  an  im- 
portant banker  of  St.  Louis  testified  afterward  that  many  of  his 
Western  colleagues  had  felt  that  the  war  financing  was  a  thing 


270     A  CENTURY  OF  BANKING  IN  NEW  YORK 

which  could  be  handled  by  the  big  Eastern  banks — until  they 
came  to  a  bankers'  conference  at  Briarcliff  in  May,  1917,  and 
had  their  enthusiastic  determination  aroused  by  the  presenta- 
tion of  the  true  situation  and  the  opportunity. 

Probably  a  couple  of  million  of  voluntary  workers  aided  in  the 
"drives"  which  made  the  five  Victory  Loans  successful,  increas- 
ing the  investing  public  of  the  United  States  from  four  hundred 
thousand  individuals  to  some  twenty  millions.  From  the  very 
nature  of  the  case,  however,  the  lion's  share  of  the  responsibility 
fell  upon  the  banks  and  trust  companies,  and  their  facilities  were 
taxed  to  the  utmost  simply  by  the  mechanical  requirements. 
The  very  fact  that,  of  the  twenty-one  billions  raised  by  these  loans, 
over  five  and  a  half  billions  were  finally  allotted  to  New  York 
tells  something  of  the  part  the  financial  concerns  there  played. 

The  war  left  us  the  creditor  nation  of  the  world.  It  definitely 
shifted  the  international  money  centre  from  London  to  New 
York.  As  a  sort  of  symbol  of  this  transition,  we  found  ourselves 
with  almost  half  of  the  world's  entire  stock  of  gold  coin. 

American  bankers  have  been  confronted  with  plenty  of  inevit- 
able problems  of  readjustment  at  home — getting  back  to  a  less 
inflated  basis  than  was  necessary  during  the  war,  working  to 
best  advantage  with  the  Federal  Reserve  system,  meeting  the 
terrific  shrinkage  of  commodity  values  when  these  slumped  from 
the  high  levels,  in  general  financing  hugely  increased  industries 
under  suddenly  altered  conditions.  They  have  had  to  adopt 
new  ideas  that  stand  for  progress,  like  the  buying  of  bankers' 
acceptances.  In  addition  they  have  been  forced,  by  the  con- 
sciousness of  the  country's  altered  status,  to  take  intimate  cogniz- 
ance of  international  affairs,  and  to  help  arouse  the  whole  nation 
to  a  sense  of  our  vital  concern  with  Europe,  of  the  dependence  of 
our  prosperity  upon  restored  foreign  markets. 

It  is  probable  that  no  problem  so  difficult  has  ever  confronted 
the  thoughtful  financier  as  now  demands  solution — our  precise 
relation  to  the  old  world  which  owes  us  billions,  on  which  we 
must  rely  for  much  of  our  continued  commercial  progress,  yet 
much  of  which  is  now  in  economic  chaos.  It  is  no  longer  a 
theoretical  matter:  while  each  nation  must  naturally  work  out 
its  own  future,  on  the  soundness  of  our  policies  will  largely  depend 
the  speediness  and  permanence  of  the  restoration. 

How  seriously  the  more  far-seeing  men  in  the  profession  are 
laboring  at  the  problem  is  evident  on  every  side.  It  requires  no 
prophetic  powers  to  predict  that  the  next  decade  will  be  one 
of  the  most  significant  and  instructive  periods  in  the  whole 
historv  of  American  finance. 


Chapter  XII 
THEN  AND  NOW 

Bc^inldcnng  Changes  Since  1822 — How  a  Banker 

0/  Lbat  Time  Might  View  The  Va.st 

Growth  of  The  Century 

■T  is  too  bad  that  we  cannot  transport  our  banker  of  1822,  top 

hat,  tall  coat,  gold  headed  cane  and  all,  into  the  centre  of  to- 
day's activities,  and  hear  his  comments  on  the  edifice  which 
has  been  constructed  since  his  time. 

I  am  inclined  to  think  there  would  be  places  where  his  shrewd 
"horse-sense"  and  sturdy  grasp  of  elementary  business  principles 
would  be  extremely  clarifying.  For  there  comes  a  point  where 
mere  numbers  seem  to  so  stimulate  fancy  as  to  occasionally 
obscure  common  arithmetic,  and  benumb  foundation  knowledge. 

Surely,  though,  his  Rip  Van  Winkle  progress  would  lead  him 
into  infinite  bewilderments.  At  hardly  any  point  could  he  recog- 
nize the  New  York,  or  the  United  States,  or  the  banking  structure 
of  which  he  helped  to  lay  the  Erst  courses. 

In  place  of  the  eleven  banks  he  knew  all  about,  he  would  pass 
continually  one  or  another  of  some  hundreds  of  national  banks, 
trust  companies,  state  banks  and  branches,  savings  banks,  private 
banks,  investment  bankers,  acceptance  dealers,  foreign  banks 
and  agencies,  surety  companies,  mortgage  companies,  building 
and  loan  companies.  He  would  hear  of  Federal  Reserve  banks. 
Edge  Law  banks.  Farm  Loan  and  Postal  Savings  banks,  inter- 
national banks,  and  plans  for  World  banks — till  he  would  doubt 
his  having  been  a  member  of  the  same  profession. 

He  would  find  the  new  insurance  and  loan  company,  to  whose 
announcements  he  paid  so  little  attention  during  that  year  of 
fright,  having  weathered  all  the  storm  of  a  century,  grown  to  a 
mighty  institution  whose  deposits  alone  are  four  times  the  bank- 
ing resources  of  the  city  as  then  set  forth;  and  those  which 
have  come  through  of  the  banks  of  his  day  with  aggregate  deposits 
about  equal  to  the  total  wealth  of  the  United  States  in  1820. 

Nor  would  conversation  with  his  successors  decrease  the  con- 
fusion of  his  mind.  He  would  hear  of  banks  spending  hundreds 
of  thousands  annuallv  in  publicitv:  advertising,  billboards,  elec- 

27i 


272  A  CENTURY  OF  BANKING  IN  NEW  YORK 

trie  signs,  window-displays,  motion  pictures,  souvenirs;  issuing 
weekly  and  monthly  magazines,  conducting  publishing  houses; 
of  co-operative  advertising  campaigns  by  the  trust  companies  of  a 
city  or  a  section  costing  tens  of  thousands;  of  a  single  bank,  with 
many  times  the  number  of  men  and  women  employees  the  whole 
group  had  in  his  day,  conducting  a  store  in  its  basement  to  sell 
groceries,  articles  of  clothing,  watches,  phonographs  to  these  at 
reduced  prices;  of  schools  and  institutes  teaching  the  theory  and 
practice  of  banking. 

He  would  not  even  understand  what  his  colleagues  were  talking 
about  when  they  referred  to  the  subjects  which  had  engrossed 
their  attention  at  the  last  great  national  convention:  Economic 
Surveys,  Labor  Efficiency,  Blue  Sky  Laws,  Credit  Interchange 
Bureaus,  Public  Relations  Committees,  Protective  &  Insurance 
Committees,  Commissions  on  Economic  Policy,  the  Chinese  Con- 
sortium, Community  Trusts,  Co-operation  with  the  Bar,  Accep- 
tance Councils,  and  the  like. 

And  he  would  doubtless  consider  it  a  wild  nightmare  when  he 
was  assured  that  the  fmancial  concerns  of  his  country  had  come  to 
loan  piece  credit  in  the  form  of  acceptances  to  the  extent  of 
$800,000,000  outstanding  at  one  time;  or  that  the  leading  finan- 
cial minds  were  constantly  studying,  as  a  matter  of  direct  personal 
responsibility,  the  restoration  of  ruined  trade  and  debased  cur- 
rencies in  European  countries  he  never  heard  of.  Nor  would  it  be 
much  less  extraordinary  to  him  to  be  informed,  on  the  one  hand,  of 
a  nation-wide  central  system  oifering  the  most  extensive  facilities 
for  check,  note  and  coupon  collections  already  handling  a  million 
or  two  checks  a  year,  and  transferring  funds  by  telegraph  without 
cost;  on  the  other,  of  banking  sections  instructing  school  children 
in  the  principles  of  thrift,  and  housekeepers  in  the  handling  of 
their  budget  for  home  expenses. 

And  finally  when  he  read  the  statement  of  a  university  presi- 
dent that  the  most  wonderful  pohtical  schooling  the  American 
people  had  ever  had  was  the  education  upon  the  silver  question  in 
1896,  for  which  the  bankers  were  responsible,  and  that  a  heavy 
burden  of  economic  leadership  now  rested  upon  them  in  the 
altered  position  of  America — he  would  realize  that  a  new  world 
indeed  had  developed  out  of  a  century's  growth. 

To  him,  whose  work  lay  amid  the  beginnings  of  trade  and  indus- 
try, it  would  surely  be  clear  enough  that  the  men  who  labor  amid 
such  swift  and  mighty  currents  of  progress  are  always  pioneering. 
New  lands,  new  conditions,  new  issues  lie  ever  just  ahead.  And 
the  ability  to  meet,  and  use,  and  play  a  vital  part  in  developing 
the  opening  possibilities,  is  the  quality  which  has  always  made 
life  most  interesting  to  the  American. 


PART 
II 


^a'^ 


Chapter  XIII 
AN  INTIMATE  RECORD 

Obtainhu]  A  Charter— A  Start  Under  Difficidtie.^—Succes/we 

Honied — Coiisen^atUin  hi  Alaiiagement — A  Unique  War 

Record — Insara  -ice  Actu'ltles —  De^'elofvnent 

of  Trusts — Some  Personal  Records 

I    THE   BEGINNINGS 

T  has  already  been  narrated  how  a  new  and  most  important 
development  of  financial  activities  came  into  existence  with  the 
chartering  of  the  first  company  authorized  to  execute  trusts. 
This  charter  was  not  obtained  without  difficulty.  There  was 
no  popular  understanding  of  what  a  bank's  functions  were  at 
that  time,  but  there  was  a  Hvely  apprehension  at  the  concentra- 
tion of  any  power,  especially  financial  power;  the  prevalent 
notion  was  that  a  bank  existed  for  the  purpose  of  "making 
money;"  and  there  had  been  many  complaints  of  arbitrary 
management,  as  well  as  of  the  misuse  of  privileges  by  the  less 
conservative  and  scrupulous.  The  prodigious  outburst  of  new 
banks  and  the  reckless  handling  of  many  of  them,  had  in  fact 
led  many  people  to  look  upon  them  as  a  plague,  like  yellow 
fever  or  cholera. 

In  addition  to  all  this,  there  was  the  hveliest  professional 
jealousy  on  the  part  of  some  of  the  established  concerns  which 
thought  there  was  not  room  in  the  business  field  for  any  more 
newcomers;  and  then,  as  afterwards,  the  popular  misapprehen- 
sions were  inflamed  and  used  by  politicians  for  their  own  ends. 
Some  charters  were  obtained  by  subterfuge;  some  banks  operated 
for  years  without  any  charter;  plenty  of  institutions  actually 
carried  on  the  banking  operations  necessarily  involved  in  the 
business  they  were  authorized  to  transact,  for  long  periods  before 
any  such  formal  right  was  granted  to  them. 

Nevertheless,  on  February  28,  1822,  the  New  York  Legislature 
acted  favorably  on  the  petition  of  John  T.  Champlin,  Francis 
Depau,  John  Bolton,  Richard  Harrison,  Benjamin  Bailey, 
Theodosius  Fowler  and  others,  and  granted  a  charter  to  The 
Farmers'   Fire  Insurance  and  Loan  Company. 

275 


276     A  CENTURY  OF  BANKING  IN  NEW  YORK 

In  accordance  with  the  terms  of  this  charter: 

"Those  associated  as  a  Company  under  this  title  for  the  purpose  of 
accommodating  the  citizens  of  the  State,  residing  in  the  country,  with 
loans  on  the  security  of  their  property,  for  insuring  their  buildings  and 
effects  from  loss  or  damage  by  fire,  for  insuring  any  life  or  lives,  and  for 
granting  annuities  on  any  life  or  lives,  were  created  a  body  corporate 
and  politic — together  with  all  such  other  persons  as  shall  hereafter 
become  stockholders  in  said  Company;  and  were  ordained  and  declared, 
in  fact  and  in  law,  in  continual  succession,  capable  of  suing  and  being 
sued,  defending  and  being  defended,  in  all  Courts  whatsoever; — that 
it  shall  be  in  law  capable  of  purchasing,  holding  and  conveying  any 
estates  or  effects,  real  and  personal,  which  may  be  mortgaged  to  it  for 
any  loans  it  may  make:  —  but  that  division  of  its  moneys  or  effects 
among  its  stockholders  may  be  made  only  if  all  its  engagernents,  con- 
tracts and  obligations  shalf  first  have  been  fully  paid  and  discharged." 

It  was  further  provided: 

"That  the  Corporation  shall  have  authority  to  make  loans  on  security 
of  bonds  and  mortgages  or  conversance  of  improved  farms,  houses  or 
manufactories,  or  any  other  real  estate,  and  to  call  in  the  said  loans  and 
to  reloan  the  same  on  like  securities,  as  occasion  may  require;  and  to 
hold  these  until  such  estates  can  be  sold,  to  the  full  discharge  and  pay- 
ment of  such  loans." 

"The  loans  shall  not  be  made  payable  in  a  shorter  time  than  one  year, 
with  interest  payable  annually,  and  the  corporation  shall  not  foreclose 
any  such  mortgage  until  after  the  expiration  of  five  years  from  date  of 
mortgage; — provided  that  the  interest  be  punctually  paid."  The 
Corporation  was  bound  to  sell  and  dispose  of,  within  five  years,  any 
real  estate  secured  by  foreclosure  or  purchase: — otherwise  the  title  to 
such  property  should  revert  to  the  State.  This  provision  should  not 
affect  sucli  property  as  might  be  necessary  to  the  Company  in  the  trans- 
action of  its  business:  e.  c).  the  site  for  its  offices. 

Stocks  might  be  purchased  and  held  for  the  purpose  of  investing 
therein  funds  not  otherwise  loaned,  and  might  also  be  trans- 
ferred in  payment  of  losses  sustained  or  in  payment  of  dividends, 
and  might  be  re- invested  whenever  and  as  often  as  the  exigencies 
of  the  Corporation,  or  a  due  respect  for  the  interest  and  safety 
of  the  funds,  required.  But  it  was  not  lawful  to  use  or  employ 
any  part  of  its  stock,  or  money  in  buying  or  selling  goods,  wares, 
or  merchandise,  or  investing  in  any  stock  or  fund  created  under 
any  Act  of  the  United  States  or  of  any  State,  except  as  authorized 
under  the  terms  of  this  Act.  Furthermore,  the  company  might  not 
receive  any  deposits,  nor  discount  any  note,  bond,  draft,  or  bill  of 
exchange,  nor  was  it  allowed  any  banking  privileges  whatever. 

The  capital  stock  was  declared  to  be  $500,000  and  when 
$350,000  had  been  paid  in,  the  company  might  begin  business. 
When  expedient,  the  capital  might  be  increased  to  $1,000,000. 

Loans  upon  real  estate  should  be  made  within  the  State,  and  a 
definite  portion  thereof  within  the  Southern  District  of  the  State. 

Directors  must  be  stockholders  of  the  company  and  also 
citizens  of  the  United  States.  Six  of  the  twenty-seven  were  to 
be  from  out  of  town  and  to  represent,  one  each,  "the  great 
districts  of  this  State." 


A    START    UNDER    DIFFICULTIES 


277 


The  earliest  subscribers  were  105 
of  their  subscriptions  had  been  paid 
The  hst  ran  as  follows: 


in  number,   and   $431,000 
in  by  June  of  that  year. 


ORIGINAL  STOCKHOLDERS 


George  Andrus 
Solomon  Allen  1 
Moses  Allen      / 
John  Baker 
John  Blakely 
Cornelius  A.  Blauvelt 
Claudius  V.  Boughton 
Jacob  Brandingham 
John  Benson 
William  G.  Buckner 
Sarah  Benson 
Thomas  B.  Campbell 
Percy  G.  Childs 
AsaHel  Clark 
William  Coleman 
Duncan  P.  Campbell 
Palmer  Canfield 
Richard  Durvee 
Wm.  A.  Tweed  Dale 
Elizabeth  C.  Dyckman 
John  T.  Champlin 
Benjamin  Bailey 
Thomas  Franklin 
George  Griswold 
Richard  Harison 
Gabriel  L.  Lewis 
A.  H.  Lawrence 
Henry  Mactier 
Benjamin  Marshall 
Archibald  Mclntyre 
Francis  Saltus 
John  G.  Leake 
Leffert  Lefferts 
A.  N.  Lawrence 
James  McKown 
Thomas  Machin 
Justis  McKinstry 
Niobe  Minturn 
John  M.  Mulligan 
Thomas  Newsam 
Seixas  Nathan 
George  Newbold 
Nevins  &  Townsend 
Rufus  L.  Nevins 
Thomas  Oakley 
David  B.  Ogden 
Daniel  Penfield 
Philo  Ruggles 
Herman  Ruggles 
Samuel  B.  Romaine 
William  H.  Robinson 
William  I.  Robinson 
Artemus  Sheldon 


SHARES 

50  Edward  Smith 

on  John  Suydam 
Joseph  Shaw 

200  Henry  Seymour 

100  Henry  Wheaton 

20  James  McBride 

50  Churchill  C.  Cambreling 

30  John  Johnston 

30  James  Magee 

80  Thomas  S.  Townsend 

20  James  D.  Wolf,  Jr. 

20  David  E.  Evans 

75  Jonathan  Eldridge 

75  Isaac  Finch 

120  Samuel  Flewelling 

120  Abram  Gurnee 

70  John  Herkimer 

50  Jabez  D.  Hammond 

10  Hull  &  Bowne 

50  Richard  N.  Harison 

750  William  H.  Harison 

200  Goold  Hoyt 

50  William  James 

200  Elbert  H.  Jones 

400  William  Jones 

50  Samuel  Jones 

400  S.  D.  Kellogg 

100  G.  S.  Knickerbocker,  Jr. 

125  William  Keith 

100  Benjamin  Knower 

150  Henry  Livingston 

100  Thomas  Tredwell 

50  Gen.  James  Tallmadge 

40  Isaiah  and  John  Townsend 

20  Tredwell  &  Thorne 

100  James  Taylor 

100  Thomas  S.  Townsend 

45  Tucker  &  Lauries 

50  Frederick  A.  Tracy 

13  John  Taylor 

40  James  Van  Schoonhoven 

150  William  W.  Van  Ness 

40  David  White 

20  David  Woods 

200  Elisha  Williams 

100  John  A.  Willlnk 

400  David  Whiting 

50  R.  N.  Wenman 

50  Charles  Wilkes 

20  John  B.  Yates 

125  Joseph  C.  Yates 

40  - 

6  $490,400=  shares 


SHARES 

20 

100 

20 

150 

100 

100 

50 

50 

50 

100 

25 

50 

44 

40 

80 

20 

75 

75 

40 

30 

100 

80 

400 

100 

100 

200 

50 

70 

5 

100 

100 

60 

200 

100 

100 

20 

40 

100 

80 

60 

50 

75 

20 

50 

200 

100 

40 

20 

150 

75 

100 

9808 


278     A  CENTURY  OF  BANKING  IN  NEW  YORK 

At  the  first  meeting  of  the  directors,  on  March  9,  1822,  John 
T.  ChampHn  was  chosen  President,  he  being  at  Albany  at  the 
time.  He  held  the  office  until  1830 — the  date  of  his  death. 
Archibald  iMcIntyre  was  the  first  Secretary  (though  Thomas 
Franklin  served  temporarily  in  this  capacity). 


Originally  the  stockholders  chose  twenty-one  directors  who 
were  residents  of  the  city,  and  these  chose  six  others  from  dif- 
ferent sections  of  the  State.  Eleven  of  the  twenty-one  above 
mentioned  constituted  a  quorum  for  the  transaction  of  business. 

On  April  17,  1822,  the  same  legislature — being  still  in  session — ■ 
which  had  granted  the  February  charter,  amended  and  broad- 
ened it  in  regard  to  property  conveyed  by  deed  or  devise,  enabling 
the  Company  to  assume  and  execute  any  trust,  "which  has  been, 
or  may  be,   created  by  any  deed  as  aforesaid." 

This  is  the  earliest  bestowal  in  the  United  States  of  such 
powers  upon  any  corporation.  It  is  believed  to  be  the  first  in 
the  world. 

Other  changes  came  later:  by  an  amendment  in  1836  two 
changes  were  made  in  the  charter.  The  title  now  became  The 
Farmers'  Loan  and  Trust  Company,  which  has  remained  to 
the  present  time;  and  the  directors  were  classified  into  three 
groups,  so  that  nine  must  be  elected  each  succeeding  year — 
the  official  period  being  three  years. 

It  was  provided  that  "the  twenty-seven  directors  shall  be 
chosen  from  stockholders  residing  in  any  part  of  the  State. 
Each  Senate  District,  however,  shall  be  represented."  The 
number  of  directors  has  been,  in  recent  times,  eighteen  instead 
of  twenty-seven. 

In  1875  the  Legislature  passed  an  act  under  which  the  Com- 
pany might  execute  any  trust  committed  to  it,  or  vested  in 
it,  either  by  an  order  of  the  Supreme  Court,  or  by  a  Surrogate, 
or  any  of  the  Courts  of  record;  and  might  take  any  real  estate 
which  might  be  the  subject  of  such   trust. 


A    START    UNDER    DIFFICULTIES  279 

By  an  additional  act  of  May  13,  1880,  "No  bond  or  other 
security  shall  be  required,  for,  or  in  respect  to,  any  trust  executed 
by  this  Company; — whether  as  guardian,  depositary,  executors 
or  administrator;  but  all  investments  of  moneys,  received  by 
the  said  Company,  in  either  of  such  characters,  shall  be  at  the 
sole  risk  of  the  said  corporation;  and  for  all  losses  of  such  money, 
the  capital  stock,  property  and  effects  of  the  said  corporation 
shall  be  absolutely  liable." 

The  company  had  an  office  first  in  a  private  dwelling  at  34 
Wall  Street  (on  the  north  side),  and  it  was  from  this  address 
that  President  Champlin  notified  subscribers  in  July  that  the 
apportionment  of  stock  had  been  completed.  In  August  the 
general  hegira  on  account  of  the  yellow  fever  caused  a  removal 
to  618  Broadway,  "two  doors  above  the  Branch  Bank;"  like 
all  the  rest  of  New  York's  business  concerns  it  was  forced  to 
stay  here  until  the  cold  weather  of  November  checked  the 
disease. 

While  a  newspaper  announcement  of  the  move  stated  that 
"Applications  through  the  medium  of  the  post  office,  or  other- 
wise for  Insurance,  or  for  Trusts"  would  receive  prompt  atten- 
tion, the  general  alarm  and  upset  state  of  affairs  prevented 
any  real  commencement  of  operations — though  the  first  fire 
insurance  policy  had   been  written  on   July   6. 

In  fact,  this  would  have  been  an  uphill  matter  even  without 
the  fever  panic.  Money  became  scarce  during  that  spring,  and 
interest  rates  jumped  from  5  percent,  to  12  percent.,  the  highest 
known  for  thirty  years.  This  added  greatly  to  the  usual  dif- 
ficulties of  placing  the  stock;  and  when  it  was  taken  a  new 
enterprise  had  little  chance  with  such  tightness  in  the  money- 
market. 

The  basic  ideas  of  the  enterprise  had  been  first  put  before  the 
public  only  three  weeks  before  this  move.  The  advertisement 
in  the  New  York  E\'ening  Post  of  August  6,  1822,  ran  as  follows: 

"The  Farmers'  Fire  Insurance  and  Loan  Company,  Incorporated  with 
a  capital  of  $500,000. 

"Office  at  34  Wall  Street,  adjoining  the  Bank  oj  New  York. 
"Open  Jrom  9  o'clock  A.  M.  to  sunset. 

"This  Company  is  now  ready  to  receive  proposals  for  insuring  property 
of  every  description  against  loss  or  damage  by  fire.  The  terms  will  be 
as  favorable  as  those  of  any  other  company  in  this  city,  allowing  liber- 
ally for  circumstances  tending  to  diminish  the  risk. 

"The  Company  also  has  power  to  receive,  take,  possess,  and  stand 
seized  of  any  and  all  property  that  may  be  conveyed  to  them  in  TRUST, 
and  to  execute  any  and  all  such  trust  or  trusts  in  their  corporate  capacity 
and  name,  in  the  same  manner  and  to  the  same  extent  as  any  other 
trustee  or  trustees  might  or  could  lawfuU^^  do.    The  TRUST  property 


280  A  CENTURY  OF  BANKING  IN  NEW  YORK 

will  be  kept,  as  the  Charter  prescribes,  wholly  separate  from  all  other 
concerns  of  the  Company,  and  cannot,  in  any  event,  be  made  liable 
for  its  losses  or  engagements.  Any  property  so  committed  to  them  In 
TRUST  will  be  invested  in  such  manner  as  the  party  may  chuse  (sic) 
to  direct. 

"The  public  will  readily  perceive  that  the  advantages  of  this  Com- 
pany to  protect  property  for  the  benefit  of  orphans  or  others,  or  to 
answer  any  special  purposes,  either  of  public  or  private  nature,  are  far 
greater  than  those  of  any  individual  executors  or  other  trustees,  who 
are  always  liable  to  casualties  which  no  foresight  can  guard  against: — 
as  the  numerous  and  frequent  applications  to  the  Court  of  Chancery 
for  filling  up  of  vacancies  occasioned  by  death,  insolvencies,  and  other 
causes,  most  incontestably  show; — and  the  expense  of  such  proceedings 
often  swallows  up  a  great  part  of  the  TRUST  estate.  By  placing  such 
property  in  the  charge  of  this  Company  which  have  continued  succes- 
sion, there  can  be  no  danger  whatever  of  any  such  casualties;  as  all  such 
property  will  be  invested  either  at  discretion,  in  the  most  beneficial 
manner,  for  the  sole  advantage  of  the  party  conveying  the  same,  or 
invested  as  the  party  may  direct,  within  the  strict  provisions  of  any 
such  trust. 

"This  Company  refer  for  further  information  upon  this  subject, 
to  their  Charter,  a  copy  of  which  may  be  had  by  application  at  the 
office,  where  also  the  terms  for  any  trust  estate  may  be  known." 

[Signed  by  the  President,  the  Secretary, 
and  the  entire  Board  of  Directors.] 

President  Champlin  was  not  inactive  during  this  time  of 
enforced  waiting.  The  records  of  his  correspondence  show  that 
he,  while  waiting  for  better  times,  was  adding  to  the  number 
of  his  friends,  was  dispelhng  doubts  in  the  minds  of  inquirers 
and  encouraging  the  hearts  of  those  who  were  disposed  to  sub- 
scribe.     Those  letters  undoubtedly  bore  fruit  almost  immediately. 

He  employed  some  of  his  leisure  in  developing  schemes  of 
importation  of  fruits  and  fruit  products  from  the  West  Indies, 
Sicily,  Spain  and  other  countries.  One  of  these  products,  lime 
juice  or  syrup,  attracted  him  because  it  could  be  readily  trans- 
ported here  into  districts  where  fresh  fruits  were  unattainable, 
and  he  saw  a  great  future  for  the  trade.  He  believed  that  the 
market  could  not  be  overstocked,  and  he  even  was  willing  to 
be  the  consignee  and  to  divide  profits  with  the  foreign  shippers. 
He  Avrote  out  and  forwarded  to  them  most  explicit  directions 
concerning  the  production  of  this  syrup  and  its  safe  shipment. 

He  also  interested  himself  in  attempting  to  secure  Swedish 
workmen  to  come  to  the  United  States  to  operate  forges  and 
he  aided  his  friends  in  the  development  of  the  iron  business. 

He  declared  that  great  difficulty  was  experienced  in  procur- 
ing steady  and  faithful  workmen,  since  they  were  all  proverbially 
intemperate  in  their  habits,  although  they  could  earn,  if  faithful, 
more  wages  than  at  any  other  mechanical  pursuit.  He  there- 
fore urged  the  shipping  firm  of  Seth  Russell  &  Sons  to  use  their 
best  endeavors  through  the  captain  of  their  vessel  for  Gotten- 


SUCCESSIVE    HOMES  281 

burgh  to  induce  some  forge  workmen  from  Sweden  to  emigrate 
with  their  families  to  this  country — promising  them  imme- 
diate employment  on  arrival  and  the  payment  of  their  passage 
money  if  necessary.  He  assured  them  houses  to  live  in,  and 
explained  in  detail  the  terms  under  which  they  would  be 
rewarded.  He  agreed  to  guarantee  to  good  workmen  employ- 
ment for  a  term  of  years  at  $20  to  $25  a  month,  with  house 
rent  free,  together  with  a  certain  bonus  per  ton  for  all  the  iron 
produced.  At  this  period  such  efforts  counted  in  stimulating 
both  commerce  and  local  manufactures. 

In  1823  the  first  Merchants  Exchange  building  was  begun, 
on  Wall  Street  east  of  William.  The  new  company  subscribed 
$8,000  towards  its  construction  and  agreed  to  occupy  a  room 
there  at  $800  rent  a  year.  When  the  building  was  completed 
in  1827  the  "Farmers'"  moved  there  and  made  this  its  home 
until  the  great  fire  of  1835  destroyed  it.  The  Exchange  had  a 
white  marble  front  which  stretched  along  Wall  Street  114  feet, 
and  it  ran  through,  150  feet,  to  Garden  Street  (Exchange  Place); 
the  merchants'  hours  there  were  from  1  to  3,  and  each  firm 
or  individual  paid  dues  of  $10  a  year;  and  the  structure  was 
considered  very  grand  at  a  period  when  three-fourths  of  the 
houses  being  built  were  only  two  stories  high,  and  nearly  a 
third   of  them  were  of  wood. 

In  1829  there  appeared  in  the  Tailsman  a  description  of  the 
gloom  caused  by  the  new  buildings  on  Pine  Street.  "The  street 
is  now  full  of  tall,  massive  buildings  which  overshadow  the 
narrow  passage  between,  and  make  it  one  of  the  gloomiest 
streets  in  the  city.  The  very  bricks  look  of  a  darker  hue  than 
elsewhere.  The  sun's  rays  seem  to  come  through  a  yellower 
and  thicker  atmosphere,  and  the  shadows  thrown  there  by 
moonlight  seem  of  a  darker  and  more  solid  darkness  than  else- 
where. Formerly  the  shops  were  low,  cheerful,  two-story 
buildings,  of  light-colored  brick  or  wood  painted  white  or  yellow, 
and  which  scarcely  seemed  a  hindrance  to  the  air  and  the  sun- 
shine." 

These  "tall  massive  buildings"  were  four  or  five  stories  high. 

Land  in  the  financial  district  had  not  yet  been  found  to  be 
more  valuable   than  a   gold   mine. 

In  1825  William  Jauncey,  at  25  Wall  Street,  boasted  that  his 
house  was  worth  at  least  $8,000.  William  Seaman  at  54  Wall, 
aiid  John  Outhout  at  13  Wall,  valued  their  homes  at  the  same 
figure.  Edward  Livingston  at  45  Wall,  and  William  Bayard 
next  door,  rated  their  properties  at  $9,000,  and  the  Constantine 
familv's  home  at  6  Wall  Street  was  valued  at  $15,000. 


282     A  CENTURY  OF  BANKING  IN  NEW  YORK 

In  that  year  the  Astor  Place  neighborhood  made  a  great 
stride  forward.  Farms  and  orchards  were  cut  up  into  streets 
and  fine  houses  were  built.  Peter  Cooper's  grocery  stood  at 
the  intersection  of  3rd   and   4th  Avenues. 

Greenwich  Village  and  Chelsea  Village  were  still  quite  dis- 
tinct communities. 

St.  John's  Park,  which,  twenty  years  before,  was  considered 
too  far  uptown  for  a  Trinity  Chapel,  became  the  fashionable 
quarter.  The  Pauldings,  the  Griswolds,  the  Lydigs  and  others 
dwelt  there. 

Land  from  two  to  six  miles  north  of  City  Hall  could  be  bought 
for  from  $60  to  $80  a  lot. 

Two  marble- fronted  houses  were  built  at  663-5  Broadway 
opposite  Bond  Street.  Excursions  were  made  from  the  city 
to   this  distant  point   to  view   them. 

The  Post  Office  had  been  for  two  years  in  a  low  building  on 
Garden  Street;  the  clerical  force  had  grown  to  eight,  and  Post- 
master Bailey  had  a  shed  erected  over  the  sidew^alk  to  protect 
the  people  from  the  sun  and  rain.  It  was  moved  into  the 
basement  of  the  Exchange  as  soon  as  that  edifice  w^as  completed. 
When  it  emigrated  to  City  Hall  Park,  a  vigorous  protest  was 
uttered  from  Wall  Street,  on  the  ground  that  the  site  was  too 
remote.  As  another  evidence  that  this  was  regarded  as  a  dis- 
tant outpost,  it  may  be  noted  that  while  the  rest  of  the  City 
Hall  is  of  white  marble,  the  northern  or  rear  wall  was  built 
of  stone.  The  builders  apparently  never  surmised  that  any- 
one would  get  so  far  north  as  to  see  the  rear  of  the  building. 

The  later  successive  locations  of  the  Company's  offices  have 
been : 

From  1839  to  1848  at  16  Wall  Street 
From  1848  to  1852  at  50  Wall  Street 
From  1852  to  1859  at  28  Exchange  Place 
From  1859  to  1866  at  56  Wall  Street 
From  1866  to  1882  at  26  Exchange  Place 
From  1882  to  1889  at  20-22  William  Street 
From  1889  to at  16-22  William  Street 

In  1882  the  company  purchased  on  William  Street  a  plot  of 
land  for  $120,000,  and  upon  that  plot  a  2>^  story  building  was 
erected   and   occupied   until    1889-90. 

Before  1882  the  offices  were  always  rented. 

On  February  15,  1889,  the  directors  ratified  the  purchase  of 
the  Litchfield  property,  adjacent  to  its  office  on  William  Street, 
for  $250,000.     On  April  1st  of  that  year  plans  for  a  new  build- 


CONSERVATISM    IN    MANAGEMENT  285 

ing  were  approved,  estimated  to  cost  about  $450,000.  On 
May  16,  1890,  the  building  committee  reported  that  the  total 
cost  of  the  property,  including  the  old  building,  amounted  to 
$1,064,159.19. 

Again  in  1908  the  business  had  increased  to  such  an  extent 
that  the  offices  were  declared  inadequate;  and  a  month  later 
it  was  voted  to  purchase  the  property  of  the  D.  L.  &  W.  Rail- 
road Company  at  the  corner  of  William  Street  and  Exchange 
Place,  north  and  west  of  that  already  owned  by  the  company, 
for  $625,000. 

In  1909  the  building  as  it  now  stands  was  completed  and 
occupied  at  a  cost  of  $1,476,037.94.  This  was,  of  course,  in 
addition  to  the  1889-1890  construction.  From  that  date  to 
the  present   the  company  has  made  its  home  in   this  building, 

II    TRIUMPHANT    CONSERVATISM 

The  Farmers'  Loan  and  Trust  Company  was  from  the  first 
a  conservative  institution. 

Its  President  received  $2,000  a  year  in  1825,  which  in  1850 
was  reduced  to  $1,500. 

Its  office  rent  was  $800  a  year  at  first,  and  only  $1,500  in  1856. 

Its  first  clerk  received  $500  a  year  and  it  was  stipulated 
that,  when  convenient  for  him  to  leave  the  office,  he  should 
aid  the  company  as  surveyor.  At  least  some  of  the  officers 
served  at  times  without  compensation.  When  it  was  deemed 
necessary,  the  expense  account  was  lessened  by  reducing  the 
office  force;  and  for  quite  a  long  period  the  office  of  Vice-Presi- 
dent was  vacant. 

In  January,  1840,  the  members  of  the  finance  committee 
subjected  themselves  to  a  system  of  fines  for  absence  and  tardi- 
ness, as  follows: 

Absence  from  regular  meeting,  50  cents. 

Absence  from  two  regular  meetings,  75  cents  each. 

Tardy  members,  12>2  cents  for  each  10  minutes,  not  ex- 
ceeding 573^  cents  in  all. 

The  book  of  fines  was  kept  by  the  Secretary,  and  the  ac- 
cumulated  fund   was  spent   as  might   be  decreed. 

On  December  7,  1842,  the  following  resolution  was  adopted 
by  the  Directors;  "Resolved, — that  the  office  hours  of  the 
Company  for  business  shall  commence  at  9  o'clock  and  con- 
tinue until  5  o'clock,  and,  when  the  business  of  the  company, 
in  the  judgment  of  the  president,  requires  it,  be  resumed  at 
5   o'clock  and   continue   during   the  afternoon. 


284     A  CENTURY  OF  BANKING  IN  NEW  YORK 

The  company  was  conservative  also  in  the  placing  of  its 
loans.  One  of  its  main  ideas  from  the  start  had  been  to  make 
agricultural  loans,  not  possible  for  the  state  banks;  and  the  aid 
thus  furnished  to  the  development  of  natural  resources,  es- 
pecially from  1830  to  1845,  was  exceedingly  valuable.  The 
finance  committee  exercised  great  care  in  its  recommenda- 
tions to  the  board  of  directors.  Very  many  applications  were 
referred  to  individuals  to  examine  and  report  on;  of  the  first 
800  applications  for  loans,  presented  to  the  company,  252  were 
dechned  or  deferred.  In  1835  the  investment  committee  re- 
solved that  as  a  general  rule  it  was  inexpedient  to  lend  over 
$10,000  to  one  person  on  country  security,  and  that  the  basis 
should  be  one-half  the  appraised  value  exclusive  of  buildings. 
This  has  been  continued  down  to  today,  even  on  city  property 
where  the  buildings  were  valued  at  millions. 

These  early  loans  were  for  modest  sums;  some  of  them  as 
small  as  $400.  Of  the  number  mentioned  above,  117  did  not 
exceed  $1,000  each,  and  down  to  the  year  1835  the  largest 
single  loan  was  for  about  $30,000;  but  the  careful  common- 
sense  practiced  in  the  smallest  details  became  a  tradition  which 
served  the  concern  well  when  its  transactions  grew  to  millions 
in  place  of  hundreds. 

In  the  case  of  one  loan  of  $37,000  made  in  1837,  the  security 
offered  consisted  of  sole  leather,  which  the  committee  regarded 
as  good  and  accepted. 

Heavy  side,  15  cents  a  pound 
Middling  side,  16  cents  a  pound 
Light  side,  17  cents  a  pound 

Some  local  valuations  of  those  days  give  an  idea  of  the  changes 
the  years  have  wrought.  In  October,  1836,  a  loan  of  $23,000 
was  granted  upon  four  lots  at  corner  of  Fifth  Avenue  and  14th 
Street,  upon  condition  that  the  applicant  pay  up  $4,000  on  a 
previous  loan.  In  that  year  an  application  was  made  for  a 
loan  of  $2,500  upon  a  piece  of  land  containing  thirteen  acres 
in  the  village  of  Syracuse.  After  serious  consideration  the 
loan  was  granted. 

In  1840  a  loan  of  $9,000  upon  a  house  in  Pearl  Street  was 
declined,  although,  as  collateral,  2560  acres  of  land  in  Indiana 
were  offered.  In  1849  lots  owned  on  Broadway,  at  24th,  25th 
and  26th  Streets,  were  sold  at  prices  from  $2,000  to  $5,000  each; 
and  the  same  year  six  lots  on  33rd  Street  brought  $800  apiece, 
one-third  cash. 


CONSERVATISM    IN    MANAGEMENT  285 

About  this  time  the  committee  recommended  to  the  board 
to  subscribe  $10  towards  a  citizens'  fund  for  a  pubHc  sheep 
pasture. 

All  the  while,  the  good  management  of  the  concern  was 
giving  the  company'  a  stability  that  was  universally  recognized 
and  that  carried  it  triumphantly  through  the  frequent  periods 
of  stress.  Nearly  every  financial  institution  in  New  York 
suffered  heavily  in  the  years  following  the  great  fire  of  1835; 
yet  in  1837,  amid  panic  and  unprecedented  depression  every- 
where, the  December  statement  was  the  strongest  yet  made 
by  the  company,  showing  resources  of  $4,363,710.17,  and  a 
surplus  of  $96,366.88. 

The  fire  insurance  business  was  discontinued  in  1835,  and 
about  the  same  time  the  life  insurance  branch  began  to  be 
developed,  the  activities  in  this  field  lasting  for  some  seven 
years.  In  the  forties  the  company's  energies  were  almost 
monopolized  by  the  land  trusts  it  had  undertaken;  and  the 
difficulties  of  the  Holland  Company's  tract  in  particular,  where 
many  mortgages  were  not  even  recorded,  demanded  all  the 
expert  business  capacities  of  the  managers.  The  situation  was 
still  further  complicated  by  the  agitation  resulting  in  the  Anti- 
Rent  riots  of  1845. 

But  by  1852  these  complex  problems  had  been  satisfactorily 
worked  out.  On  May  12,  President  Williamson  could  report: 
"A  lapse  of  eleven  years  and  three  months  has  occurred  since 
a  dividend  was  paid  our  stockholders.  The  losses  and  diffi- 
culties which  grew  out  of  the  transactions  of  1835-6-7  and  ! 
have  been  the  cause  of  this.  The  losses  on  the  various  trans- 
actions which  have  been  settled  and  closed  since  January, 
1841,  amount  to  the  sum  of  $2,074,132.  We  have  paid  during 
the  same  period  for  interest  on  our  debt — expenses,  costs  and 
taxes— the  sum  of  $2,117,766. 

"Having  overcome  all  these  difficulties,  our  law  suits  and 
controversies  all  ended,  I  have  the  satisfaction  of  stating  that 
our  stock  is  now  worth  par,  and  a  surplus  of  $72,352.18  is  shown 
at  this  date.  This  is  a  matter  of  congratulation  to  us  all,  and 
shows  what  patience,  perseverance  and  integrity  of  purpose  can 
do,  to  overcome  difficulties  the  most  appalling,  which  on  various 
occasions  seemed  to  threaten  the  very  existence  of  the  Company. 

There  were,  of  course,  plenty  of  other  anxious  periods,  for  no 
company  however  sound  could  fail  to  be  affected  by  the  various 
cataclysms  through  which  the  United  States  passed  in  the  follow- 
ing half  century.  But  after  the  Civil  War  the  advance  was 
prodigious    and    uninterrupted.     Especially    between    1870    and 


286     A  CENTURY  OF  BANKING  IN  NEW  YORK 

1880  there  was  a  development  of  railroad  trust  mortgages  which 
was  a  tremendous  factor  in  the  doubling  of  assets  during  the 
last  half  of  that  decade. 

In  more  than  one  crisis  thereafter  the  Trust  Company's 
position  of  strength  enabled  it  to  be  a  potent  factor  in  easing 
a  situation  endangered  by  weaker  members. 

In  March,  1918,  it  joined  the  Federal  Reserve  System,  taking 
3,600  shares  at  par  of  stock  in  the  New  York  Reserve  Bank. 
At  the  same  time  it  became  a  member  of  the  New  York  Clear- 
ing  House   Association. 

What  conservatism  and  hard  work  may  accomplish  through 
such  an  eventful  hundred  years  as  has  been  elsewhere  chronicled 
is  displayed  at  a  glance  in   this  table: 


Jlndivided 

Assets 

Profits  and  Surplus 

1825 

35,490.53 

1840 

6,565,788.88 

130,687.74 

1845 

5.814,256.24 

377,028.68 

1850 

6.159,800.46 

828,122.78 

1860 

2,008,818.51 

589,089.84 

1865 

2,119,560.62 

75,726.18 

1870 

4.574,214.80 

477,248.59 

1875 

6,159,108.19 

574,135.92 

.    1880 

12,593,673.14 

1.066,427.30 

1885 

23,599,164.19 

1.537,817.69 

1890 

28,126,893.17 

3,656,293.12 

1895 

36,269,649.12 

4,187,199.23 

1900 

53,277,567.96 

6,185,149.64 

1905 

91,686,879.31 

7,336,456.48 

1910 

122.646,003.76 

6,031,163.08 

1915 

169,748,667.69 

7,382,949.71 

1920 

171,965,894.22 

11.056,927.01 

1922 

155,582,278.14 

14,257,448.49 

The  original  capital  was  $500,000.  In  1833  this  was  in- 
creased  to   $1,000,000.     In    1836   it   became   $2,000,000. 

In  1860  the  Legislature  granted  permission  to  reduce  the 
capital  to  $1,000,000  and  the  shares  from  $50  to  $25. 

In  1916,  permission  having  been  granted  by  the  Superintendent 
of  Banking,  the  stockholders  resolved  to  reduce  the  number  of 
shares  of  stock  from  40,000  at  $25  each  to  10,000  at  $100 
each — the  old  certificates  being  canceled  and  new  ones  issued. 

On  January  10,  1917,  stockholders,  representing  more  than 
92  percent,  of  the  stock,  voted  to  increase  the  capital  stock  from 
$1,000,000  to  $5,000,000  by  issue  of  the  40,000  additional  shares 
of  $100  each,  making  50,000  shares  in  all.  The  Company's 
surplus  was  then  about  $8,000,000. 


'      AUNIQUEWARRECORD  287 

The  first  dividend  of  3>^  percent,  was  declared  July  5,  1823. 
Thereafter  they  were  paid  semi-annually  at  varying  rates,  p/z..- 
3,  3>2,  4  and  4>^,  averaging  3^/2  percent,  for  fifty  years,  except 
for  the  years  1841  to  1852  inclusive.  During  those  years  no 
dividends  were  paid  but  in  1853  two  were  declared  of  4  percent, 
and  5  percent,  respectively.  Later  the  dividends  were  paid 
quarterly,  and  for  several  years  before  1917  they  reached  12>^ 
percent,  on  one  million  dollars.  In  the  year  last  mentioned 
\y2  percent,  was  paid  quarterly  or  18  percent,  yearly  on  $5,000,000 
instead  of  50  percent,   on  $i, 000,000. 

In  recent  years,  the  quarterly  dividend  has  reached  5  percent., 
which  means  that  during  each  year,  one  million  dollars  is  paid 
in  dividends  upon  the  five  millions  of  stock. 

Ill    THE    WAR    RECORD    AND 
FOREIGN    BRANCHES 

Not  only  did  The  Farmers'  Loan  and  Trust  Company  do  its 
full  share  in  the  matter  of  contributing  time,  machinery  and 
enthusiasm  to  the  raising  of  funds  for  the  Great  War,  but  its 
accepted  subscriptions  to  the  several  Liberty  Loans  amounted 
to  over  a  hundred  million  dollars. 

It  made  loans  to  its  employees  to  enable  them  to  subscribe. 
And  on  June  21,  1917,  it  had  pledged  to  the  Government,  as  a 
depositary  of  loan  funds,  $25,000,000  in  United  States  securities 
— an  amount  subsequently  doubled. 

Again  on  August  15,  1918,  the  Company  accepted  the  posi- 
tion of  depositary  for  funds  in  the  hands  of  A.  Mitchell  Palmer, 
Alien  Property  Custodian,  and  executed  a  bond  in  his  favor 
according  to  law.  Under  this  responsibility  it  had  charge  in 
1921  of  the  funds  of  more  than  five  hundred  "enemy  aliens." 

A  service  which  did  not  always  bulk  so  large  in  financial 
statements  and  was  less  known  in  the  United  States,  but  which 
was  of  incalculable  value  to  our  citizens  abroad  and  to  our 
soldiers,  was  that  rendered  by  the  London  and  Paris  branches. 

At  the  outbreak  of  the  War  in  1914,  the  American  tourist 
season  in  Europe  was  at  its  height.  Americans  naturally 
wished  to  get  back  to  the  United  States  at  the  earliest  possible 
moment,  and  they  flocked  to  London,  not  only  from  the  British 
Isles  but  from  all  parts  of  the  Continent,  in  order  to  sail  from 
British  ports  when  passages  became  available. 

For  a  few  days  after  Great  Britain  entered  the  War,  there 
was  a  financial  moratorium  in  London,  during  which  time  the 
banks  were  closed.  The  London  offices  of  The  Farmers'  Loan 
and  Trust  Company  remained  open  during  this  period,  and  were 


288     A  CENTURY  OF  BANKING  IN  NEW  VORK 

able  to  supply  cash  to  all  comers  in  substantial  amounts,  taking 
care  not  only  of  their  own  customers,  but  looking  out  for  all 
Americans  who  applied  with  proper  credentials. 

The  rush  of  American  tourists  awaiting  passage  to  the 
United  States  lasted  for  about  six  weeks.  During  most  of  this 
period  two  of  the  Directors,  Mr.  John  J.  Riker  and  Mr.  Archibald 
D.  Russell,  who  happened  to  be  in  London,  attended  almost 
daily  at  the  offices  and  were  of  the  greatest  assistance,  and  a 
great  source  of  re-assurance  to  customers. 

In  conjunction  with  other  New  York  bankers,  the  Company 
participated  in  the  shipment  to  England  of  the  $3,000,000  gold  fund 
by  the  U.  S.  Cruiser  Tennessee.  A  personal  representative  of  the 
company  crossed  on  board  the  Tennessee  by  courtesy  of  the  Navy 
Department  to  witness  the  actual  delivery  of  the  gold  in  London. 
This  gold  was  sent  because  of  the  fact  that  many  of  the  Conti- 
nental bankers  were  refusing  to  make  payments  under  letters  of 
credit  and  travellers'  checks  in  the  hands  of  American  travellers. 

A  number  of  conferences  were  held  in  London  between  rep- 
resentatives of  the  American  bankers  who  sent  the  gold,  and 
a  part  of  this  fund  was  made  use  of  to  take  up  American  tour- 
ists' drafts  and  travellers'  checks  which  had  accumulated  at 
Berlin  and  a  few  other  points,  but  the  bulk  of  the  gold  shipped 
was  eventually  sold   to  the  Bank  of  England. 

The  Farmers'  Loan  was  appointed  by  the  British  Govern- 
ment as  Trustee  in  connection  with  their  first  secured  loan  of 
$250,000,000  in  the  United  States;  $100,000,000  of  the  collateral 
securing  this  loan  consisted  of  bonds  of  neutral  countries. 
These  bonds  were  shipped  to  New  York  and  deposited  with 
the  Company  as  trustee,  but  coupons  from  such  bonds  maturing 
during  the  life  of  the  British  Government  obligation  were  de- 
posited in  the  London  office  of  the  Trust  Company  where  the 
Company  was  required  to  detach  and  deliver  to  the  Bank  of 
England  the  various  coupons  as  they  matured. 

There  was  considerable  detail  work  involved  in  carrying  out 
this  plan,  as  the  coupons  had  to  be  kept  in  separate  lots,  corre- 
sponding with  the  holdings  of  the  various  individuals  from  whom 
the  securities  had  been  requisitioned  by  the  British  Govern- 
ment. The  work  was  carried  through  without  any  hitch  and  to 
the  entire  satisfaction  of  the  Government  authorities.  At  certain 
times  there  was  considerable  pressure;  during  one  bank  holiday 
prior  to  the  1st  of  January  the  entire  staffs  of  the  West  End  and 
City  offices  gave  their  combined  attention  to  this  work. 

The  most  important  war  work  at  the  London  Offices  arose 
through  their  appointment  as  bankers  in  London  of  the  United 


A    U  N  I  O  U  E    W  A  R    R  E  C  O  R  D  289 

Stales  Navy.  In  this  connection  many  different  accounts 
of  disbursing  officers  were  opened  and  the  amounts  involved 
ran  into  large  figures,  since  the  principal  disbursements  of  the 
United  States  Navy  in  Europe  during  the  war  went  through 
these  accounts.  This  work  involved  the  payment  of  checks 
in  amounts  as  large  as  £1,000,000  at  a  time  and  the  supplying 
of  a  great  amount  of  cash  to  U.  S.  Navy  paymasters  who  called 
in  London  for  funds.  This  work  also  involved  opening  credits 
at  various  points  on  the  Continent  on  behalf  of  U.  S.  Navy 
officials  and  the  payment  of  drafts  drawn  on  the  London  office 
by  U.  S.  Naval  officials  all  over  the  world.  It  also  involved 
a  plan  which  was  made  wide  use  of,  whereby  U.  S.  Navy  officers 
and  enlisted  men  could  remit  funds  to  their  homes  in  the  United 
States  out  of  their  pay  and  savings. 

The  relations  between  the  London  Office  and  the  U.  S.  Naval 
Headquarters  in  London  were  always  most  cordial.  Admiral 
Sims  wrote  to  Mr.  Henry  King  Smith,  the  vice  president  in 
charge  of  the  London  office  of  the  Company,  on  March  11  th,  1919, 
as  follows: 

"Before  relinquishing  my  present  command,  I  would  like  to  express 
to  you  my  personal  appreciation  of  the  courteous  treatment  and  efficient 
assistance  which  The  Farmers'  Loan  and  Trust  Company  has  rendered 
in  connection  with  the  financial  operations  of  our  forces  in  these  waters. 
I  am  assured  that  the  association  with  The  Farmers'  Loan  and  Trust 
Company  has  been  a  real  pleasure  to  the  members  of  my  staff  who  have 
been  most  intimately  concerned  with  the  financial  transactions  of  these 
forces." 

The  London  offices  of  the  Company  are  still  the  official  bank- 
ers of  the  United  States  Navy  for  Great  Britain. 

Owing  to  the  expansion  of  war  activities  in  London,  the 
British  Tanks  Department  on  August  11th,  1917,  commandeered 
the  building  at  14-16  Cockspur  Street,  London,  S.W.  1.,  in 
which  the  West  End  office  was  located.  The  British  Govern- 
ment was  most  courteous  and  considerate  m  their  treatment 
of  the  representatives  of  the  Company,  and  provided  alterna- 
tive quarters  at  16  Pall  Mall  East,  London,  S.W.  1.,  about 
one  block  from  the  Cockspur  Street  office.  At  Pall  Mall  East, 
an  entire  building  was  placed  at  their  disposal,  rent  free,  and 
they  were  moved  to  that  building  and  afterwards  reinstated 
at  Cockspur  Street  entirely  without  expense  to  the  Company. 

One  floor  of  the  building  at  Pall  Mall  East  was  placed  at  the 
disposal  of  the  American  University  Union  in  Europe,  an  or- 
ganization formed  by  practically  all  the  American  universities 
and  colleges  to  look  out  for  the  interests  of  American  gradu- 
ates and  under-graduates  who  were  serving  with  the  American 


290     A  CENTURY  OF  BANKING  IN  NEW  YORK 

Expeditionary  Forces.  The  London  office  of  the  American 
University  Union  in  Europe  was  made  use  of  by  a  great  number 
of  men  who  used  it  as  their  headquarters  in  London  and  for 
the  forwarding  of  their  mail  and  for  obtaining  information  as 
to  the  whereabouts  of  their  friends  in  England.  These  head- 
quarters the  Company  supplied  to  the  American  University 
Union  in  Europe  without  expense. 

During  the  war  all  of  the  able-bodied  English  staff  enlisted 
for  military  service,  and  it  was  necessary  to  carry  on  with  the 
assistance  of  certain  men  who  were  graded  as  not  physically 
fit  and  by  employing  a  number  of  girls. 

For  a  long  period  during  the  war  the  Company  had  the 
London  banking  accounts  of  the  U.  S.  War  Trade  Board  and 
the  U.  S.  Food  Administration.  These  accounts  were  closed, 
with  the  winding  up  of  the  London  offices  of  these  organizations. 

The  Paris  Branch  had  been  opened  in  1906.  Although  it  was  at 
first  a  tiny  office  in  a  street  back  of  the  Credit  Lyonnais,  with  a 
typical  French  housekeeper  sitting  knitting  at  the  doorway"  down- 
stairs, it  had  evolved  into  more  commodious  quarters  at  41  Boule- 
vard Hausmann;  and  by  1914  it  was  occupying  two  floors,  had  a 
staff  of  twenty  people,  and  deposits  of  four  million  francs. 

During  the  latter  weeks  of  July,  as  the  cataclysm  approached, 
there  were  runs  on  all  the  banks  in  France,  transfers  could  no 
longer  be  made  through  ordinary  exchange  channels,  and  t'le 
Cashier  of  the  Company  used  to  go  in  person  to  St.  Lazare 
station  with  a  porter  to  bring  back  a  case  containing  bags  of 
a  thousand  sovereigns  each  from  the  Bank  of  England  sent  over 
by  the  London  office.  Thus  was  built  up  an  emergency  fund  of 
gold  to  serve  the  needs  of  American  travellers.  This  was  soon  a 
vital  matter,  since  most  of  the  available  supply  of  French  bank- 
notes and  currency  had  been  withdrawn  from  circulation  by 
frightened  depositors  throughout  the  country. 

Then  came  the  mobilization  orders.  The  staff  was  suddenly 
cut  to  two  representatives,  one  bookkeeper,  one  woman  steno- 
grapher, and  one  porter.  Nevertheless,  the  office  opened  at 
10  o'clock  on  Saturday  morning,  July  31st.  There  was  al- 
ready a  large  crowd  in  line  in  the  courtyard.  Each  representa- 
tive acted  as  a  teller;  the  supply  of  notes  proved  ample  to  satisfy 
all  depositors  who  called,  and  the  English  sovereigns  took  care 
of  holders  of  letters  of  credit  and  all  who  required  gold.  The 
many  clients  who  needed  special  attention  and  advice  were 
invited  to  call  between  4  and  8  o'clock  in  the  evenings  and  on 
Sundays.  The  physical  strain  was  slightly  lessened  the  follow- 
ing week  bv  the  arrival  of  two  clerks  from  the  London  office. 


AUNIQUEWARRECORD  291 

A  moratorium  had  been  established  on  August  2nd,  follow- 
ing those  in  surrounding  countries,  some  of  which  limited  the 
amount  to  be  withdrawn  to  50  francs  a  week  a  person.  Pay- 
ments under  all  sorts  of  instruments  were  being  refused;  people 
were  arriving  without  baggage  and  almost  destitute;  and  the 
surprise  and  relief  of  finding  prompt  banking  facilities  still  in 
operation  were  indescribable. 

In  one  case,  a  client  had  several  million  francs  with  a  foreign 
bank  and  was  offered  50  francs  for  each  of  the  six  members 
of  his  family  to  carry  them  through  France  to  America.  With 
the  utmost  difficulty  he  secured  a  thousand  francs  and  finally 
reached  the  office  of  the  Farmers'  Loan, — where  his  needs  were 
at  once  met.  In  another,  a  client  of  the  New  York  office 
(not  a  Paris  depositor),  sent  a  messenger  from  Genoa  with  a 
request  for  100,000  francs — and  got  it  in  cash.  There  were 
many  Americans  who  never  forgot  their  feeling  for  that  office 
as  one  spot  of  stability  left  during  those  chaotic  times. 

Personal  assistance  in  the  thousand  and  one  perplexities  that 
beset  our  travellers  was  as  freely  given  as  financial  accommoda- 
tion; and  by  the  end  of  August  most  Americans  who  had  been 
taken  by  surprise  were  safely  out  of  the  country. 

During  most  of  September,  while  the  seat  of  the  French 
Government  was  moved  to  Bordeaux,  business  was  attended 
to  from  Marseilles;  but  the  Paris  office  was  kept  open  to  answer 
inquiries,  and  after  the  German  retreat  from  the  Aisne,  head- 
quarters  were   at   once   transferred   back   to   the   capital. 

There  was  a  great  development  of  business  during  the  next 
two  years,  hundreds  of  individual  and  bank  accounts  coming 
to  the  concern.  It  played  an  important  part  in  financial  opera- 
tions connected  with  American  exports,  in  the  French  war 
loans,  and  as  bankers  for  the  ambulance,  relief  and  flying  or- 
ganizations which  were  so  nobly  representing  the  United  States. 
Additional  office  space  had  just  been  provided  by  taking  in  the 
adjoining  quarters  at  39  Boulevard  Hausmann,  the  force  had 
grown  to  seventy-five  people,  and  the  deposit  accounts  showed 
an  aggregate  of  thirty  million  francs  when  it  became  clear  that 
America  was  about  to  enter  the  war.  As  the  time  approached 
for  the  arrival  of  the  first  troops  of  the  A.  E.  F.,  it  was  realized 
that  the  chief  need  for  banking  facilities  would  be  not  in  Paris 
but  at  the  landing  ports  and  in  the  army  zone  where  the  training- 
camps  would  be  located.  Accordingly,  preparations  were  made 
with  great  haste  to  open  branch  offices  at  important  points.  Strict 
army  regulations,  to  prevent  any  useful  information  reaching  the 
enemy,  made  it  impossible  even  to  inform  the  home  office  of  the 


292     A  CENTURY  OF  BANKING  IN  NEW  YORK 

location  of  these  proposed  branch  offices.  However,  after  the 
difficulty  was  explained  to  the  Superintendent  of  Banks,  the 
necessary  permission  was  obtained,  u.  der  date  of  March  28,  1918, 
in  the  following  very  unusual  language: 

"NOW,  THEREFORE,  I,  GEORGE  I.  SKINNER,  Superin- 
tendent of  Banks  of  the  State  of  New  York,  DO  HEREBY 
AUTHORIZE  The  Farmers'  Loan  and  Trust  Company,  of  New 
York,  N.  Y.,  to  open  and  occupy  a  branch  office  at  a  place  on  the 
coast  of  France,  in  the  War  Zone,  now  occupied  by  the  United 
States  Expeditionary  Forces,  which  for  military  reasons  cannot 
be  more  definitely  named. 

"NOW,  THEREFORE,  I,  GEORGE  I.  SKINNER,  Superin- 
tendent of  Banks  of  the  State  of  New  York,  DO  HEREBY  AU- 
THORIZE The  Farmers'  Loan  and  Trust  Company,  of  New 
York,  N.  Y.,  to  open  and  occupy  a  branch  office  in  the  War 
Zone,  in  the  interior  of  France,  convenient  to  headquarters  of  the 
United  States  Forces,  at  a  place  which  cannot  be  more  definitely 
named  for  military  reasons." 

Permission  was  also  at  the  same  time  given  for  a  branch  at 
Bordeaux,  which  port  was  being  used  as  a  landing  place  for 
American  troops. 

Accordingly  all  the  necessary  permissions  were  obtained  from 
the  various  French  authorities,  both  civil  and  military,  and 
by  July  23d  quarters  for  a  branch  had  been  secured  in  the 
club  of  St.  Nazaire,  right  in  the  center  of  town.  While  prep- 
arations were  made  for  exchanging  money,  the  main  idea  was 
to  encourage  saving  and  to  transfer  funds  back  home  for  officers 
and  men;  and  the  business  was  not  undertaken  as  a  money- 
making  venture,  but  in  the  belief  th'at  it  might  at  the  outset  be 
run  at  a  loss. 

Events  soon  proved  the  wisdom  of  the  step.  Our  men  came 
ashore  at  Landing  Place  No.  1  into  a  foreign  land  and  con- 
ditions that  increased  their  inevitable  difficulties.  The  men 
received  their  pay  in  U.  S.  currency,  the  officers  in  checks  on  the 
U.  S.  Treasury.  Some  units  had  left  in  such  haste  that  there 
had  been  no  time  to  arrange  for  allotments  to  their  families; 
when  they  got  their  first  pay,  often  two  or  three  months'  arrears, 
they  could  frequently  neither  send  funds  home  nor  exchange 
their  dollars  except  at  the  local  shops;  some  had  a  surplus  they 
needed  to  deposit,  others  had  nothing  because  of  pay  arrears 
and  no  means  of  getting  anything  from  across  the  water. 

The  branch  of  the  Farmers'  Loan  and  Trust  Company  was 
speedily  crowded  whenever  a  transport  came  in:  a  long  line 
would   stretch  out  and  down   the  hallway   to   the  street — men 


A    UNIQUE    WAR    RECORD  293 

wanting  to  deposit,  to  change  money,  to  find  out  about  con- 
ditions. "Their  surprise  and  delight  was  great,"  reports  one 
of  those  who  helped  conduct  the  branch,  "to  learn  on  entering 
the  bank  that  we  had  an  English-speaking  force.  On  ascer- 
taining that,  a  volley  of  questions  poured  forth,  and  they  felt 
at  once  that  any  money  transactions  they  had  to  make  were 
safe  in  our  hands,  whereas  their  dealings  at  the  stores  and 
cafes,  which  all  advertised  that  they  did  an  exchange  business, 
were  not  always  to  their  advantage." 

In  those  first  weeks  no  army  arrangements  covered  the  re- 
mitting of  money  to  friends  and  relatives  at  home.  In  carry- 
ing through  this,  and  in  urging  all  not  to  throw  away  their 
money  but  to  save  regularly,  the  company's  branch  did  an 
enormous  amount  of  good.  In  hundreds  of  cases  this  timely 
advice  was  ;ust  what  was  needed  to  turn  a  spree  into  a  savings 
account.  Even  with  the  colored  labor  troops,  lavish  with  their 
wages,  completely  ignorant,  unable  to  write,  giving  addresses 
not  understandable — an  unlimited  stock  of  patience  succeeded 
in  working  wonders. 

Many  thousands  of  cable  and  mail  transfers,  niostly  to  the 
United  States,  were  made  during  the  first  year;  there  was  a  be- 
wildering list  of  company  funds,  hospital  funds,  accounts  with 
paymasters  and  secretaries  of  all  the  relief  organizations;  and 
when  the  troops  went  on  to  the  firing  line,  the  officers  had  their 
monthly  checks  sent  direct  to  the  Trust  Company.  Frequent 
demands  for  branches  at  hospital  bases  and  elsewhere  were  met 
by  arrangements  with  officials  of  the  Red  Cross  and  Y.  M.  C.  A. 

On  August  16,  however,  just  as  the  Engineers  were  arriving,  the 
Bordeaux  office  had  been  opened  as  planned.  Here,  in  the 
beginning,  banking  facilities  were  carried  right  into  the  camps 
by  frequent  visits;  but  since  the  number  of  deposit  accounts 
soon  reached  three  thousand,  these  personal  visits  had  to  be 
given  up  for  the  distribution  of  printed  forms  by  the  officers. 

All  sorts  of  complexities  arose,  which  had  to  be  solved  by 
personal  ingenuity  and  initiative.  In  the  case  of  company 
accounts,  for  instance,  when  the  regiment  had  moved  on,  letters 
would  repeatedly  arrive  from  some  unknown  individual  claim- 
ing to  have  taken  over  the  account,  though  no  such  notification 
had  been  sent  to  the  Trust  Company — destroying  at  one  blow 
all  the  precautions  taken  for  identification.  The  predecessor 
might  have  fallen  in  action,  or  gone  to  some  inaccessible  point; 
and  it  was  often  impossible  to  learn  from  any  source  even  who 
was  in  command  of  a  particular  regiment.  Almost  as  difficult 
was  the  matter  of  sudden  withdrawals  after  the  armistice,  when 


294     A  CENTURY  OF  BANKING  IN  NEW  YORK 

companies   might   receive   orders    to   leave   for   an   embarkation 
point  within  a  few  hours. 

In  spite  of  everything,  however,  the  agency  was  carried  along 
with  such  success  that  around  Easter  of  1918  it  had  deposits  of 
ten  million  francs,  and  had  proved  itself  more  than  self  supporting. 

After  encountering  a  great  deal  of  red  tape,  and  finally  apply- 
ing to  the  Prime  Minister,  permission  was  secured  for  the 
third  agency  at  Neufchateau,  and  an  office  there  was  opened 
on  September  20,  1917.  This  was  one  of  the  busiest  centres  in  the 
area  occupied  by  the  American  forces  and  only  a  few  miles  from 
General  Pershing's  headquarters  at  Chaumont.  Here  one  of  the 
most  successful  officers'  clubs  was  established,  being  financed  for 
the  officers  by  the  Trust  Company.  The  detail  work  here  was  soon 
enormous,  the  Company's  office  being  crowded  from  morning  till 
night;  and  the  distance  of  over  forty  miles  from  the  nearest 
branch  of  the  Bank  of  France  made  the  supplying  of  notes  and 
currency  an  affair  of  much  risk.  In  four  months  they  were  hand- 
ling about  2500  deposits,  had  negotiated  nearly  10,000  checks 
on  other  towns,  and  made  thousands  of  mail  and  cable  transfers. 

Throughout  the  war,  these  agencies  of  the  Farmers'  Loan 
and  Trust  Company  were  the  only  American  banks  within  the 
Army  Zone.  What  they  meant  to  the  men  in  our  army  can 
be  readily  imagined,  and  expressions  of  the  heartiest  apprecia- 
tion came  in  from  enlisted  men  and  officers  of  every  rank. 
The  whole  thing  was  a  unique  contribution  by  a  great  financial 
institution  across  the  sea — entirely  in  line  with  the  spirit  that 
pervaded  America  which  enlisted  every  capability  possessed  by 
any  citizen. 

All  the  time,  the  Paris  staff,  increased  to  200,  had  many 
activities  beside  directing  and  supervising  the  Army  Zone 
agencies.  The  first  General  Headquarters  were  there,  and  many 
departments  were  directed  from  there  all  through  the  war. 
The  large  reading  and  writing  rooms  of  the  Trust  Companj^'s 
office  was  soon  given  over  to  army  business.  Besides  the  de- 
partment accounts  there  was  an  increasing  stream  of  deposit 
accounts  by  mail,  and  in  September  the  Company  was  appointed 
as  one  of  the  special  agencies  in  Paris  for  the  convenience  of 
army  paymasters. 

Contrary  to  the  foreign  custom,  the  office  was,  for  the  conven- 
ience of  members  of  the  A.  E.  F.,  not  closed  between  12  and  2 
o'clock,  lunch  being  served  to  the  cashiers  behind  the  counter. 
Arrangements  were  made  with  the  Sociile  Generate  to  open 
accounts  with  the  society's  local  branch  in  all  towns  where  a 
large  number  of  American  troops  were  concentrated,   thus  ex- 


From  a  photograph  by  John  Wallace  Gillies,  .V.  I'.,  1020 

MODERN    WALL    STREET 

The  heart  of  America's  financltil  Kfe  and  perhaps  the  most  famous  thoroughfare 
in  the  world,  as  it  appears  three  hundred  years  after  it  was  first  laid  out 


J  ,:  r,  t!  In  [J    lo    tile 


EXCHANGE   PLACE,    LOOKING   EAST 
Showins  the  corner  of  William  Street  as  it  looked  about  1830 


From  a  litlwiraph  hy  G.  IJay'a'ard,  iSjj 


BROAD   STREET   IN    1853 
Showing  one  of  the  old  buildings  that  survived  from  the  Dutch  period 


A    U  N  I  Q  U  E    W  A  R    R  E  C  O  R  D  295 

tending  a  part  of  the  agencies'  work  to  every  place  where  it 
was  needed;  and  hundreds  of  deposits  and  mail  transfers  ar- 
rived weekly  during  1918  from  this  source.  To  avoid  the  delays 
and  confusion  in  payments  to  the  front  by  postal  orders,  a 
"green  circular  check"  was  devised,  which  as  stated  on  the  check 
was  payable  at  sight  and  without  charge  at  all  of  the  many 
offices  of  the  three  largest  French  banks.  Soon  these  checks  were 
being  cashed  all  over  France;  also  a  "service  check"  to  be 
sold  to  the  troops  at  the  American  embarkation  ports  and 
training  camps;  and  finally,  to  supply  United  States  funds  for 
the  home-going  soldiers,  a  "circular  dollar  check"  was  evolved, 
and  special  agencies  opened  at  Brest  and  at  Camp  Pontenezen 
for   the  distribution  of  these. 

All  this  work  was  of  course  done  under  the  greatest  pressure, 
and  amid  the  perpetual  difficulties  of  securing  efficient  help. 
Especially  during  the  regular  night  air  raids  of  1918  it  was  a 
severe  test  to  work  at  such  high  pitch  day  after  day  and  spend 
the  night  in  a  cellar. 

"One  bright  Saturday  morning,  full  of  sunshine,  March  23, 
1918,  we  received  an  American  mail  of  over  5,000  letters,  among 
which  were  1,700  directed  to  the  payment  order  department 
containing  payment  instructions,"  states  one  report.  "At  9:30 
a.  m.  a  terrific  crash  was  heard.  Immediately  afterwards,  fire 
engines  passed  in  the  streets  announcing  with  their  lugubrious 
sirens  that  an  air  raid  was  taking  place  over  Paris. 

"All  the  necessary  precautions  had  been  taken  in  advance 
to  avoid  panic  in  case  an  air  raid  occurred  during  business 
hours.  Each  department  had  the  following  instructions  on  record : 
Tn  the  event  of  daylight  raid  by  enemy  aircraft  or  inten- 
sive bombardment  of  Paris  making  it  advisable  for  the  staff 
to  take  shelter  in  the  cellars, — when  the  money  is  in  the  safe, 
members  of  the  following  departments  will  go  to  the  cellars  of 
which  the  entrance  is  in  the  northwest  corner  of  the  courtyard: 
Payment  Order  Department,  Exchange,  Correspondence,  Book- 
keeping, Stationery,  Porters,  Grooms.  Members  of  the  Cor- 
respondence and  Stationery  Departments  will  descend  to  the 
ground  floor  by  the  small  (servants')  staircase  opening  on  the 
corridor  leading  to  the  Stationery  Department,  the  others  by 
the  main  stairway.' 

"Everybody  quietly  carried  out  these  instructions  and  there 
was  not  a  single  moment  of  abnormal  excitement.  Some  150 
people  spent  the  morning  in  the  various  cellars.  The  explo- 
sions went  on  all  morning,  no  business  was  done,  and  the  bank 
closed    regularly    at    noon    as    on    other    Saturdays.      The    staff 


296     A  CENTURY  OF  BANKING  IN  NEW  YORK 

could  not  be  kept  in  the  cellar  after  12  o'clock,  but  as  all  street 
traffic,  subways  and  taxis  were  suspended,  each  one  preferred 
to  walk  home  under  the  explosions  rather  than  miss  a  lunch. 

"The  so-called  air  raid  lasted  until  6  p.  m.,  and  it  was  made 
known  on  the  following  morning  that  it  was  the  long  distance 
gun,   known  as   'Big  Bertha',   that  was  firing  on  Paris." 

All  told,  when  peace  came  again,  the  Farmers'  Loan  and  Trust 
Company  could  look  back  upon  a  service  rendered  to  Americans 
in  France  unmatched  by  any  other  bank  or  trust  company. 
It  had  opened  in  two  years  many  thousands  of  soldier  accounts; 
it  had  contributed  largely  to,  and  aided  French  loans  for  war  and 
for  reconstruction.  It  had  supplied  what  seems  to  be  a  unique 
instance  of  a  financial  corporation  going  to  the  war  zone  and 
serving  its  countrymen  there  after  its  proper  fashion. 

IV    EARLY    INSURANCE    ACTIVITIES 

The  first  fire  insurance  policy  of  the  Company  was  issued 
July  6,  1822,  to  Thomas  S.  Townsend,  to  be  in  force  for  one 
year  from  that  date,  for  $7,500  on  the  same  terms  and  con- 
ditions as  were  expressed  in  policy  No.  85  issued  to  him  by  the 
Merchants'  Fire  Insurance  Company  under  date  of  June  29, 
1819.     The  premium  charged  him  was  $22.50. 

On  July  19,  1822,  the  By-Laws  were  adopted;  No.  13  of  these 
was  as  follows:  "The  amount  to  be  insured  by  this  Company 
on  any  one  building  and  the  property  contained  therein  shall 
not   exceed   in   any   case   the  sum   of  $25,000." 

This  department  of  the  Company's  business  was  carried  on 
between  1822  and  1827  under  circumstances  causing  much  anxiety. 

In  a  report  signed  by  President  ChampHn  to  the  Board  of 
Directors  on  December  28,  1827  he  used  the  following  language: 

"The  Directors  will  please  to  remember  that  this  Company 
has  been  in  business  only  five  years;  the  first  two  years  of  which 
it  labored  under  those  disadvantages  incident  to  the  organiz- 
ing such  establishments,  and,  of  course,  little  business  was  done; 
and  it  must  be  remembered,  too,  that  during  a  very  consider- 
able part  of  the  last  three  years,  there  was  proceeding  in  the 
City,  among  all  the  Fire  Insurance  offices,  a  ruinous  jealousy 
and  rivalship  which  reduced  the  rates  20  to  25  percent.  Under 
all  these  disadvantages  to  which  my  own  inexperince  must  be 
super-added,  and  which  is  no  small  item  in  the  estimate — 
notwithstanding,  the  Company  has  been  able,  with  one  ex- 
ception, to  make  semi-annual  dividends  of  3^^  percent,  since 
its  establishment,  and  has  also  accumulated  a  nominal  surplus 


INSURANCE    ACTIVITIES  297 

of  upwards  of  $70,000.  But  the  rates  of  premiums  are  now 
advanced  to  what  is  considered  the  standard  rate  here,  and  we 
not  only  have  almost  all  the  business  in  that  Western  Country, 
but  have  a  decided  preference  over  any  other  Company." 

On  May  18,  1827,  the  board  accepted  a  proposition  from  the 
Western  Fire  Insurance  Company  to  re-insure  all  the  unex- 
pired policies  of  the  latter  company  at  the  rate  of  premium 
originally  received;  the  number  of  policies  being  1016 — and  the 
total  risk  about  $2,250,000. 

The  amount  of  business  done  in  fire  insurance  for  the  five 
years  ending  December,  1827,  is  shown  in  the  President's  report 
of  that  date: 

The  premiums  received  were  in  all  $186,188.97 

The  losses  in  aggregate  were  in  all  120,781.01 

The  net  profit  was  $65,407.96 

The  amount  charged  to  loss  Included  some  claims  yet  un- 
adjusted. 

There  had  been  extraordinary  losses  in  1827  in  Mobile  and 
Atlanta,  amounting  to  more  than  $54,000,  which  was  divided 
among  39  different  risks;  8  in  Atlanta  and  31  in  Mobile — show- 
ing that  the  risks  had  been  assumed  with  care.  Leaving  out 
these  unusual  losses,  the  ordinary  casualties  had  averaged  about 
$21,000  a  year.  The  losses  of  that  year  were  more  than  counter- 
balanced by  the  fact  that  premium  rates  were  advanced,  so 
that  the  business  became  at  once  more  remunerative. 

While  the  great  fire  of  1835  holds  the  pre-eminence  in  the 
city's  history,  the  years  1825-30  show  heavy  fire  losses.  In 
1826  the  company  took  the  initiative  in  the  matter  of  increas- 
ing fire  rates,  as  shown  in  these  records  of  the  Board  of  Directors: 

"August  5,  1828. 

"Whereas  the  frequent  and  disastrous  fires  which  have  of 
late  taken  place  in  the  City  and  which  have  produced  the  most 
unparalleled  losses  to  all  the  Fire  Insurance  Companies,  im- 
periously demand  of  them,  in  the  opinion  of  this  Board,  prompt 
and  efficient  measures  to  be  taken  by  all  the  Fire  Institutions, 
in  order  to  prevent  inevitable  ruinous  consequences.  There- 
fore, Resohed,  unanimously,  that  Fredk.  O.  Tracy  be  associ- 
ated with  the  President  to  be  a  special  committee  from  the 
Board  to  attend  the  next  regular  meeting  of  the  Association 
of  Fire  Insurance  Companies  on  the  7th  inst.,  for  the  purpose 
of  promoting  and  adopting  such  measures  as  in  their  judgment 
and  discretion  may  be  deemed  proper  under  such  extraordinary 


298  A  CENTURY  OF  BANKING  IN  NEW  YORK 

circumstances.  Further,  that  a  special  letter  be  forwarded  to 
each  of  the  other  Fire  Insurance  Companies,  suggesting  to  them 
the  adoption  of  a  like  measure,  or  to  unite  in  adopting  some 
other  measure  which  may  be  calculate!  to  effect  the  object 
hereby  contemplated." 

The  insurance  business  of  the  Company  had  been  partially 
in  the  hands  of  agencies  located  in  the  West  and  South;  but 
on  May  9th,  1833,  the  board,  in  consideration  of  the  fact  that 
through  these  agencies  it  had  sustained  losses  incommensurate 
with  the  amount  of  business  done,  voted  unanimously  that  the 
President  be  requested  to  write  to  the  several  agents  to  close 
up  their  concerns,  to  desist  from  any  further  insurance,  and 
to  render  their  accounts  as  soon  as  practicable. 

On  June  6,  1835,  a  Committee  appointed  to  consider  the  fire 
insurance  business  recommended  that  the  "Company  cease 
from  insuring  fire  risks,  and  hereafter  confine  its  operations 
exclusively  to  the  other  business  authorized  by  the  Act  of  In- 
corporation." The  board  then  resolved  "that  a  Committee 
be  appointed  with  power  to  effect  a  re-insurance  in  other  Com- 
panies of  all  the  fire  risks,  and  to  settle  or  compromise  all  claims 
for  losses.  Hereafter  the  Company  will  not  insure  against  loss 
or  damage  by  fire." 

Evidently  the  fire  risks  were  not  all  re-insured  and  trans- 
ferred; since  on  January  15,  1836,  the  board  voted  to  pay 
claims  from  the  great  fire  of  1835,  when  such  claims  should  be 
ratified  by   ihe  joint  Committee  for  adjusting  claims. 

That  fire,  with  its  stupendous  losses,  confirmed  the  wisdom 
of  this  Company's  action  taken  in  June  of  the  previous  year. 
Insurance  had  become  more  complex,  calling  for  specialization, 
and  the  Company  desired  to  develop  other  features  under  its 
charter.  There  was  also  some  adverse  criticism  in  the  news- 
papers against  the  concern  for  acting  as  guardian  or  receiver, 
while  it  was  an  insurance  company. 

Not  until  1835  was  life  insurance  undertaken  seriously. 
Here  is  a  copy  of  the  first  policy  issued: 

No.  1         Farmers'  Fire  Insurance  and  Loan  Company, 
Office  34  Wall  Street. 

Engafled  onl}/  in  the  business  of  Insurance  on  Lives,  Granting 
Annuities  and  Execulinij  Trusts. 

This  policy  of  insurance  witnesseth  that  the  Farmers' 
$7500.  Fire  Insurance  and  Loan  Companv  in  consideration  of  the 

sum  of  $147,  to  them  in  hand  paid  by  GEORGE  MAN- 
Premium  NING  TRACY,  and  of  the  annual  premium  of  $147,  to 
$147.  be  paid  on  or  before  the  4th  day  of  September  in  every 

year  during  the  continuance  of  this  policy. 


INSURANCE  ACTIVITIES 


299 


Age  45  DO  ASSURE  the  life  of  George  Manning  Tracy  of  the 

Business,     City  of  New  York  and  County  of  New  York  and  State 
Broker  of  New   York,    in   the   amount   of  $7500   for   the    term  of 

seven  years  from  date  of  this  pohcv. 

AND  THE  COMPANY  do  hereby  promise  and  agree 
to  and  with  the  said  assured,   his  executors,   administra- 
tors and  assigns,  well  and  truly  to  pay  or  cause  to  be  paid 
Term,  the  said  sum  insured  to   the  said   assured,   his  executors, 

7  years  administrators,  and  assigns,  within  60  days  after  due 
notice  and  proof  of  death  of  the  said  George  Manning 
Tracv. 

PROVIDED,  always,  and  it  is  hereby  declared  to  be 
the  true  intent  and  meaning  of  this  policy  and  the  same 
is  accepted  by  the  assured  upon  these  express  conditions, 
that  in  case  the  said  George  Manning  Tracy  shall  die  upon 
the  seas,  or  shall,  without  the  consent  of  this  Company 
previously  obtained,  and  endorsed  upon  this  policy,  pass 
beyond  the  settled  limits  of  the  United  States  (excepting 
into  the  settled  limits  of  the  British  provinces  of  the  two 
Canadas,  Nova  Scotia,  or  New  Brunswick)  or  shall,  with- 
out such  previous  consent  thus  endorsed,  visit  those  parts 
of  the  United  States  which  lie  South  of  the  Southern 
boundaries  of  the  States  of  Virginia  and  Kentucky,  or 
shall,  without  previous  consent  thus  endorsed,  enter  into 
any  military  or  naval  service  whatsoever,  (the  militia 
not  in  active  service  excepted)  or  in  case  he  shall  die  b^ 
his  own  hand,  or  in  consequence  of  a  duel  or  by  the  hs 
of  justice,  or  in  the  known  violation  of  any  law  of  these 
States  or  of  the  United  States,  or  of  the  said  provinces, — 
this  policv  shall  be  void  and  of  no  effect.  AND  IT  IS 
ALSO  UNDERSTOOD  AND  AGREED  to  be  the  true 
intent  and  meaning  hereof,  that  if  the  declarations  made 
by  the  said  George  Planning  Tracy,  and  bearing  date  of 
tfie  3rd  day  of  September,  1835,  and  upon  the  faith  of 
which  this  agreement  is  made,  shall  be  found  in  any 
respect  untrue — then,  and  in  that  case,  this  policy  shall 
be  null  and  void;  or,  in  case  the  said  George  Manning 
Tracy  shall  not  pay  the  said  annual  premiums  on  or  before 
the  day  hereinbefore  mentioned  for  the  payment  thereof — 
then,  and  in  any  such  case,  the  said  Company  shall  not 
be  liable  for  the  payment  of  the  sum  insured  or  of  any 
part  thereof,  and  this  policy  shall  cease  and  determine. 

AND  IT  IS  FURTHER  AGREED  that  in  any  case 
when  this  policy  shall  cease  or  become  or  be  null  and  void, 
all  previous  payments  made  thereon  shall  be  forfeited  to 
the  Company. 

IN  WITNESS  WHEREOF  the  Farmers'  Fire  Insur- 
ance and  Loan  Company  have  by  their  Vice  President  and 
Actuary  signed  and  delivered  this  Contract  this  4th  day 
of  September,  1835. 


by 

ids 


(L.  S. 


The  active  writing  of  policies  lasted  only  a  few  years;  though 
one  application  in  1838,  for  $2,000,  resulted  in  insurance  paid 
in  1898,   sixty  years  after  the  date  of  issue. 


300     A  CENTURY  OF  BANKING  IN  NEW  YORK 

From  1835  to  1842,  when  the  last  poHcy  was  issued,  there 
were  218  poHcies  on  lives,  involving  risks  aggregating  about 
$700,000.  The  credit  to  the  premium  account  after  the  busi- 
ness was  closed  was  about  $15,000. 


V    THE    TRUST    DEVELOPMENT 

It  was  a  number  of  years  before  the  trust  privileges  under 
the  company's  charter  were  developed  to  any  extent.  A  com- 
mittee of  the  directors  reported  that  "in  proportion  as  the 
public  confidence  in  the  institution  can  be  secured  and  extended, 
business  to  a  very  great  extent  can  be  carried  on,  which  will 
be  the  source  of  at  least  a  fair  profit  to  the  company — and,  at 
the  same  time,  useful  to  the  portion  of  the  community  who 
may  be  disposed  to  avoid  the  trouble  and  risk  of  the  invest- 
ment and  management  of  their  own  funds." 

Two  months  later  the  president  was  authorized,  with  the 
advice  of  the  loan  committee  to  execute  such  contracts,  and  the 
following  form  of  deed  was  adopted: 

An  early  Jorm  oj  Deed  oj  Trust  issued  by  the  Company 

"Know  all  men  b^'  these  presents,  that  I,  A.  B.,  do  hereby  grant  unto 
the  F.  F.  I.  &  L.  Co.  the  sum  of  $10,000,  to  be  by  them  received  and 
held,  upon  the  following  terms,  viz:  to  loan  and  invest  the  same  in  such 
manner,  and  upon  such  security,  and  at  such  rate  of  interest  as  they  may 
deem  proper,  not  exceeding  the  legal  rate:  to  collect  the  interest  accru- 
ing thereon,  and  to  pay  the  same  to  such  person  or  persons  as  I  may 
hereafter  appoint  by  an  instrument  in  writing,  or  by  my  last  will  executed 
according  to  law;  and  in  default  of  and  until  sach  appointment,  to  pay 
said  interest  to  me,  my  personal  representatives  or  assigns,  and  at  the 
expiration  of  ten  years  from  this  date,  to  pay  the  said  principal  sum  of 
$10,000  in  manner  aforesaid. 

"And  in  consideration  that  the  said  Company  agrees  to  guarantee 
the  payment  of  the  said  sum  of  money,  togetner  with  interest  thereon, 
semi-annually,  at  the  rate  of  5%  per  annum  from  this  date,  and  to 
relinquish  all  claim  for  commissions  for  the  execution  of  the  said  Trust, 
I  do  hereby  authorize  them  to  retain,  for  their  own  use,  all  the  interest 
received  on  the  loan  and  investment  of  said  principal  sum,  over  and 
above  the  said  5  per  cent." 

A  standing  rule  was  adopted  providing  that  "It  shall  be  the 
special  duty  of  the  President  and  Actuary,  on  the  first  Monday, 
in  each  year,  in  accordance  with  the  requirements  of  the  Act 
vesting  in  this  Company  the  power  to  execute  Trusts,  to  return 
a  statement  in  writing,  to  be  signed  by  them  and  under  their 
several  oaths,  to  the  Court  of  Chancery,  containing  a  true  and 
just  account  of  all  and  every  Trust  fund  in  the  possession  of 
the  Company;  the  object  and  interest  thereof,  and  the  manner 
in  which  the  same  has  been  invested  and  applied." 


DEVELOPMENT    OF    TRUSTS  301 

One  of  the  early  trusts  was  from  a  railroad: 

"New  York,  July  1,  1835. 
"  Cash  Dr.  To  Deposits  in  Trusts 

"Received  from  John  Delafield,  Treasurer  of  the  Long  Island  Rail- 
road Company,  to  be  held  in  trust  for  account  of  said  Company  and 
payable  in  three  months,  or  to  be  continued  to  such  further  periods  as 
said  Treasurer  shall  determine,  with  interest  at  the  rate  of  4^  percent, 
per  annum,  certificates  issued 

"Nos.     1  to  10,  for  $5,000  each 
"Nos.  11  to  60,  for  $1,000  each 
"Total,  $100,000." 

Still  nobody  dreamed  of  the  vast  extension  which  was  to 
come  in  this  field.  It  was  perceived  that  the  trust  company 
could  supplement  the  bank,  and  that  there  were  many  inactive 
properties  where  its  functions  could  be  exercised  to  better  ad- 
vantage than  those  of  an  individual;  but  the  part  it  was  to 
play  in  handling  a  multiplicity  of  financial  operations  which 
were  to  develop  with  the  growth  of  the  business  structure 
would   have   astonished   its   originators   themselves. 

Little  did  they  imagine  as  they  slowly  built  up  the  trust 
side,  and  emphasized  the  advantages  of  the  corporate  form  of 
trustee  that  eighty  years  later,  in  1916,  their  company  would 
undertake  the  custodianship  and  care  as  Trustee  of  the  British 
Loan  of  $250,000,000 — the  mere  physical  certification  of  the 
bonds  for  which  would  have  seemed  to  them  a  superhuman 
task. 

They  might  have  been  almost  as  much  nonplussed  at  the 
knowledge  that  the  concern  would  one  day,  in  carrying  out  its 
duties  as  administrator,  find  itself  engaged  in  the  manufacture 
of  pickles.  In  handling  one  large  estate  it  became  necessary 
to  take  charge  of  what  was  then  the  largest  pickle  factory  in 
the  country;  and  the  company  had  to  prove,  when  the  govern- 
ment brought  suit  charging  violation  of  the  pure  food  law, 
that  alum  was  no  longer  used  as  a  preservative  in  the  product. 
By  a  similar  chance  later  on  the  corporation  found  itself  actively 
engaged  in  making  and  selling  musical  instruments;  and  at  an- 
other time  it  conducted  one  of  the  most  fashionable  New^  York 
dress-making  establishments. 

As  it  was,  the  business  in  hand  and  in  sight  provided  all  the 
problems  needed   to  absorb  their  time  and  imagination. 

From  1840  to  1845  the  interests  of  the  Company  were  vested 
in  a  large  number  of  trusts,  variously  located;  but  the  Michigan 
lands,  the  Holland  Land  Company,  in  the  western  part  of 
New  York  State,  the  Philadelphia  holdings  through  Mr.  Lloyd, 


302     A  CENTURY  OF  BANKING  IN  NEW  YORK 

together  with  trusts  of  Riggs,  Hunt,  Walbridge,  Le  Roy,  Red- 
field,  the  Canal  Bank  of  Albany,  and  the  Miller,  Jones,  Graham, 
Fowler,  and  Evans  Trusts  claimed  the  attention  of  the  com- 
mittee and  of  the  board  almost  constantly  during  the  years 
mentioned  above. 

The  Holland  Patent  or  Purchase  in  Western  New  York  was 
owned  by  a  Dutch  Company  with  its  principal  office  at  Batavia. 
It  had  acquired  about  four  miUion  acres  in  that  region  which 
had  been  the  property  of  Robert  Morris  of  Revolutionary  fame, 
covering  the  five  most  westerly  counties  of  New  York  State, 
and  portions  of  three  others. 

In  1801,  the  Dutch  trustees  conveyed  this  great  tract  to 
William  Willink  and  others,  and  it  later  passed  to  various  par- 
ties, one  large  area  being  held  by  Messrs.  Redfield  and  Le  Roy. 
These  last  two  owners  established  trusts  and  borrowed  nearly 
a  million  and  a  half  dollars  from  the  Trust  Company. 

The  agreement  gives  some  idea  of  the  responsibilities  under- 
taken: 

"To  the  President  and  Directors  of  the  Farmers'  Fire  Insurance  and 
Loan  Company:  t     ti    ir  u     i. 

"The  undersigned,  Jacob  Le  Roy  and  Herman  I.  Redheld,  havmg 
purchased  the  lands  and  debts  of  the  Holland  Land  Company  in  the 
Counties  of  Erie,  Genesee,  Orleans  and  Niagara,  are  desirous  of  puttmg 
a  portion  of  that  property  in  Trust,  for  the  purpose  of  enabling  them 
to  raise  money  and  to  make  the  payments  required  in  the  purchase 
aforesaid,  as  well  as  to  secure  to  the  purchasers  and  settlers  on  the 
land  an  opportunity  of  executing  their  engagements  and  obtaining  a 
perfect  and  unencumbered  title  to  the  lands  they  have  contracted  to 
purchase.  j  l     iU 

"Thev  therefore  propose  to  convey  or  cause  to  be  conveyed  by  the 
Holland  Land  Company,  one-half  "of  their  purchase,  amounting  to 
more  than  one  million  of  dollars,  and  on  which  property  there  will  be 
due  for  lands  sold  and  partly  paid  for,  and  well  secured,  an  amount 
that  will  fall  but  little  if  any  short  of  that  sum.  The  whole  property 
will  furnish  unquestionable  security  for  the  credit  which  is  asked  of  the 
Company,  in  advance  of  money  being  expected. 

"The  Trust  will  be  made  on  the  following  conditions: 
"First: — The  Company  agrees  to  receive  and  collect  the  money  due 
on  existing  contracts  made  by  purchases  with  the  Holland  Land  Com- 
pany and'on  such  other  contracts  as  may  be  hereafter  made  for  the 
sale' of  any  of  the  aforesaid  land  by  the  undersigned,  their  legal  repre- 
sentatives or  asslsns,  and  on  receiving  the  full  amount  of  the  considera- 
tion monev  to  execute  deeds  of  conveyance  to  the  respective  purchasers. 
"Secondly: — In  cases  where  contracts  shall  be  made  to  that  effect, 
bonds  and  mortgages  shall  be  received  and  deeds  executed  to  the  settlers 
or  purchasers,  provided  the  property  offered  to  be  mortgaged  shall  be 
twice  the  value  of  the  debt  to  be  secured. 

"  Thirdly:— i:\\e  Company  shall  give  their  certificate  of  Trust,  pay- 
able in  ten,  fifteen  and  twenty  years,  bearing  Interest  at  5%  per  annum, 
payable  half-yearly  in  various  sums,  and  amounting  in  the  aggregate, 
to  one  million  of  dollars.  •      j    • 

"Fourthly: — Whenever  the  Company  shall  have  received  in  money 
and  securities.  In  bonds  and  mortgages,  the  sum  of  one  million  of  dollars, 


DEVELOPMENT    OF    TRUSTS  303 

with  legal  interest  from  the  date  and  delivery  of  the  certificates  afore- 
said, they  shall  convey  the  residue  of  the  property  belonging  to  the 
Trust  to  the  undersigned  or  their  legal  representatives,  and  the  dif- 
ference of  interest  which  they  may  have  received  or  may  be  entitled 
to  receive,  over  the  interest  they  will  be  obligated  to  pay  on  their  cer- 
tificates, shall  be  deemed  and  taken  as  a  full  compensation  for  the 
services  in  executing  the  Trust  aforesaid. 

"  Lastly: — The  undersigned  wish  to  secure  to  themselves  the  right 
of  borrowing  of  the  Company  on  the  same  terms  and  securities  as  are 
exacted  of  others,  the  moneys  which  may  be  collected  from  their  own 
property  during  the  two  first  years  which  it  shall  have  been  in  Trust 
with  the  Company.  This  will  impose  no  burden  on  the  Company,  inas- 
much as  no  money  will  be  required  except  such  as  it  will  receive  from 
the  resources  furnished  by  the  undersigned. 

"New  York,  Oct.  19,  1835  JACOB  LE  ROY 

H.  I.  REDFIELD" 

Eventually  the  Company  came  into  possession  of  the  entire 
holdings  of  Redfield  and  Le  Roy.  They  also  accepted  additional 
trusts  of  about  $700,000  on  land  in  adjacent  counties.  Almost 
immediately  they  found  themselves  in  a  maze  of  complexities, 
as  the  largest  land-holding  corporation  in  the  country,\vith  prop- 
erties that  had  been  handled  and  transferred  in  most  unbusiness- 
like ways. 

Some  of  the  Dutch  trustees  had  not  joined  in  the  conveyance 
to  the  Willinks.  It  was  believed  that  they  were  no  longer  liv- 
ing; but  in  order  to  insure  the  validity  of  titles  granted  to  pur- 
chasers by  The  Farmers'  Loan  and  Trust  Company,  it  was 
necessary  to  have  evidence  of  the  actual  deaths  of  those  old 
Dutch  trustees.  The  counsel  to  the  Company  therefore  advised 
that  a  messenger  be  sent  to  Holland  with  proper  credentials  and 
authority  to  obtain  the  proofs  desired.  Such  representative  was 
accordingly  dispatched  and  his  errand  accomplished. 

The  care  of  the  mortgages  and  contracts,  the  collection  of 
interest  and  payments  upon  contracts,  the  appraisals  and  sales, 
together  with  foreclosures  and  ejectments  almost  monopolized 
the  energies  of  the  company  for  six  or  eight  years. 

The  Holland  Company's  tenants  had  in  many  cases  failed  to 
have  their  mortgages  and  releases  recorded.  The  granting  oi 
deeds  was  therefore  attended  with  much  annoyance  to  all  parties. 
Many  counties  had  no  county  seat;  three  of  four  adjacent  to 
each  other  used  one  common  county  seat.  There  being  no  rail- 
roads, nor  easy  means  of  communication,  it  would  be  a  journey 
of  two  or  three  days  for  a  farmer  to  go  to  the  place  where  his 
mortgage  could  be  recorded;  hence,  such  papers  were  placed 
in  a  box  and  the  box  often  lost  or  destroyed.  When  the  Com- 
pany was  persuaded  that  the  amount  had  really  been  paid,  a 
deed  was  granted. 


304     A  CENTURY  OF  BANKING  IN  NEW  YORK 

How  the  Farmers'  Loan  was  extending  the  conception  of  a 
trust  company's  duties  even  at  this  date  (and  justifying  its 
title!),  is  shown  by  a  letter  to  two  correspondents  named  Wheaton 
with  whom  an  agreement  had  just  been  closed  to  collect  cattle, 
sheep  and  hogs  in  payment  of  interest — the  said  Wheatons  to 
receive  five  thousand  dollars  a  year  for  their  services  in  "receiv- 
ing, appraising,  driving  and  selling  such  cattle,  sheep  and  hogs." 

OFFICE  OF  THE  FARMERS'  LOAN  AND  TRUST  COMPANY 

"New  York,  August  12th,  1844. 
"Messrs.  Erastus  Wheaton  &  William  E.  Wheaton, 
"Gentlemen: — • 

"In  engaging  in  the  business  of  receiving  cattle  and  other  stock  for 
this  Company,  we  have  to  submit  for  your  guidance  the  following  views 
and  instructions. 

"It  has  been  found  that  many  of  the  debts  from  purchasers  of  lands, 
in  some  sections  have  been  much  increased  by  the  non-payment  of  in- 
terest as  it  fell  due  from  year  to  year;  until  now  in  consequence  of  the 
great  scarcity  of  money,  it  is  almost  beyond  the  control  of  the  debtor 
to  pay.  The  County  of  Wyoming  and  that  part  of  Erie  South  of  the 
Buffalo  Indian  Reservation  being  especially  in  this  situation,  the  Com- 
pany have  deemed  it  prudent  to  offer  to  receive  from  the  debtor,  in 
payment  of  such  arrearages  of  interest,  cattle,  sheep  and  hogs,  and 
have  given  notice  that  such  stock  will  be  so  received  for  one  year  to 
come. 

"This  undertaking  being  with  a  view  of  testing  its  practicability  for 
the  future,  we  desire  to  proceed  cautiously,  and  in  such  manner  as  will 
insure  us  no  great  loss  beyond  the  amount  allowed  the  debtor,  and  to 
enable  us  to  determine  as  to  its  future  effect;  and  while  at  the  same 
time  it  would  be  very  desirable  to  receive  as  great  amount  as  possible, 
it  is  necessary  to  avoid  too  great  a  loss  in  receiving  such  stock  as  would 
be  unfit  for  sale  at  desirable  points  for  markets.  You  will  therefore  be 
governed  entirely  by  your  views  of  those  markets  as  to  the  price  you 
can  allow  for  the  cattle  and  other  stock,  as  well  as  the  proper  places  at 
which  to  sell  them  readily;  basing  all  your  calculations  upon  the  net 
amounts  for  which  they  will  readily  sell  when  delivered  at  those  points. 

"Our  agents  at  Batavia,  Messrs.  Redfield  &  Prindle,  having  already 
given  notice  that  stock  would  be  received  for  Interest,  will  issue  further 
notices,  that  upon  particular  days  you  will  be  at  the  several  places 
designated  to  receive  and  affix  value  to  such  stock,  as  may  be  offered. 
A  clerk  from  the  office  at  Batavia  will  accompany  you,  having  with  him 
a  list  of  the  various  debts  and  amounts,  a  receipt  book  In  which  to  enter 
all  stock  received  and  the  amount  allowed;  one  of  which  receipts  will 
be  given  to  the  debtor,  the  other  retained  by  him  for  us.  When  applica- 
tions are  made  you  will  ascertain  from  this  clerk  if  such  applicant  Is  a 
debtor,  and  to  what  amount,  and  the  percentage  to  be  allowed  beyond 
the  price  affixed  by  you,  and  upon  the  taking  of  the  same  you  will  notify 
him  that  receipts  may  be  prepared.  The  cattle  are  to  be  numbered 
and  marked,  and  the  other  stock  marked  so  as  to  prevent  loss  by  stray- 
ing or  mingling  with  other  stock.  As  soon  as  you  have  finished  at  one 
station  you  will  proceed  to  another,  until  a  sufficient  number  is  collected 
to  make  up  a  drove,  when  you  will  forward  them  under  charge  of  some 
prudent  discreet  person  to  some  point  designated;  the  clerk  preparing 
and  handing  him  an  Invoice  of  the  drove,  describing  them  by  number 
and  kind  and  forwarding  a  duplicate  to  us.    You  will  employ  all  hands 


DEVELOP  MENTOFTRUSTS  305 

necessary,  pay  all  expenses  except  that  of  the  clerk,  keeping  a  daily 
account  of  the  same.  The  person  in  charge  of  the  drove  will  also  keep 
an  account  of  all  expenses  incurred  on  the  road,  and  present  you  his 
account  for  settlement. 

"The  company  leaves  to  your  discretion  the  manner  of  selling  and 
disposing  of  the  stock,  with  the  instruction  that  you  extend  no  greater 
credit  (except  under  extraordinary  circumstances)  than  is  usually 
allowed.  On  sale  of  the  stock,  vou  will  forward  us  an  account  of  the 
same,  affixing  opposite  the  cattle  or  stock  on  the  invoice  the  amount 
realized  on  the  same. 

"As  it  is  desirable  to  commence  the  taking  of  stock  at  as  early  day 
as  possible,  we  shall  be  in  readiness  by  the  first  proximo  to  furnish  vou 
with  the  necessary  data  and  instructions  as  to  the  places  appointed  at 
which  to  receive  the  stock.  Meanwhile  you  will  make  such  preliminary 
arrangements  as  is  advisable  in  order  to  insure  a  speedy  sale  when  the 
stock  shall  reach  its  destination. 

"Such  funds  as  may  be  necessary  will  be  furnished  you  by  our  agent 
at  Batavia,  to  whom  you  will  give  your  receipts  as  vouchers. 

"From  the  remarks  in  the  preceeding  part  of  this  letter  you  will  have 
learned  our  views  and  the  motives  that  govern  us  in  these  proceedings. 
And  we  have  to  request  that  you  will  endeavor,  as  far  as  possible,  to  do 
away  with  any  unpleasantness  upon  the  part  of  these  debtors,  that  may 
arise  from  a  disparity  in  the  price  allowed  to  some,  and  to  convince 
them  of  the  justness  of  the  discrimination.  In  this  you  will  be  assisted 
by  the  clerk  sent  with  you  from  this  office. 

"You  will  also  keep  our  agents  advised,  as  often  as  may  be,  of  the 
progress  you  are  making,  and  the  feeling  manifest  among  the  debtors; 
as  also  ourselves,  at  this  office,  if  any  unexpected  difficulty  shall  arise. 

"We  shall  from  time  to  time,  as  occasion  shall  require,  write  you, 
should  any  change  in  the  course  at  present  adopted  be  necessary,  or 
further  matters  to  engage  your  attention.     Meanwhile  we  remain, 

"Yours  very  truly, 

"The  Farmers'  Loan  and  Trust  Company." 

Eventually  these  lands  were  disposed  of;  but  under  the  terms 
of  those  old  mortgages  the  Company  is  still  entitled  to  lands 
covered  by  lakes,  and  lands  used  as  highways,  should  any  such 
roads  be  abandoned. 

So  that,  even  at  this  late  day,  there  may  come  into  the  hands 
of  the  Company  some  such  lands. 

To  complicate  matters  still  further  land  troubles  in  New  York 
State  at  about  this  date,  1845,  culminated  in  what  was  termed 
the  Anti-rent  War. 

Hundreds  of  settlers  occupying  lands  owned  by  non-resident 
landlords,  had  paid  rent  for  a  generation,  since  they  were  not 
permitted  to  purchase.  Their  leases  provided  for  the  payment 
of  a  specified  rental  "so  long  as  grass  grows  and  water  runs." 
Questioning  the  legality  of  such  contracts  they  refused  longer 
to  pay  rent,  and  threatened  the  lives  of  agents  who  tried  to  col- 
lect it.  The  Sheriff  of  Delaware  County  was  killed  at  Delhi  by 
shooting,  while  performing  his  duty  in  selling  a  piece  of  property 


306     A  CENTURY  OF  BANKING  IN  NEW  YORK 

at  auction.  The  Anti-renters  in  a  body  were  armed  and  masked, 
so  that  it  was  impossible  to  convict  any  one  for  the  murder. 

In  June,  1845,  a  request  from  some  of  the  landlords,  or  their 
agents,  for  an  appropriation  by  the  Board  of  Directors  of  this 
Company,   towards  suppressing  Anti-rentism  was  declined. 

The  Company  possessed  real  estate  in  different  parts  of  New 
York  City  and  was  therefore  directly  interested  in  the  city's 
development.  In  1836  the  Executive  Committee  voted  to  give 
out  a  contract  for  filling  in  34th  Street,  between  Second  Avenue 
and  the  East  River,  using  earth  taken  from  32nd  Street;  and 
plans  and  specifications  were  drawn  for  building  a  bulkhead, 
300  feet  in  length,  at  the  foot  of  East  34th  Street — this  action 
being  under  authority  of  the  Street  Commissioner. 

A  contract  was  drawn  in  the  matter  of  the  removal  of  rocks 
on  the  Company's  property  between  East  31st  and  33rd  Streets. 
It  provides  for  the  purchase  of  tools  and  powder,  and  stipulates 
that  the  ;ob  shall  be  done  by  day's  work. 

The  period  from  1870  to  1880  was  remarkable  for  the  number 
and  the  magnitude  of  trust  mortgages  accepted. 

It  would  appear  from  the  record  that  practically  every  rail- 
road company  from  Nova  Scotia  to  Mexico  had  established 
trusts  with  this  Company  in  sums  from  $200,000  to  $25,000,000 
or  more.  The  aggregate  amount  of  these  trusts  during  that 
period  must  have  been  more  than  one  billion  of  dollars.  The 
minutes  of  the  meetings  of  the  Executive  or  Trust  Committee, 
which  were  held  weekly,  show  acceptances  of  31,  34,  38,  27,  25, 
21,  17,  18,  53,  37,  20,  25,  18,  12,  25  milHons,  and  a  vast  number 
of  from  5  to   10  millions  each. 

This  proves  the  confidence  and  good  will,  nation-wide,  which 
the  Farmers'  Loan  and  Trust  Company  enjoyed.  Now,  in  these 
days  of  gigantic  corporations  and  enterprises  which  demand 
almost  boundless  resources,  it  is  impossible  for  those  outside 
of  the  official  circle  to  estimate  the  aggregate  of  trust  funds  in 
the  vaults  of  this  Company. 

The  Farmers'  Loan  and  Trust  Company,  in  its  capacity  as 
Trustee  under  railroad  mortgages,  was  one  of  the  important 
pioneers  in  the  field  of  determining  and  protecting  the  rights  of 
railroad  bondholders.  As  Trustee  under  many  of  the  early 
mortgages  of  this  character,  before  the  scope  and  effect  of  this 
class  of  securities  were  fully  understood,  its  activities  in  the  courts, 
particularly  the  Federal  courts,  had  much  to  do  with  shaping  the 
law  on  this  subject.  Its  name  will  be  found  as  complainant  in 
many  of  the  celebrated  and  often  cited  cases  which  shaped   the 


DEVELOPMENT    OF    TRUSTS  307 

legal  and  equitable  principles  bearing  upon  railroad  receiverships. 
And  the  development  of  the  modern  railroad  mortgage,  with  its 
many  far-seeing  protective  clauses,  owes  a  great  deal  to  this 
company. 

Another  field  of  law  in  which  it  has  been  especially  prominent  is 
that  bearing  upon  Federal  income  and  other  taxes.  The  case  of 
Pollock  V.  The  Farmers'  Loan  and  Trust  Company,  decided  by  the 
United  States  Supreme  Court  in  1895,  is  known  throughout  the 
country  as  the  Income  Tax  Case  and  was  the  test  case  in  which 
the  Supreme  Court  struck  down  the  Federal  income  tax  of  1894. 
Other  taxes  in  regard  to  which  this  Trust  Company  has  taken  an 
active  position  in  the  Courts  include  the  so-called  "Bankers'  Tax" 
under  the  Revenue  Act  of  1898,  when,  in  a  test  suit  against  the 
Collector  of  Internal  Revenue,  the  Trust  Company  succeeded  in 
obtaining  a  decision  limiting  the  application  of  the  tax  with  ref- 
erence to  trust  companies  and  compelling  a  refund  of  the  tax  as 
erroneously  collected.  When,  in  1913,  the  present  series  of  Fed- 
eral Income  Tax  Acts  began.  The  Farmers'  Loan  and  Trust  Com- 
pany assumed  a  position  of  leadership  in  the  constant  endeavors, 
through  discussion  and  Interchange  of  views,  to  clear  up  many 
ambiguities  In  the  statutes  and  to  aid  In  the  equable  and  practical 
working  of  the  law. 

In  the  State  Courts  also  The  Farmers'  Loan  and  Trust  Com- 
pany has  taken  In  many  fields  a  useful  and  leading  position,  for 
Instance,  as  Executor  or  Trustee  under  Wills  or  Trust  Deeds. 
It  has  figured  In  numerous  famous  cases  establishing  the  rights  of 
legatees  and  beneficiaries  Including,  among  other  important 
points,  the  respective  rights  of  life  beneficiaries  and  remaindermen 
In  trust  funds.  Its  vast  experience  as  Executor  and  Trustee  has 
enabled  It  to  aid  materially  Iri  solving  problems  under  such  In- 
struments and  In  the  administration  of  estates  and  trusts,  and  the 
avoidance  of  litigation  thereunder. 

Under  the  present  banking  laws  of  this  State,  every  trust 
company  Incorporated  under  a  special  law  possesses  all  the 
general  powers  now  granted  to  such  companies.  These  are  very 
broad. 

The  company  may  act  as  fiscal  or  transfer  agent  of  the  United 
States,  of  any  state,  municipality,  or  body  politic,  and  in  such 
capacity  may  receive  and  disburse  money;  transfer,  register 
and  countersign  certificates  of  stock  or  bonds;  may  act  as  at- 
torney In  fact,  or  agent  of  any  person  or  corporation,  foreign 
or  domestic,   for  any  lawful  purpose. 

It  may  discount  and  negotiate  notes,  drafts,  bills  of  exchange, 
and  other  evidences  of  debt;  buy  and  sell  exchange,  coin  and 


508     A  CENTURY  OF  BANKING  IN  NEW  YORK 

bullion;  lend  money  on  real  or  personal  security;  receive  de- 
posits of  moneys,  securities,  etc.,  from  any  person  or  corpora- 
tion, upon  such  terms  as  the  Conipany  shall  prescribe. 

It  may  lease,  hold,  purchase,  and  convey,  any  and  all  real 
property  necessary  in  the  transaction  of  its  business,  or  which 
it  may  legally  acquire.  It  may  act  as  trustee  under  any  mort- 
gage or  bonds  issued  by  any  municipality  or  body  politic,  for- 
eign or  domestic,  and  accept  and  execute  any  trust  not  pro- 
hibited by  the  laws  of  this  State. 

It  may  act  under  order  of  any  competent  court,  as  guardian, 
receiver  or  trustee  of  the  estate  of  any  minor,  and  in  any  other 
fiduciary  capacity.  It  may,  under  appointment  of  court,  act  as 
trustee  or  committee  of  the  estate  of  a  lunatic,  idiot,  drunkard, 
insolvent,  or  of  one  involved  in  bankruptcy  proceedings,  and  may 
accept  appointment  as  executor  of,  or  trustee  or  administrator 
under  a  last  will  or  testament.  It  may  perform  all  duties  in 
managing  or  disposing  of  estates,  wherever  located,  and  shall  be 
accountable,  to  all  interested  parties,  for  the  faithful  discharge  of 
every  duty.  It  may  purchase,  invest  in,  and  sell  stocks,  bills  of 
exchange,  bonds  and  other  securities — but  it  shall  have  no  right 
to  issue  bills  to  circulate  as  money.  It  may  accept  time  drafts 
from  its  customers,  and  issue  letters  of  credit  in  usual  form.  It 
may  accept  on  deposit,  on  its  own  terms,  valuables  of  all  kinds, 
and  may  let  to  its  patrons  receptacles  for  safe  deposit.  It  may 
exercise  all  powers  not  in  conflict  with  the  laws  of  this  State. 


VI    PERSONAL 

Four  men  cover  the  list  of  the  Company's  presidents  for 
eighty  years — from  1842  to  1921.  These  gentlemen,  Messrs. 
Cornell,  Williamson,  Rolston  and  Marston  had  a  large  share 
in  the  Company's  development. 

Robert  Comfort  Cornell 

Trustee  of  Bank  for  Savings,  1825 
Secretary  1825 

Director,    Farmers'  Loan  &  Trust  Co.,  1841-2 
President  1842-5 

Died  May  20,  1845 

He  was  the  son  of  Comfort  Cornell,  and  a  lineal  descendant  of 
Thomas  Cornell,  who  came  to  Boston  from  England  in  1637  and 
later  settled  in  the  Bronx,  N.  Y.,  where  he  owned  a  vast  estate. 


SOME    PERSONAL    RECORDS  309 

He  began  business  with  his  cousin,  Ehjah  Cornell,  in  1810.  In 
1825  he  vvas  assessed  on  $20,000. 

He  was  Alderman  g(  the  city  in  1834;  in  religious  faith  he  was 
a  Quaker. 

From  the  Diary  of  Philip  Hone: 

"In  the  midst  of  life  we  are  in  death.  At  four  o'clock  I  attended  the 
funeral  of  Robert  C.  Cornell — one  of  the  best  men  in  our  City,  who  was 
engaged  during  his  whole  life  in  acts  of  benevolence;  who  has  been 
employed  in  season  and  out  of  season  in  all  the  prominent  charitable 
institutions  of  our  City;  and  unlike  most  men,  never  blew  the  trumpet 
of  his  own  fame.  I  have  been  associated  with  this  good  Samaritan  more 
than  twenty  years  in  the  Bank  for  Savings  of  which  he  was  Secretary 
at  its  commencement.  He  never  failed  to  perform  his  duties  with  alac- 
rity and  fidelity.  Since  I  have  been  President,  his  place  at  my  right  hand 
has  never  been  vacant.    How  he  will  be  missed." 

The  following  paragraphs  are  from  the  minutes  of  the  Board, 
on  May  28,  1845: 

"Robert  C.  Cornell  was  elected  a  Director  of  The  Farmers'  Loan  & 
Trust  Company  on  June  7th,  1841. 

"On  the  9th  day  of  July  1842  he  was  chosen  President  of  the  Com- 

Eany  by  the  unanimous  vote  of  the  Board.  By  diligent  attention  to 
usiness  for  a  number  of  years,  he  had  acquired  a  competent  fortune 
and  then  retired  to  devote  himself  entirely  to  the  cause  of  benevolence. 
In  this  occupation  he  had  been  engrossed  for  several  years  when  at  the 
solicitation  of  the  Board  he  consented  to  become  its  presiding  officer. 

"This  Board  unanimously  and  cheerfully  bear  testimony  that  they 
have  found  him  in  disposition  and  bearing,  amiable,  courteous,  and 
gentlemanly.  As  a  man  of  business,  clear  headed,  sagacious  and  possess- 
ing habits  of  punctuality,  accuracy,  and  never  tiring  perseverance. 

"Above  all,  he  was  a  man  of  truth  and  integrity,  and  perfectly  fear- 
less in  the  discharge  of  duty.  He  devoted  his  talents,  his  time,  and  his 
industry  to  the  business  of  the  Board  up  to  the  last  day  and  almost  the 
last  hour  of  his  life.  He  deserved  the  thanks  of  every  stockholder  for 
his  efifoits  to  preserve  their  property  and  to  advance  their  interests." 

D.  D.  Williamson 

Douw  Ditmars  Williamson,  the  son  of  Nicholas  Williamson 
and  his  wife,  Alche  Ditmars,  was  born  January  4,  1789.  His 
original  ancestor  in  America  was  Willem  Willemsen,  born  in 
Amsterdam  in  1637. 

President  Williamson  belonged  to  the  fifth  generation  from 
that  ancestor.  He  was  a  militiaman  in  the  war  of  1812-14.  He 
was  Comptroller  of  the  city  of  New  York  under  several  admin- 
istrations and  was  President  of  The  Farmers'  Loan  and  Trust 
Company  from  1845  to  1865.  To  him  all  honor  is  due  for  guiding 
the  growing  company  and  upholding  its  name  and  honor  while  it 
was  young  and  struggling  and  while  its  resources  were  small; 
that  he  did  this  through  those  critical  years  is  no  meagre  praise. 
Upon  the  occasion  of  his  retirement  from  this  Company  to 
become  the  chief  executive  of  a  bank  in  Indiana,   the  Directors 


310     A  CENTURY  OF  BANKING  IN  NEW  YORK 

presented  to  him  a  generous  gift  as  an  earnest  of  their  apprecia- 
tion of  his  long  and  distinguished  services.  He  was  an  Elder  in 
the  Collegiate  Reformed  Dutch  Church. 

On  November  1,  1810,  he  married  Mary  Ann  Abeel  at  New 
Brunswick,  N.  J.  She  was  born  in  1790  and  died  April  29,  1864. 
He  died  in  Indiana  in  1869.  They  had  nine  children.  The 
youngest,  Douw  Ditmars  Williamson,  Jr.,  was  the  founder  of  the 
firm  of  manufacturing  chemists  under  the  name  of  D.  D.  Wil- 
hamson  &  Co.,  whose  offices  were  for  many  years  at  14  Dey 
Street,  and  for  the  last  twenty  years  at  86  Fulton  Street,  in  this 
city.    He  was  also  an  inventor  of  some  renown.    He  died  in  1897. 

ROSEWELL    G.    ROLSTON 

Mr.  Rolston  was  born  on  the  second  day  of  September,  1832, 
in  Belleville,  New  Jersey. 

He  was  trained  in  Dr.  Chase's  Academy  at  Middletown, 
Conn.;  after  which  he  became  general  clerk  in  the  State  Bank 
at  Elizabeth,  N.  J.  After  several  years  experience  in  this  work 
he  entered  business  in  partnership  with  his  brother-in-law,  Louis 
B.  Hanks,  in  Sumpter,  S.  C. 

Finding  himself  strongly  attracted  toward  finance  he  came  to 
New  York  in  1858  and  entered  the  Bank  of  the  Manhattan 
Company  where  he  remained  until  about  the  beginning  of  1864, 
when  the  opening  of  the  Fourth  National  Bank  of  New  York 
occurred,  of  which  he  was  elected  Assistant  Cashier.  The  first 
books  of  that  institution  are  in  Mr.  Rolston's  handwriting.  He 
was  on  the  point  of  being  elected  Cashier  by  the  Directors  when 
the  objection  was  offered  by  one  of  the  members  "that  he  was 
not  big  enough  for  that  position." 

Mr.  Rolston  was  a  man  of  less  than  the  average  height  while 
the  objector  was  a  man  of  large  stature.  He  soon  demonstrated 
that  his  ability  was  not  measured  by  his  stature. 

On  April  2nd,  1864,  he  was  elected  Vice  President  of  The 
Farmers'  Loan  and  Trust  Company  and  on  the  resignation  of 
President  Williamson  he  was  on  January  4,  1865,  elected  Presi- 
dent of  the  Company,  which  position  he  filled  until  June  17, 
1898. 

On  the  date  of  Mr.  Rolston's  election  to  the  Vice  Presidency 
of  The  Farmers'  Loan  and  Trust  Company,  the  balance  sheet, 
made  at  that  time,  shows  that  the  Company  had,  outside  of  its 
dividend  and  trust  accounts,  fourteen  depositors,  to  whom  it 
was  indebted  for  three  hundred  and  fifty  thousand  dollars;  and 
the  surplus  amounted  to  but  little  over  sixteen  thousand  dollars. 
At  that  date  (April  2,  1864)  the  Company  occupied  the  front  and 


'-    ^lij!4||. 


-Alw:J^-:|1 


fl 


^ 


-r 


f.- 


•^-«*^ 
'"^ 


From  a  photograph  by  James  W.  Allison,  N.  Y. 

WHERE    WILLIAM    STREET    MEETS    BEAVER    STREET 

An  historic  spot  in  lower  New  York,  now  occupied  by  the  buildmg  of  The 

Farmers'  Loan  and  Trust  Company 


SOME    PERSONAL    RECORDS  311 

back  parlors  of  a  private  house  at  56  Wall  Street  Mr.  Rolston 
realized  that  the  furniture  and  fixtures  were  old  fashioned,  and 
not  in  keeping  with  those  of  other  financial  institutions  with 
which  he  was  doing  business.  He  determined  that  the  offices  of 
the  Company  should  compare  favorably  with  those  of  other  like 
institutions;  so  an  up-to-date  counter,  and  proper  furniture  were 
installed,  and  carpets  took  the  place  of  the  old  oilcloth  which  had 
seen  long  service.  These  changes  transformed  the  offices  and 
caused  personal  pride  in  the  heart  of  Mr.  Rolston,  until  one  of 
the  Directors  complained  that  "this  young  man  will  ruin  the 
Company  by  his  extravagance."  Time,  however,  proved  that 
these  fears  were  groundless. 

He  introduced  at  once  measures  to  increase  the  Company's 
business.  Jotting  down  the  names  of  Cotton  Exchange  and 
Stock  Exchange  firms,  he  visited  them  and  solicited  their  deposits. 
This  same  energy  caused  him,  when  office  hours  were  too  short 
to  accomplish  the  work  which  had  been  promised,  to  take  to  his 
own  home  bonds  and  stock  certificates  which  it  was  necessary 
for  him  to  sign,  and  there,  in  hours  which  should  have  been  given 
to  relaxation,  he  toiled  without  sparing  himself,  that  his  word  of 
promise  might  be  kept  sacred. 

Mr.  Rolston  was  a  beautiful  and  rapid  penman  and  the  min- 
utes of  the  Board  in  his  handwriting  during  the  years  when  he 
was  Secretary  are  a  delight.  During  occasions  when  he  was 
signing  bonds  as  indicated  above,  a  record  of  his  speed  was  kept, 
and  it  was  proven  that  he  wrote  his  signature  seven  hundred 
times  an  hour. 

There  were  three  rules  to  which  he  adhered  strictly; 

1.  "Always  be  on  lime  to  keep  an  appointment. 

2.  "Do  it  now. 

3.  "Be  courteous  to  ei,>eri/  one." 

When  he  became  President  in  1865,  the  working  force  was 
numerically  small,  and  the  real  development  had  scarcely  begun. 
Conditions  of  growth  became  more  favorable  and  Mr.  Rolston's 
generalship  was  so  able  that  within  five  years  the  assets  had  more 
than  doubled  and  the  profits  and  surplus  had  become  seven  times 
as  great.  He  lived  to  see  the  assets  become  twenty  times  and 
the  profits  sixty-six  times  what  they  were  in  1865.  During  his 
administration  more  than  six  millions  of  dollars  were  paid  in 
dividends  to  the  stockholders. 

On  June  17,  1898,  after  more  than  thirty-three  years  of  con- 
tinuous service  as  President,  Mr.  Rolston  found  the  burden 
greater  than  he  could  endure,  and  he  was  therefore  compelled  to 


512     A  CENTURY  OF  BANKING  IN  NEW  YORK 

tender  his  resignation.     Tt  was  regretfully-  accepted  and  he  was 
made  honorary  chairman  of  the  Board  of  Directors. 

About  two  months  from  that  date,  on  August  25,  1898,  Mr. 
Rolston  passed  from  this  life,  leaving  The  Farmers'  Loan  and 
Trust  Company  as  his  monument. 

Edwin  S.  Marstox 

After  being  Secretary  of  the  Company  from  1889  to  1897, 
Vice  President  from  1897  to  1898  and  Director  in  1898,  he  became 
President  upon  the  death  of  Mr.  Rolston  in  that  same  year. 
Familiar  with  the  business  of  the  Company,  in  full  sympathy 
with  the  policy  of  the  successful  administration  which  had  just 
ended,  and  possessing  rare  executive  ability,  he  was  eminently 
fitted  to  take  the  helm.  Under  his  leadership  the  progress  of  the 
Company  was  unbroken  Its  assets  were  multiplied  by  four 
and  its  profits  and  surplus  increased  nearly  threefold.  Its 
power  and  influence  were  extended  to  European  lands,  through 
its  foreign  branches,  and  its  prestige  more  than  kept  pace  with 
its  development. 

In  the  crisis  of  1907  when  ruin  stared  certain  banks  in  the  face, 
the  assistance  rendered  through  this  Company  by  funds  and  the 
conspicuous  labor  of  President  Marston,  acting  with  the  other 
members  of  the  Committee,  added  renown  to  the  Company  and 
well  earned  fame  to  its  President. 

Mr.  Marston  resigned  in  June,  1921. 

James  H.  Perkins 

James  H.  Perkins,  born  at  Milton,  Massachusetts,  was  gradu- 
ated at  Harvard  in  1898;  was  employed  in  an  administrative  ca- 
pacity by  Walter  Baker  &  Company,  Limited,  from  1898  to  1906; 
served  as  Vice  President  of  the  American  Trust  Company  of 
Boston  from  1906  to  1908,  leaving  to  become  Vice  President  of 
the  National  Commercial  Bank  of  Albany.  He  was  later  made 
President  of  that  institution,  and  also  became  President  of  the 
New  York  State  Bankers  Association. 

He  left  Albany  in  1914  to  accept  the  Vice  Presidency  of  The 
National  City  Bank  of  New  York;  was  promoted  to  the  Execu- 
tive Managership  and  held  this  position  until  he  went  abroad  with 
Colonel  Grayson  M.  P.  Murphy  with  the  first  American  Red 
Cross  Commission  to  France.  When  Colonel  Murphy  took  up 
active  service,  Mr.  Perkins  served  as  Red  Cross  Commissioner 
to  France  and  Europe,  until  he  also  entered  the  service,  being 
retired  in  1919  with  the  rank  of  Lieutenant-Colonel  of  the  General 
Staff.  He  is  an  officer  of  the  Legion  of  Honor,  and  holds  the  Amer- 
ican Distinguished  Service  Medal. 


SOME    PERSONAL    RECORDS 


Was  elected  President  of  the  company,  June  16,  1921. 

List  of  P reside nU 

John  T.  ChampHn  1822-1830 

Oliver  H.  Hicks  1830-1832 

Frederick  A.  Tracy  1832 

Elisha  Tibbets  1832-1835 

Henry  Seymour  1835-1837 

Lewis  Curtis  1837-1842 

Charles  Stebbins  1842 

Robert  C.  Cornell  1842-1845 

D.  D.  Williamson  1845-1865 

Rosevvell  G.  Rolston  1865-1898 

Edwin  S.  Marston  1898-1921 

James  H.. Perkins  1921 

J 'ice  Presidents 


Fred  A.  Tracy  1833 

David  Codwise  1836-7 

Rosewell  G.  Rolston  1864-5 
George  F.  Talman     1869-1883 
Robert  C.  Boyd  1875 

W.  D.  Searls  1881 

Wm.  Hopkins  Leupp  1889-1899 
E.  S.  Marston  1897-8 

Thomas  J.  Barnett    1899-1909 

Secrete 
Thomas  Frankhn       1822 
Archibald  Mclntyre  1822-3 
John  King  1824-1832 

Rufus  K.  Delafield    1836-1852 
George  P.  Fitch  1852-1881 


Samuel  Sloan 
Augustus  V.  Heely 
William  B.  Cardozo 
Cornelius  R.  Agnew 
J.  Herbert  Case 
William  A.  Duncan 
Horace  F.  Howland 
Henry  King  Smith 


William  H.  Leupp 
Edwin  S.  Marston 
Samuel  Sloan 
Augustus  V.  Heely 


John  Ely,  Jr. 
James  Hoyt 
Robert  C.^  Boyd 
Frank  Munn 
Samuel  Sloan 
Augustus  V.  Heely 
William  B.  Cardozo 
Cornelius  R.  Agnew 
William  A.  Duncan 
Horace  F.  Howland 
Robert  E.  Bovd 


Assistant 
1822-4 
1824 

1867-1875 
1881 

1889-1897 
1898-1907 
1900-1909 
1900-1909 
1909-1917 
1909-1917 
1909-1917 


Secretaries 
Edwin  Gibbs 
Harry  D.  Sammis 
J.  Courtney  Talley 
Edward  J.  Boyd 
Irving  H.  Meehan 
James  B.  Little 
William  A.  Wilson 
S.  Sloan  Colt 
Francis  W.  Myers 
Thomas  M.  Godwin 


1907- 

1907- 

1909- 

1909- 

1912-1917 

1917- 

1917- 

1918- 


1881-1889 
1889-1897 
1897-1907 
1907- 


1912-1919 

1917- 

1917- 

1917- 

1917- 

1918- 

1918- 

1919- 

1921- 

1921- 


>14     A  CENTURY  OF  BANKING  IN  NEW  YORK 


Directors 


Richard  Harrison 
Benjamin  Bailey 
Francis  Depau 
Thomas  Franklin 
Thomas  Van  Zandt 
Peter  Remson 
John  Bolton 
Francis  Saltus 
Henry  Mactier 
Augustin  H.  Lawrence 
H.  C.  De  Rham 
George  Griswold 
Thomas  H.  Smith 
Gabriel  L.  Lewis 
James  De  Wolf,  Jr. 
Will  W.  Russell 
Benjamin  Marshall 
Henry  Wheaton 
Theodosius  Fowler 

John  T.  Champlin 

John  C.  Green 

James  McBride 
Archibald  Mclntyre 

Churchill  C.  Cambriling 

John  Johnston 

Thomas  S.  Townsend 

James  Magee 

James  Tallmadge 

Christian  Shell 

William  James 

John  L.  Vielle 

George  Andrus 

David  White 

Frederick  A.  Tracy 

John  S.  Crary 

David  S.  Kennedy 

Henry  Cary 

William  Osborn 

Joseph  S.  Shotwell 

Gideon  Lee 

Samuel  Packwood 

Lewis  Curtis 


1822 


1823 


1824 


William  Howard  1824 

Robert  M.  Russell 

Richard  N.  Harison  " 

George  H.  Stanton  1825 

Philip  Thomas  " 

Samuel  Hanway  " 

Aaron  O.  King  " 

Thomas  J.  Oakley  1826 

William  Hudson  " 

William  H.  Adams 

Henry  Parish 

Thomas  Lord  " 

Jacob  Corlies 

W.  W.  Harison 

John  W.  Leavitt  1827 

James  Ries  " 

Michael  Mulden  " 

Roger  Prout  1828 

William  Jones  " 

Ephraim  Holbrook  " 

Elias  H.  Elv 

Charles  B.  Tallmadge  1829 

William  C.  Woolsey  " 

Charles  Dickenson  1830 

John  A.  Taylor  " 

William  Sidney  Smith  " 

Walter  R.  Jones  " 

Tyler  Dibblee  " 

Oliver  H.  Hicks 

Samuel  F.  Dorr  1831 

Thomas  Tileston  " 

Samuel  Downer,  Jr.  1832 

Eliphalet  Wickes 

Thomas  Wright 

Elisha  Tibbitts 

Benjamin  L.  Swan  " 

Lvnde  Catlin 

William  B.  Astor 

Charles  E.  Dudley 

James  Wadsworth  " 

Thaddeus  Phelps  1833 

EK  Hart 


SOME    PERSONAL    RECORDS 


315 


Pierre  Lorillard,  Jr. 
Samuel  Alley 
Benjamin  N.  Brown 
Levi  Beardsley 
George  Newbold 
John  Targee 
Daniel  Jackson 
Henry  Wyckoff 
Morgan  L.  Smith 
John  L.  Graham 
Isaac  Townsend 
Henry  Seymour 
Enos  T.  Troop 
John  Delafield 
John  Fleming 
David  Codwise 
Lott  Clark 
Levi  Beardsley 
Cyrus  Curtiss 
James  Seymour 
Jeremiah  Johnson 
Henry  Vail 
John  De  Mott 
Elisha  Riggs 
Ferdinand  Suydam 
Joseph  Kernochan 
William  F.  Havemeyer 
Abraham  G.  Thompson 
James  Donaldson 
Dudley  B.  Fuller 
John  Ferguson 
J.  Woodward  Haven 
Albert  H.  Tracy 
Gideon  Hawley 
Robert  C.  Cornell 
Hiram  Ketcham 
William  Banks 
Robert  Bayard 
Ernest  Feidler 
Joseph  W.  Alsop,  Jr. 
Charles  Stebbins 
Ira  B.  Carv 


Direrlor.f 

1833  Charles  Humphrey 
"  John  K.  Paige 

"  Joel  Rathbone 

"  John  Rankin 

"  Chester  Clark 

PhiHp  M.  Lydig 

"  Moses  Taylor 

1834  Cornelius  W.  Lawrence 
"  Cornelius  Dubois,  Jr. 

Henry  A.  Colt 
"  Charles  Kneeland 

1835  Stephen  Storm 

"  John  L.  Lawrence 

D.  D.  Williamson 
"  George  I.  Cornell 

"  James  J.  Van  Allen 

"  Edward  Curtis 

"  Cornelius  Bogert 

"  Benjamin  F.  Dawson 

William  Penfold 
"  Thomas  Mareau 

1836  Seth  Grosvenor 
A.  S.  Murray 

1837  George  F.  Talman 
John  F.  A.  Sanford 

1838  D.  D.  Fearing 

'■  Elbert  I.  Anderson 

"  Nelson  Robinson 

"  Erastus  Corning 

"  Robert  Schuvler 

1840  Eli  Kelley 

"  Solomon  B.  Stone 

"  Gouverneur  Morris 

"  Isaac  Newton 

1841  Israel  Randolph 
"  Daniel  Drew 

Elisha  Peck 
Robert  W.  Kelley 

1842  Cornelius  Vanderbilt 
"  Abraham  Bay  lis 

"  Francis  B.  Cutting 

"  Sheppard  Knapp 


1842 


1843 


1844 


1845 


1846 

1847 
1848 
1849 

1850 


1851 


1852 


;16  A  CENTURY  OF  BANKING  IN  NEW  YORK 


Charles  E.  Bill 
Charles  H.  Fisher 
Edward  Whitehouse 
Charles  P.  Leverich 
Alanson  Robinson 
Charles  Morgan 
Moses  Tucker 
David  Kent 
Samuel  Towner 
Edward  Minturn 
John  P.  Moore 
Homer  Ramsdell 
Nathaniel  Marsh 
Alexander  Duncan 
John  Steward,  Jr. 
Andrew  Foster 
WiUiam  E.  Laight 
Alexander  Campbell 
Isaac  Bell,  Jr. 
Abram  R.  Van  Nest 
John  I.  Phelps 
Percy  R.  Pyne 
Nathaniel  Thurston 
Peter  Edes 
George  R.  Marten 
James  Soames 
James  H.  Banker 
David  Kent 
Rosewell  G.  Rolston 
Frederick  G.  Foster 
Peter  H.  Vandervoort 
John  Jacob  Astor,  Jr. 
Samuel  Sloan 
Robert  L.  Cutting 
William  Walter  Phelps 
Denning  Duer 

Asa  Otis 

George  Milne 

Edward  R.  Bell 

William  Remsen 

James  Roosevelt 

William  B.  Astor 


Directors 

1852  William  H.  Wisner  1876 
John  H.  Mortimer  1878 

1853  Thomas  Rutter  1879 
"          Robert  Lenox  Kennedy  " 

Charles  H.  Thompson  1880 

"          S.  Clark  Jervoise  " 

1855  Edgar  S.  Auchincloss  " 
N.  L.  McCready  1881 

1856  Frederick  Billings  1883 
Robert  C.  Boyd 

Henry  Hentz  1884 

Gardiner  R.  Colby  1885 

Alexander  T.  Van  Nest  1887 

1857  Robert  L.  Cutting,  2nd 

"  H.  Van  Rensellaer  Kennedy  " 

1859  August  Belmont.  Jr. 
Charles  E.  Bill,  Jr.  1888 

1860  James  Neilson  " 

"         Moses  Taylor  Pyne  1889 

"          James  Stillman  " 
Alfred  C.  Cheney 

1861  D.  O.  Mills  1890 
William  Waldorf  Astor 
Henry  A.  C.  Taylor  1891 

1862  E.  R.  Bacon 
Charles  L.  Colbv 

1863  Franklin  D.  Locke  1892, 
R.  F.  Ballantine 

1864  Cleveland  H.  Dodge  1894 
Charles  A.  Peabody 

1865  George  F.  Baker  1895 
"          Hugh  D.  Auchincloss  " 

"          William  Rowland  " 

1866  David  H.  King,  Jr. 

1869      Stephen  S.  Palmer  1896 

"          John  P.  Townsend  " 

1871      John  L.  Riker  1898 

1873  Edwin  S.  Marston 

"          Daniel  S.  Lamont  " 

1874  Andrew  G.  Agnew  1899 
Archibald  D.  Russell 

1875  P.  A.  Valentine  1900 


SOME    PERSONAL    RECORDS 


317 


W.  S.  Bogert 
H.  H.  Rogers 
James  F.  Horan 
Frederick  Geller 
Samuel  Sloan,  Jr. 
James  A.  Stillman 
Marl  T.  Cox 
J.  William  Clark 
Frank  A.  Vanderlip 
Percy  A.  Rockefeller 
Augustus  V.  Heely 
John  W.  Sterling 
Ogden  Mills 
John  J.  Riker 
Percy  Chubb 
Thomas  Thacher 


Directors 

1901 

Edgar  Palmer 

1913 

1902 

Henry  R.  Taylor 

« 

1906 

Harrv  D.  Sammis 

« 

" 

J.  C.^Talley 

« 

1907 

Francis  M.  Bacon,  Jr. 

" 

1908 

Anton  A.  Raven 

1914 

1909 

Thomas  F.  Victor 

" 

" 

Beekman  Winthrop 

" 

1909 

Parker  D.  Handy 

1916 

" 

Robert  L.  Gerry 

" 

" 

Percy  R.  Pyne,  2nd 

1917 

" 

Percy  R.  Pyne 

" 

1910 

Lewis  Iselin 

1919 

" 

John  G.  Agar 

" 

1912 

Eustis  Paine 
Frederick  Osborn 

1921 

Offic 


1922 


James  H.  Perkins         President      Augustus  V.  Heely       Secretary 


Samuel  Sloan 
Augustus  V.  Heely 
William  B.  Cardozo 
Cornelius  R.  Agnew 
William  A.  Duncan 
Horace  F.  Howland 
Henry  King  Smith 


J.  C.  Talley 
Harry  D.  Sammis 
Edward  J.  Boyd 
Irving  H.  Meehan 
James  B.  Little 
William  A.  Wilson 
S.  Sloan  Colt 
Francis  W.  Myers 
Thomas  M.  Godwin 


Asst.  Sec. 


Directors  in  1922 


James  H.  Perkins 
Edwin  S.  Marston 
Charles  A.  Peabody 
Franklin  D.  Locke 
Lewis  Iselin 
John  G.  Agar 
Percy  R.  Pyne 
Samuel  Sloan 
John  J.  Riker 


Henry  R.  Taylor 
Francis  M.  Bacon,  J 
Robert  L.  Gerry 
Parker  D.  Handy 
Augustus  V.  Heely 
Ogden  Mills 
Beekman  Winthrop 
Eustis  Paine 
Frederick  Osborn 


318  A  CENTURY  OF  BANKING  IN  NEW  YORK 


Names  oj  Employees  oj  The  Farmers'  Loan  and  Trust  Company 
who  sensed  their  country  in  the  Great  JVar. 


MUton  M.  Abbott 
Oscar  W.  Anderson 
Charles  F.  Avers 
Alexander  F.  Bergren 
Edward  Bolt 
Percy  G.  Browne 
Frederick  W.  Brush 

F.  Campbell  Burrows 
Christopher  Cavanna 
S.  Sloan  Colt 
William  R.  L.  Cook,   Jr. 
Frank  E.  Coserove 
Arthur  K.  Davis 
Henrv  J.  Delaney 
Harold  B.  Dennis 
John  R.  Doyle 
Samuel  E.  Dribben 
Edward  L.  Ducker 
John  R.  Farrar,  Jr. 
Francis  V.  Forrestal 
Walter  J.  Furlong 
Duncan  F.  Geery 
David  H.  Gibson 
John  E.  Greenia 
Albert  Guder 

Daniel  J.  Hayes 
Laurence  B.  Hayward 
Laurence  S.  Heely 
Clifford  Hendricks 

G.  Russell  Hess 


Stoddard  Hoffman 
Vincent  Hogan 
Charles  C.  Holmes 
Bernard  de  Hosson 
Paul  Jacoby 
Milton  G.  Johnson 
Arthur  H.  Kiendl 
John  G.  Kilbreth 
Malcolm  A.  Leary 
Hugo  G.  Loeser 
Alan  M.  Lunberg 
Dennis  Lynch 
John  McConnell 
John  McDermott 
Francis  S.  McGovern 
Leo  J.  McNamara 
Monroe  Mayhoff 
Peter  Meidenger 
Walter  Monsees 
Samuel  J.  Mooney 
Harrison  B.  Moore,   III 
Marcus  M.  Munsill 
Jacob  F.  Muschenheim 
Frank  W.  Myers 
Edward  P.  Naylor 
Walter  I.  Opsann 
Adam  J.  Orlet 
Carl  Palmblad 
John  Press,  Jr. 
Redmond  J.  Reilly 


John  Riquet 
E.  Richard  Schulz 
Ellsworth  D.  Scott 
George  Sellarole 
*  Alfred  T.  Slauson 
Julian  R.  Sloan 
Clarence  B.  Smith 
Elward  Smith 
John  J.  Smith 
*Merritt  H.  Smith,    Jr. 
Robert  F.  Smith 
Henry  H.  Sonntag 
William  H.  Steinhardt 
Garrett  A.  Storms 
Arthur  C.  Sullivan 
William  J.  Sullivan 
Dorothea  Thomas 
Henry  N.  Tifft,  Jr. 
Frank  M.  Totton 
Frederick  C.  Turner.  Jr. 
Augustus  Van  der  Poel 
*Ralph  E.  Van  Valken- 

bureh 
♦Richard  J.  Walsh 
Charles  F.  Weber 
Harry  Wendell 
Leslie  G.  Wilmot 
George  T.  WIsner 
Wellford  G.  Wrenn 


Killed. 


^^J^-- 


Chapter  XIV 
HISTORY  OF  A  DOirNTOTrN  PLOT 

Sale  of  the  lAaiu)  for  Sixty   Guilders — First  GrounJ-briefs — 

Origin  of  JV^all  and  ff^ilUanur  Streets—Block  L,  Lot 

No.  J— Merchant  Princes,  Captain  Ki?d,  and 

Successii'e  Owners  of  the  Corner  of 

JVilliani     and    Bea^'er 

Streets 

'n"fy  iruEN  the  first  white  man  who  ever  saw  the  land  that  is 
0^/  now  covered  with  the  ghstening  sky-scrapers  of  New  York 
'^  '  sailed  into  the  harbor  in  the  spring  of  1524, — Giovanni 
da  Verrazzano,  a  Florentine,  who  had  been  sent  by  Francis  I, 
King  of  France,  in  a  futile  effort  to  discover  a  passage  to  Asia, — 
the  island  was  occupied  by  a  tribe  of  Indians  named  the  Man- 
hattans. 

To  state  that  the  Indians  "owned"  the  island  would  be  stretch- 
ing a  technically  legal  term.  But  the  Indians  occupied  it,  and  by 
common  consent  among  themselves,  the  various  tribes  were 
loosely  allotted  to  the  territories  where  they  did  their  hunting 
and  set  up  their  homes.  Real  estate  values  were  negligible;  land 
was  the  Indians'  one  plentiful  possession.  In  the  colloquialism  of 
the  rural  South,  "land  was  the  one  thing  that  Indians  had 
nothin'  but  of." 

Thus  the  early  Manhattan  Indians  were  the  first  known  own- 
ers of  the  valuable  downtown  block  in  the  heart  of  the  crowded 
financial  section  of  New  York  that  is  now  occupied  by  one  of  the 
oldest  banking  institutions  of  the  city,  the  Farmers'  Loan  and 
Trust  Company,  the  one-hundredth  anniversary  of  which  is 
being  celebrated  this  year,  1922. 

Few  bits  of  land  in  all  New  York  have  had  a  more  interesting 
history  than  the  site  of  this  modern  office  building,  bounded  on 
the  west  by  William  Street,  on  the  north  by  Exchange  Place,  on 
the  south  by  Beaver  Street,  and  on  the  east  by  the  Post  Building 
and  Hanover  Street.  Indeed,  its  history  goes  back  to  the  very 
earliest  records  of  the  New  World, — even  before  New  York  was 
called  New  Amsterdam! 

319 


520  A  CENTURY  OF  BANKING  IN  NEW  YORK 

Let  us  trace  it  from  the  beginning. 

Following  the  discovery  of  New  York  by  Verrazzano,  the  next 
white  man  who  is  known  to  have  arrived  at  what  is  now  the 
greatest  port  in  the  world  was  the  famous  Hendrick  Hudson,  who 
arrived  September  11,  1609,  in  the  Half  Moon.  Hudson,  who 
was  an  Englishman,  and  whose  real  name  was  Henry,  was 
employed  by  the  Dutch  East  India  Company  of  Holland  to  dis- 
cover a  new  route  to  India  by  way  of  the  North.  His  accidental 
and  brief  contact  with  the  Indians  he  found  here  so  impressed 
him,  and  through  him  the  practical  Hollanders,  with  the  possi- 
bihties  for  acquiring  wealth  from  the  new  land,  that  in  1610  or 
1611  two  Dutch  mariners,  Hendrick  Corstiaensen  and  Adriaen 
Block  chartered  a  vessel  on  their  own  account  and  hurried  over 
here.  Shortly  after  that  certain  merchants  of  Amsterdam  and 
Hoorn  sent  over  five  vessels,  filled  with  goods  for  barter  with  the 
savages. 

So  profitable  were  these  expeditions  that  in  1675  the  Dutch 
merchants  formed  themselves  into  the  United  New  Netherland 
Company,  and  obtained  from  their  government  the  exclusive 
right  to  trade  in  the  newly-found  territory  "for  four  voyages 
within  the  term  of  three  years,  commencing  the  first  of  January 
1615."  This  Company  was  superseded  in  1621  by  the  Dutch 
West  India  Company,  which  obtained  all  rights  for  trading  in  the 
new  land. 

This  was  the  beginning  of  what  became  a  flourishing  Dutch 
colony,  which  in  1623  had  attained  such  importance, — its  popu- 
lation had  grown  to  several  dozen  by  then, — that  it  attained  the 
dignity  of  a  Dutch  province. 

In  that  year,  too,  the  good  ship  New  Netherland  arrived,  with 
thirty  families  aboard, — the  first  packet  to  make  regular  trips  to 
and  from  the  New  World,  and  thus  was  the  fore-runner  of  the 
regular  ocean  liners. 

As  the  new  settlers  arrived  they  established  themselves  in 
houses  which  they  erected  wherever  their  fancy  dictated.  Land 
was  so  plentiful  and  the  population  so  small, — it  numbered  only 
about  a  hundred  men,  women  and  children  in  1625, — that  no 
effort  was  made  to  lay  out  streets  or  even  to  estabhsh  each 
squatter's  territory.  Thus  it  came  about  that  the  paths  which 
led  to  these  scattered  houses,  as  well  as  the  paths  made  by  the 
cows  to  the  pasture  lands,  gradually  grew  into  streets,  and  mod- 
ern Broadway  and  Pearl  Street  were  once  cowpaths  that  led  to 
the  green  fields  near  what  is  now  Wall  Street. 

Sooner  or  later,  however,  some  sort  of  title  had  to  be  acquired 
for  the  land.    This  was  done  in  1625  when  Peter  Minuit,  Director- 


FIRST    G  R  O  U  N-D  -BRIE  F  S  32 1 

General  of  the  territory,  established  the  first  formal  government. 
And  one  of  his  first  acts  was  to  make  a  legal  contract  with  the 
Manhattan  Indians  whereby  the  West  India  Company  came 
into  possession  of  the  entire  island  of  Manhattan  for  sixty 
guilders,  or  $24.00, — paid  not  in  the  form  of  useless  money,  but 
in  the  form  of  articles  dear  to  the  Indians'  heart, — kettles,  shears, 
knives,  toys;  possibly  even  beads,  bells  and  jewsharps. 

Thus  the  present  site  of  the  Farmers'  Loan  and  Trust  Com- 
pany came  into  its  first  legal  ownership. 

Having  thus  acquired  a  claim  to  the  island,  the  next  step  of 
the  West  India  Company  was  to  apportion  certain  sections  of  it 
to  the  white  settlers  who  had  been  occupying  it  and  who  had 
thereby  established  a  sort  of  a  priori  right  to  it,  although  they 
had  been  paying  rentals  to  the  company.  Accordingly  the  land 
was  roughly  divided  into  blocks,  designated  by  letters,  and  into 
lots  designated  by  numbers. 

On  July  20,  1638  was  recorded  the  first  known  ground-brief, 
by  Director-General  Willem  Kieft.  Another  was  granted  the 
following  year.     Gradually  others  followed. 

On  July  3,  1643,  one  Tymen  Jansen,  a  ship  carpenter,  was 
granted  a  ground-brief  to  the  land  he  had  been  occupying  on  what 
is  now  a  considerable  portion  of  the  site  of  The  Farmers'  Loan 
and  Trust  Company  building. 

On  May  15th,  Augustyn  Heermans,  an  exporter  and  importer, 
was  granted  another  ground-brief  to  a  lot  adjoining  Tymen 
Jansen's  on  the  southeast,  which  also  includes  an  important  slice 
of  the  site  of  the  present  bank. 

And  sometime  in  1649  another  lot,  adjoining  Tymen  Jansen's 
on  the  northeast  and  just  touching  upon  Augustyn  Heerman's, 
was  granted  to  Jacob  Heinrich  Vaervanger,  a  doctor.  This  third 
grant  also  included  a  portion  of  the  present  site  of  The  Farmers' 
Loan  and  Trust  Company's  quarters. 

These  three  Dutchmen, — Tymen  Jansen,  a  ship  carpenter, 
Augustyn  Heermans,  and  Jacob  Heinrich  Vaervanger,  a  doctor, — 
thus  became  friends  and  neighbors. 

The  largest  portion  of  the  present  site  was  granted  to  Tymen 
Jansen,  who  had  been  occupying  a  tract  of  land  lying  along  the 
river  road  from  about  the  present  125  Pearl  Street  to  what  is 
now  the  rear  of  the  Seaman's  Savings  Bank  building  at  the 
northwest  corner  of  Pearl  and  Wall  Streets, — a  distance  of  about 
450  feet.  His  property  averaged  about  225  feet  in  depth,  so  his 
entire  holdings  up  to  this  time  amounted  to  somewhat  more  than 
two  acres. 

Jansen's  new  property,  designated  as  Block  M,  Lot  No.    12, 


322     A  CENTURY  OF  BANKING  IN  NEW  YORK 

which  was  irregular  in  shape,  comprised  646  rods,  10  feet  and 
5  inches.  It  was  bounded  on  the  north  by  an  imaginary  Hne 
starting  at  the  corner  of  Wall  and  Pearl  Streets  (near  what  was 
then  "the  water  poort")  and  ran  southwesterly  through  the  line 
of  Wall  Street,  cutting  Exchange  Place  just  north  of  what  is  now 
the  main  entrance  of  The  Farmers'  Loan  and  Trust  Company 
building,  and  extending  southeast  from  that  point  to  what  is 
now  Pearl  Street,  but  which  in  those  days  was  known  merely 
as  "the  road  to  the  Ferry"  and  later  as  "the  Church  Street  of 
the  English."  From  this  point  Tymen  Jansen's  property  fol- 
lowed the  line  of  Pearl  Street  northeast  to  the  starting-point 
north  of  Wall  Street. 

This  property  was  granted  to  Tymen  Jansen  on  July  3rd,  1643, 
by  the  Dutch  West  India  Company,  although  the  owner  had 
apparently  been  occupying  the  land  for  several  years  before  the 
legal  papers  were  executed.  Like  the  other  settlers,  he  had  merely 
built  his  house  where  he  pleased,  and  after  six  years  of  residence 
as  a  "squatter,"  he  was  given  his  patent.  So  it  appears  certain 
that  Jansen  had  occupied  this  spot  as  early  as  1637,  and  his 
former  land  possibly  even  as  early  as  1624,  when  the  Dutch 
West  India  Company  sent  over  a  number  of  colonists  with  cattle, 
tools  and  other  equipment  for  establishing  a  permanent  agricul- 
tural colony  in  New  Amsterdam. 

At  any  rate  Tymen  Jansen  came  over  as  a  young  man,  for  the 
records  show  that  he  was  in  the  employ  of  the  Company  before 
1633,  when  he  was  thirty  years  old,  and  that  he  had  for  several 
years  before  that  been  the  principal  shipwright  of  the  Company 
at  New  Amsterdam  and  had  built  many  vessels.  Certain  it  is 
that  the  shore  opposite  Tymen's  residence, — and  the  waterfront 
in  those  days  came  up  to  Pearl  Street, — must  have  been  a  busy 
center  in  an  otherwise  quiet  old  town,  for  the  records  of  Director 
Van  Twiller  (who  served  from  1633  to  1638)  state  that  Jansen 
"made  many  repairs,  and  built  new  vessels,  with  a  wood-cutter's 
boat,  and  various  farm  boats  and  skiffs." 

Tymen  evidently  occupied  a  residence  that  was  built  for  him 
in  1635  on  his  older  property  by  Director-General  Van  Twiller. 
Later  it  appears  that  he  built  another  house  lower  down  on  Pearl 
Street,  which  the  records  show  was  occupied  by  his  widow  Mar- 
ritie  in  1653.  This  house  is  described  as  a  comfortable  place, 
situated  in  a  large  enclosure  of  ground  sloping  down  to  a  small 
pond,  and  with  green  fields  behind  it. 

So  far  as  the  meagre  descriptions  of  the  period  show,  this  pond 
was  located  about  where  the  southern  portion  of  The  Farmers 
Loan    and    Trust    Company    building    now    stands.      It    is    not. 


ORIGIN    OF    WALL    AND    WILLIAM  323 

improbable  that  on  its  quiet  waters  at  one  time  floated  a  lazy 
rowboat  that  Tymen  made  for  his  little  daughter  Elsie.  But 
such  pleasures  of  country  life  were  not  destined  to  last  long  in 
the  prosperous  and  growing  Dutch  town,  for  the  pond  was 
eventually  drained  off  by  a  ditch  or  "sloote,"  which  in  time 
became  "Slote  Lane,"  then  "Stoat  Street,"  "Merchants' 
Street,"  "Exchange  Street"  and  finally  "Beaver  Street,"  by 
which  it  is  known  to-day. 

According  to  the  early  records,  Jansen  was  a  practical  hard- 
working. God-fearing  Dutchman  who  took  an  active  part  in  the 
life  of  the  thriving  little  village.  On  May  30,  1639,  he  gave  a 
note  of  100  guilders  to  the  deacons,  presumably  to  assist  in  sav- 
ing the  souls  of  his  fellow-citizens.  That  he  was  held  in  esteem 
is  evidenced  by  the  fact  that  he  was  appointed  a  "guardian  of 
the  children  of  the  late  Cornelis  Van  Vorst"  and  filed  a  bond  to 
this  effect  on  February  17,  1659. 

On  July  5,  1643,  he  made  a  contract  with  William  Robbertson 
to  build  a  house, — presumably  the  house  he  later  occupied,  on 
his  newly-acquired  land.  In  the  summer  of  1640  the  Council 
Minutes  show  that  Jansen,  jealous  of  his  honor,  became  involved 
in  a  quarrel  with  one  Laurens  Haen,  against  whom  he  entered 
suit  for  slander  on  August  7,  1640;  the  case  continued  for  several 
days  and  ended  with  a  judgment  for  the  plaintiff  and  a  fine  for 
the  defendant. 

Apparently  Jansen  prospered,  as  there  are  numerous  records 
of  his  business  transactions;  among  them  the  records  of  large 
tracts  of  land  which  he  acquired  in  1642  and  1643,  on  Long 
Island,  including  the  site  of  the  present  Court  House  of  Queens 
County  in  Long  Island  City. 

"Whether  he  had  grown  independent  with  years,  and  was 
desirous  of  attending  to  his  own  private  affairs,  or  whether  he 
was  not  in  as  high  favor  with  Director  Kieft  as  with  his  prede- 
cessor, does  not  appear,"  writes  J.  H.  Innis  in  "New  Amsterdam 
and  Its  People,"  "but  we  find  that  in  1664  the  Director  and 
Council  complained  of  him  for  neglecting  to  repair  the  yachts 
Amsterdam  and  Prins  WiLlem,  to  which  he  responded,  somewhat 
tartly,  that  he  'had  done  his  best,  and  cannot  know  when  a 
vessel  is  leaky  unless  those  in  charge  inform  him  of  the  fact; 
furthermore,  that  nothing  can  be  done  without  means'." 

While  Mynheer  Jansen's  grant  provided  ample  room  for  a 
house  and  outbuildings,  as  well  as  for  an  ample  kitchen  garden, 
it  could  hardly  be  regarded  as  a  farm.  It  is  probable,  however, 
that  a  good  part  of  the  land  was  given  over  to  the  raising  of 
garden  truck.     One  may  easily  picture  Mynheer  Jansen  in  his 


324  A  CENTURY  OF  BANKING  IN  NEW  YORK 

broad-brimmed  hat  and  ample  breeches  of  the  period,  amiably 
smoking  his  long-stemmed  pipe  as  he  wandered  about  his  prop- 
erty, gazing  southward  over  the  waters  where,  as  the  ancient 
map  declares,  "the  great  ships  ride  at  anchor,"  and  contemplated 
little  improvements  here  and  there,— very  likely  including  the 
planting  of  a  hedge  along  the  boundary  line  of  his  estate  and 
that  of  his  neighbor.  Doctor  Vaervanger,  about  where  the  offices 
that  face  Exchange  Place  are  now  located. 

Nor  is  it  difficult  to  picture  Mynheer  as  turning  out  at  seven 
o'clock  on  the  spring  morning  of  April  4th,  1644,  in  response  to  a 
notice  posted  a  few  days  before  by  his  near  neighbor,  Cornelius 
van  Tienhoven,  Secretary  of  the  Council,  calling  upon  him 
along  with  "other  interested  persons,"  to  help  in  the  erection  of 
a  stout  fence  along  the  northern  limits  of  New  Amsterdam, — 
Wall  Street, — to  serve  the  double  purpose  of  preventing  cattle 
from  straying  off  into  the  country  and  of  preventing  the  Indians 
from  making  a  too-easy  descent  upon  the  villagers.  And  having 
performed  such  public  duties,  it  is  easy  to  picture  him  in  the  cool 
of  the  evening  as  strolling  homewards  down  the  canal  which  in 
those  days  extended  northward  up  Broad  Street  as  far  as  what 
is  now  Beaver  Street  and  enjoying  to  the  full  the  similarity  of  the 
surroundings  to  his  beloved  Holland, — even  to  the  extent  of 
brushing  from  his  path  an  occasional  pig,  which  roamed  the 
streets  as  scavengers. 

But  the  life  in  the  colony  was  fraught  with  hardships  and  few 
of  the  early  pioneers  lived  to  old  age.  Tymen  Jansen  was  no 
exception,  and  he  died  about  1645  when  he  was  about  forty-two 
years  of  age.  The  following  year  his  widow  Marritie  married 
birk  Cornelissen  of  Wensveen,  a  carpenter,  and  upon  his  death 
in  1648  she  married  Covert  Loockermans  and  moved  to  the  home 
of  her  new  husband  in  what  is  now  Hanover  Square. 

A  little  later  Marritie  and  Covert  Loockermans  sold  the  old 
Jansen  homestead  to  Claes  Hendricksen,  a  carpenter,  who  in 
turn  exchanged  it  in  1653  for  the  house  and  grounds  of  Sergeant 
Daniel  Litsche,  a  famous  tavern  keeper,  situated  nearer  to  the 
fort.  Litsche  lived  in  his  new  home  (which  by  that  time  was 
located  just  outside  of  the  "palisades"  or  town  wall  nine  feet 
high,  which  was  built  as  a  protection  against  invaders  in  1653, 
and  from  which  Wall  Street  derived  its  name)  until  the  property 
was  condemned  by  the  authorities  because  it  stood  too  near  the 
fortifications. 

To  Augustyn  Heermans,  soldier,  scholar,  artist,  merchant  and 
speculator, — one  of  the  most  important  as  well  as  one  of  the 
most  picturesque  figures  in  old  New  Amsterdam, — was  granted 


BLOCK    L.    LOT    NO.    7  325 

that  plot  of  land  about  an  acre  in  size  designated  as  Block  L, 
Lot  No.  7. 

According  to  the  records.  Heermans  came  into  legal  possession 
of  this  property  on  May  15,  1647,  when  he  was  a  Burgher.  On 
the  east  side  it  included  that  portion  of  land  that  is  now  occupied 
by  the  west  front  of  the  Farmers'  Loan  and  Trust  Company 
building,  extending  from  a  point  a  few  feet  north  of  the  main 
entrance  of  the  bank  and  extending  southeast  in  a  straight  line 
to  a  point  about  thirty  feet  east  on  what  is  now  Beaver  Street. 
Thus  Heermans'  land  included  that  portion  of  the  present  build- 
ing which  is  now  occupied  by  the  president  and  several  of  the 
chief  executives  of  the  bank. 

Incidentally,  Heermans'  grant  included  practically  all  of  what 
is  now  William  Street,  between  Exchange  Place  and  Beaver 
Street  (except  a  small  triangular  strip  just  south  of  Exchange 
Place)  as  well  as  about  half  of  Beaver  Street  for  a  space  of  sixteen 
rods.  A  few  years  later,  1654,  when  Heermans  disposed  of  a  part 
of  his  land  to  Symon  Jooster,  in  order  to  tide  over  a  financial 
crisis,  his  claim  to  the  property  became  confused  when  the  town 
ran  a  road  through  it,  and  consequently  he  was  unable  to  deliver 
it  intact  to  the  buyer.  The  quarrel  led  to  the  courts  in  1656 
where  Heermans  pleaded,  properly  enough,  that  he  allowed 
Joosten  to  select  his  own  plot  and  measure  it  himself  and  that  he 
had  offered  him  the  proper  conveyance,  which  Joosten  had 
refused.  Joosten  answered  that  inasmuch  as  the  new  road  was 
run  through  that  part  of  the  lot  intended  for  a  garden,  and  con- 
sequently the  whole  of  his  purchase  could  not  be  delivered  to 
him,  Heermans  ought  to  deed  over  another  lot  of  similar  size  to 
take  its  place.  The  road  which  caused  this  controversy  was 
later  designated  as  "Smee  Street"  or  Smith's  Street  (now 
William  Street)  in  honor  of  the  village  blacksmith.  Burgher 
Jorisen  Smit.* 

There  is  no  evidence  that  Burgher  Heermans  actually  lived 
on  this  land;  indeed,  the  records  show  that  at  about  the  same  time 
that  he  received  this  grant  he  obtained  possession  of  about  an 
acre  of  ground  in  the  Smit's  Vly  (north  of  Wall  Street)  that  was 
originally  granted  to  Hendrick  Jansen,  the  tailor.  This  property 
ran  for  200  feet  or  more  along  the  river  and  the  house  on  it  occu- 

*  Burgher  Jorisen,  a  native  of  Silesia,  was  in  New  Amsterdam  as  earlv 
as  May  26,  1637,  when  he  signed  a  contract  with  the  Council  of  the  Colony  of 
Rensselaervuyck,  which  read:  "inasmuch  as  Cornells  Tomassen  died  and 
Arent  Steverviersen,  who  married  the  widow,  does  not  understand  Smith's 
work,  the  Council  of  the  Colony  have  decided  to  turn  the  iron  and  coal  and 
all  tools  over  to  Burger  J  onsen  Smit  ..."  Van  Rensselaer  Bowler  JISS., 
815-6. 


326     A  CENTURY  OF  BANKING  IN  NEW  YORK 

pied  the  ground  now  covered  by  these  buildings  at  177  Pearl 
Street.  After  his  marriage  in  1650  to  Janneken  Verlett  he  built 
a  larger  residence  which  he  called  his  "great  house" which  occu- 
pied the  site  of  what  is  now  175  Pearl  Street.  And  here  it  was 
that  he  spent  the  last  ten  or  twelve  years  of  his  residence  in  New- 
Amsterdam,  before  he  departed  on  an  eventful  journey  that  made 
him  a  great  landed  proprietor  of  Maryland. 

The  land  included  in  the  grant  of  1647  was  apparently  leased 
to  Heermans'  friend,  Allard  Anthony,  "for  garden  purposes." 
Presumably  Anthony  raised  such  produce  upon  it  as  is  now  raised 
by  the  Long  Island  farmers,  consisting  principally  of  vegetables. 
Anthony,  who  became  a  successful  business  man  and  for  a  period 
served  as  Sheriff,  leased  the  land  for  several  years;  in  all  likeli- 
hood the  $500-a-foot  ground  now  occupied  by  the  towering  office 
building  designated  as  25  Broad  Street,  as  well  as  other  sky- 
scrapers on  the  same  block,  was  given  over  to  the  cultivation 
of  cabbages  and  other  delicacies  dear  to  the  Dutchman's  heart, 
and  were  probably  fed,  at  the  town's  expense,  to  Anthony's 
prisoners  in  the  town  lockup. 

As  might  be  inferred  from  his  name,  Augustyn  Heermans  did 
not  come  from  Holland  but  from  Prague,  Bohemia,  where  he  was 
born  in  the  year  1608.  After  serving  as  a  youth  in  the  army  of 
Count  Albert  von  Wallerstein  in  the  Thirty  Years'  War,  until 
that  general's  defeat  by  the  Swedes  in  1632,  Heermans  came 
over  to  New  Amsterdam  as  an  agent  of  the  firm  of  Peter  Gabry 
and  Sons,  merchants  at  Amsterdam. 

He  prospered;  the  early  Dutch  records  contain  numerous 
references  to  his  enterprises  and  numerous  acquisitions  of  real 
estate  property  elsewhere  in  Manhattan.  Aside  from  a  few 
business  trips,  he  seems  to  have  remained  quietly  at  home, 
attending  to  business  and  projecting  himself  only  occasionally 
into  the  political  life  of  the  town,  in  which  his  experiences  ^^•ere 
more  or  less  disturbing. 

A  brief  impression  of  Heermans,  the  man,  as  well  as  an  interest- 
ing snapshot  of  that  part  of  the  town,  is  given  by  J.  H.  Innes  in 
the  following  paragraph: 

"Fronted  by  the  shingly  beach  of  the  East  River,  and  backed 
by  its  orchard  and  the  hillside,  the  place  (Burgher  Heermans' 
home)  was  a  quiet  haven  where  its  proprietor  often,  no  doubt, 
found  opportunities  to  contrast  the  prevailing  calm  with  the 
turbulent  experiences  of  his  early  life.  All  traces  of  the  locality 
as  it  was  in  Heermans'  day  have  long  passed  away,  however; 
and  he  must  live  largely  in  imagination  who  can  find  in  the  dark 
street  and   melancholy  warehouses  and  clattering  trains  of  the 


SUCCESSIVE    OWNERS    OF    THE    CORNER   327 

elevated  railway  overhead,  anything  to  remind  him  that  here 
Augustyn  Heermans,  awakened  on  a  summer  morning  by  the 
carolling  of  the  robins  in  his  orchard,  could  look  from  his  windows 
upon  the  early  mist  covering  the  East  River,  and  call  to  mind, 
perhaps,  a  foggy  morning,  a  quarter  of  a  century  before,  when  he 
with  20,000  of  his  comrades  stood  under  arms,  and  through  the 
mists  which  covered  the  village  and  plain  of  Lutzen,  on  the  day 
of  the  great  battle,  heard  the  Saxon  troops  of  Gustavus  Adolphus 
singing: — 

"  Ein  Jesle  Burg  ist  unser  Goll, 

"  Ein  gale  Wehr  and  Waff  en." 

But  Heermans'  early  contact  with  men  and  events  left  an 
impression  that  even  the  quiet  of  a  Dutch  village  could  not 
entirely  eradicate  and  his  adventurous  spirit  prompted  him  to 
join  in  the  opposition  to  the  Colonial  policy  of  the  West  India 
Company,  and  his  name  headed  the  list  of  "the  Nine  Men"  who 
signed  the  historic  document  known  as  the  "Remonstrance"  to 
the  States-General,  in  which  Peter  Stuyvesant  and  his  secretary. 
Van  Tienhoven,  were  handled  without  gloves.  Between  Van 
Tienhoven  and  Heermans,  indeed,  considerable  enmity  existed, 
which  even  extended  to  the  point  where  the  former  attempted 
(unsuccessfully,  be  it  said)  to  cause  a  breach  between  Heermans 
and  his  Dutch  employers. 

Apparently  the  trouble  between  Heermans  and  the  Colonial 
administration  was  adjusted  in  the  course  of  time,  for  in  1659 
Director-General  Stuyvesant  appointed  his  erstwhile  enemy 
one  of  two  deputies  to  visit  the  Governor  of  Maryland  for  the 
purpose  of  coming  to  an  agreement  respecting  the  boundaries  of 
that  colony  and  those  of  the  Dutch  settlements  along  the  Dela- 
ware. While  on  this  journey  Heermans  undertook  to  make  a 
survey  and  map  of  the  province  for  Lord  Baltimore — a  task  which 
occupied  him  ten  years  and  which  he  executed  in  such  a  dis- 
tinguished manner  that  he  was  rewarded  by  a  grant  of  about 
30,000  acres  to  which  he  gave  the  name  "Manor  of  Nova  Bohe- 
mia." Thither  he  removed  his  household  in  1662,  and  he  died 
there  in  1686,  one  of  the  few  men  of  the  period  to  reach  a  ripe 
old  age. 

The  grant  to  the  third  neighbor  Master*  Jacob  Heinrich 
Vaervanger  (or  Varavange)  was  the  smallest  of  the  three,  com- 
prising only  about  a  half  acre  designated  as  Block  O,  Lot  No.  8. 
The  original  grant  is  not  found  in  any  of  the  old  documents, 
although   the  good   doctor   apparently   came   into   his   property 

*  This  was  the  title  given  to  surgeons. 


328     A  CENTURY  OF  BANKING  IN  NEW  YORK 

in  1649,  and  the  transaction  was  made  a  matter  of  official  record 
by  Governor  Nicolls  bv  a  confirmatory  grant  dated  April  15, 
1667. 

Doctor  Vaervanger's  land  adjoined  Tymen  Jansen's  on  the 
northwest,  and  touched  upon  the  northeast  of  Burgher  Heer- 
mans'  property.  Described  in  terms  that  may  be  identified 
to-day,  it  included  all  of  that  part  of  the  present  building  of  the 
Farmers'  Loan  and  Trust  Company  that  faces  on  Exchange 
Place,  and  nearly  a  half  that  faces  on  William  Street.  If  a  line 
be  drawn  from  a  point  just  north  of  the  main  entrance  of  the 
present  building  to  a  point  northeast,  about  sixty  feet  west  of 
Hanover  Street,  all  that  portion  north  of  this  imaginary  line  was 
a  part  of  Doctor  Vaervanger's  house  and  garden. 

Doctor  Vaeranger  is  described  as  a  well-to-do  physician,  who 
had  already  been  established  here  many  years  and  who  had 
acquired  considerable  property,  principally  in  real  estate.  Appar- 
ently the  lot  of  a  doctor  in  those  days  did  not  differ  materially 
from  his  lot  to-day,  for  the  records  of  the  period  show  numerous 
court  actions  brought  by  Master  Vaervanger  against  his  debtors, 
from  whom  he  accepted  not  only  money  for  his  professional  ser- 
vices but  beaver  skins,  tobacco,  brandy,  or  in  fact,  pretty  much 
anything  of  value  that  his  patients  could  offer. 

Yet  the  good  doctor  was  highly  esteemed,  and  in  a  quiet  way 
became  a  power  in  the  community.  In  1658  he  worked  to  estab- 
lish a  hospital  for  sick  soldiers  and  negroes;  in  the  same  year  he 
brought  suit  against  the  Burgomasters  of  New  Amsterdam  for 
indemnity  for  the  property  on  the  new  grant  which  they  had 
taken  up  from  the  land  left  to  his  two  wards,  the  orphan  children 
of  Jacob  Lopes  and  Cornelia  Melyn.  That  he  served  as  a  public 
health  officer  may  be  assumed  from  the  fact  that  he  received 
money  at  times  from  the  town,  and  occasionally  he  obtained 
funds  for  paying  a  salary  to  an  assistant. 

Doctor  Vaervanger  built  two  houses  on  his  grounds  as  well  as  a 
small  outbuilding.  One  house  was  located  upon  what  is  now 
the  northeast  corner  of  William  Street  and  Exchange  Place,  and 
the  other  what  is  now  the  southeast  corner, — the  very  spot  now 
occupied  by  The  Farmers'  Loan  and  Trust  Companj^  One  of 
these  houses, — the  records  are  not  clear  as  to  which, — Doctor 
Vaervanger  rented  early  in  1660  to  one  Dirck  Houthuyzen,  a 
smith.  Dirck,  in  turn,  sublet  the  front  room  to  a  youth  of  good 
family.  Marten  Van  de  Waart. 

Both  of  these  tenants  proved  troublesome  fellows  for  the 
doctor.  Dirck,  the  smith,  absconded  during  the  summer,  and 
such  of  his  belongings  as  he  left  behind  were  sold  by  the  bailiff 


SUCCESSIVE    OWNERS    OF    THE    CORNER    529 

for  the  benefit  of  Dirck's  creditors, — among  whom  was  pre- 
sumably his  landlord. 

Marten  was  not  disposed  of  so  easily,  however,  for  when  Doctor 
Vaervanger  desired  to  lease  the  house  to  another  tenant.  Marten 
refused  to  vacate  his  front  room.  The  doctor  brought  the  case 
to  the  courts  on  October  12th,  where  he  asked  "that  the  man 
who  occupies  the  front  room  shall  vacate  the  same." 

Marten  held  his  ground,  however,  and  declared  that  "he 
hired  the  front  room  for  one  year  from  the  absconding  Dirck 
Houthuyzen  and  paid  thereon  fl.  69.8"  which  was  a  very  high 
rent  in  comparison  with  the  rents  that  prevailed  in  the  neigh- 
borhood. 

Marten  was  ordered  to  vacate  "if  he  cannot  agree  with  Master 
Jacob,"  Apparently  he  came  to  some  sort  of  arrangement  with 
his  landlord,  for  he  was  occupying  the  same  room  the  following 
May  when  he  was  arrested  for  theft.  It  was  then  revealed  that 
he  had  been  using  his  room  as  a  cache  for  stolen  goods. 

Marten  confessed  "without  torture  or  force"  that  he  had  been 
stealing  for  seven  or  eight  years.  Out  of  consideration  for  his 
family,  friends  and  his  wife,  however,  the  court  was  lenient  with 
him,  and  reduced  his  original  sentence  of  a  public  whipping  at  the 
stake  and  banishment  for  twenty-five  years,  with  costs,  to  "a 
private  scourging  in  a  closed  chamber,  costs  and  banishment  for 
ten  years,"  and  later  to  banishment  only.  Thus  did  social  influ- 
ence affect  the  judgment  of  the  courts  even  in  the  days  of  old 
New  Amsterdam. 

Shortly  after  the  doctor  received  his  confirmatory  patent  in 
1667  he  leased  the  lower  house  to  Gerrit  Janse  Stavast,  and  the 
upper  house,  together  with  what  remained  of  the  original  grant, 
to  William  Pattison.  The  latter  was  confiscated  by  Governor 
Colve  and  assigned  to  Gerrit  Hendricks,  the  butcher,  to  take  the 
place  of  his  demolished  house  that  had  been  located  in  the  south- 
ern end  of  the  island. 

Just  when  the  Vaervanger  property  was  further  cut  up  into 
lots,  and  just  who  the  subsequent  owners  of  these  lots  were, 
immediately  following  occupancies  of  Stavart  and  Hendricks, 
are  details  that  are  buried  in  old  manuscripts  and  records  that 
have  not  yet  been  straightened  out.  Prior  to  1728,  however,  it 
appears  from  the  "Montgomerie  map," — (which  was  the  first 
plan  of  the  city  to  be  made  from  an  actual  survey,  and  which 
was  dedicated  by  the  surveyor,  James  Lync  to  Captain-General 
John  Montgomerie,  Governor  of  His  Majesty's  Provinces  of 
New  York  and  New  Jersey) — that  a  street  had  been  cut  into  the 
lower  part  of  the  doctor's  estate,  known  as  Garden  Street  (now 


530  A  CENTURY  OF  BANKING  IN  NEW  YORK 

Exchange  Place),  extending  from  Broad  Street  to  William.*  It 
was  not  till  1763  that  that  portion  of  the  old  Vaervanger  property 
which  included  the  northwest  corner  of  the  Farmers'  Loan  and 
Trust  Co.  building  appears  in  the  present  records  of  the  city. 
The  subsequent  determination  of  this  block  by  the  cutting 
through  of  thoroughfares  and  the  straightening  and  widening  of 
Exchange  Street  in  1826  and  again  in  1836,  by  slicing  off  a  bit  on 
one  man's  land  and  adding  a  sliver  of  another's  has  given  to  this 
lot  an  unusual  array  of  part-owners,  some  of  whom  apparently 
transferred  but  small  strips  to  make  up  the  present  irregular 
shaped  block.  Certain  it  is  that  this  plot  of  ground  has  been 
owned  by  many  distinguished  citizens  of  old  New  York;  a  list 
of  them  reads  like  a  "Who's  Who"  of  the  period. 

About  the  middle  of  the  18th  century  this  lot  was  a  part  of 
the  holdings  of  Peter  Prad  Provost,  who  left  it  to  his  son  David. 
In  1763  the  Estate  of  David  Provoost  transferred  the  land  to 
Elizabeth  Richards. 

In  1786  that  section  of  the  lot  that  was  owned  by  William 
Fundrum  and  wife  was  transferred  to  Thomas  Witter.  The 
following  year,  1787,  it  fell  into  the  hands  of  Sheriff  Marinus 
Willet, — who  played  an  important  role  in  the  stirring  days 
during  and  following  the  Revolution, — who  in  his  official  capacity 
sold  it  to  Richard  Davis.  It  is  apparent  that  prior  to  this  time, 
however,  a  shce  of  this  lot  was  a  part  of  the  holding  of  Sidney 
Breeze  and  wife,  for  in  1765  they  transferred  it  to  Henry  Grigg. 
Among  the  other  owners  of  this  property  during  the  post-Revo- 
lutionary period  were  Joseph  Winter,  Gerardus  Duyckinck  and 
wife,  and  Alexander  Robertson. 

Some  time  before  1792  the  lot  was  owned  by  James  McEvers, 
who  held  considerable  real  estate  in  the  neighborhood,  includmg 
a  good  portion  of  what  is  the  present  block. 

McEvers  served  for  a  time  as  "stamp  distributor"  under  the 
obnoxious  Stamp  Act  imposed  by  the  British  in  1765.  But  his 
patriotism  as  well  as  his  wisdom  apparently  induced  him  to 
retire  from  that  unenviable  job.  The  McEvers  house  stood  at 
the  northeast  corner  of  Wall  and  William  Streets, — where  the 
City  Bank  was  later  established, — and  it  was  there  that  the 
famous  Liberty  Boys  paused  in  their  work  to  cheer  their  com- 
patriot for  his  timely  resignation,  before  they  proceeded  to 
Bowling  Green  with  Lieutenant-Governor  Cadwalader  Colden's 
stolen  chariot  that  contained  a  copy  of  the  unpopular  Act  as  well 
as  an  effigy  of  that  official. 

*  In  1824  Garden  Street  was  extended  to  what  is  now  Hanover  Street  and 
became  known  as  Exchange  Street. 


SUCCESSIVE    OWNERS    OF    THE    CORNER    v")l 

From  McEvers  the  lot  passed  to  Daniel  Ludlow,  as  did  other 
parcels  of  real  estate  in  the  immediate  neighborhood.  Ludlow 
was  one  of  the  important  and  wealthy  men  of  the  period;  at  the 
time  of  his  purchase  of  this  lot  he  was  president  of  the  Man- 
hattan Bank. 

In  1801  the  Ludlow  Estate  deeded  the  lots  to  Henry  A.  Coster, 
who  with  John  Gerhardt  Coster  and  the  latter's  wife,  Catherine 
Margaretta,  were  to  be  important  figures  in  the  history  of  this 
block,  but  who  were  then  just  setting  about  to  buy  considerable 
real  estate  in  this  section. 

Their  efforts  were  successful,  for  on  April  5,  1825  is  officially 
recorded  in  the  Registrar's  Ofhce  of  New  York  the  several  trans- 
fers of  various  holdings  from  John  G.  Coster  to  Henry  Arnold 
Coster  of  various  plots  which  they  had  been  acquiring  for  a 
quarter  of  a  century.  Among  the  owners  of  this  particular  lot 
from  1798  to  the  date  of  this  recorded  transfer  appear  William 
Seton,  Joseph  Winter,  Dennis  Cassady,  George  B.  Miller, 
Charles  Oakley,  James  Oakley,  Edward  Lyde,  Samuel  Richards, 
David  King,  Richard  V.  W.  Thorne,  William  Smith  and  Hina- 
ment  Castles.  Among  the  properties  transferred  to  Henry  A. 
Coster  at  that  date  were  three  other  lots  that  now  comprise  the 
seven-lot  site  of  The  Farmers'  Loan  and  Trust  Company  building. 

It  is  obvious  that  these  holdings  were  concentrated  in  his  hands 
for  the  purpose  of  facilitating  the  re- transfer  on  the  same  day  to 
Joel  Post, — who  at  that  time  started  to  buy  up  all  of  the  lots  on 
the  block,  and  became  one  of  the  largest  real-estate  owners  in 
the  district.  Indeed,  by  1833  he  owned  all  of  the  block  with  the 
exception  of  two  lots  on  the  southeast  corner. 

"It  is  not  clear  to  what  use  these  properties  were  put  during 
the  English  and  American  occupations  prior  to  their  acquisitions 
by  Joel  Post,"  writes  Mr.  C.  L.  Foster,  who  has  made  a  study  of 
the  early  history  of  this  section  of  New  York,  "but  a  deed  from 
William  Seton  to  Henry  Arnold  Coster  and  John  Gerhardt 
Coster  of  a  considerable  proportion  of  the  block  recites  a  descrip- 
tion of  two  dwelling  houses  on  Smith  Street  (now  William  Street) 
at  about  the  corner  of  the  present  Exchange  Place.  *  From  the 
imperfect  access  to  other  portions  of  the  block,  it  is  hardly  likely 
that  the  property  was  occupied  for  business  purposes  at  that 
date.  As  early  as  1816,  however,  there  was  a  store  on  the  north 
side  of  Sloat  Lane  (now  Beaver  Street)  that  was  conducted  by 
Henry  Arnold  Coster  and  his  brother  John  Gerhardt  Coster. 
Certainly  some  of  the  early  owners  of  lots  on  this  property  had 

*  The  site  of  the  original  Vaervanger  house. 


332     A  CENTURY  OF  BANKING  IN  NEW  YORK 

their    places    of   residence    elsewhere, — and    the    list    of   owners 
embraces  some  of  the  merchant  princes  of  those  days." 

Among  these  princes  may  well  be  included  the  Coster  brothers, 
who  succeeded  both  with  their  store  as  well  as  with  their  real 
estate  and  banking  ventures.  Shortly  after  the  sale  of  his 
William  Street  property  John  G.  Coster  is  referred  to  as  a 
"wealthy  merchant"  who  occupied  a  mansion  on  Broadway 
north  of  Vesey  Street;  presumably  his  fortune  did  not  diminish 
when,  in  1836,  he  sold  it  to  John  Jacob  Astor,  who  incorporated 
it  in  the  site  of  the  Astor  House. 

Not  the  least  interesting  of  the  former  part  owners  of  the 
block  was  the  famous  Captain  Kidd  who  was  eventually  hanged 
as  a  pirate — although  recent  investigations  of  his  career  would 
indicate  that  he  was  a  much-slandered  personage.  Captain 
Kidd,  by  his  marriage  to  a  widow,  came  into  possession  of  the 
old  residence  of  Govert  Loockermans,  who  years  before  had 
married  the  widow  of  Tymen  Jansen,  the  original  owner  under 
the  Dutch  grants  of  the  larger  portion  of  the  block,  and  thereby 
came  into  ownership  of  Jansen's  land.  This  residence  stood  near 
Hanover  Street  and  Exchange  Place,  and  so  far  as  the  meagre 
records  show.  Captain  Kidd's  coach-house  stood  somewhere  on 
the  east  end  of  the  present  block. 

Joel  Post, — who  was  also  a  merchant, — became  an  important 
property-holder  when  he  bought  practically  all  of  the  present 
block  in  1825,  for  he  owned  in  addition  considerable  land  on  Wall 
and  Pearl  Streets.  During  the  period  of  his  ownership  the  dis- 
trict began  to  build  up  rapidly;  within  ten  years  Joel  Post's  land 
was  covered  with  stores  and  other  business  buildings,  "supposed 
to  be  worth  $850,000,  subject  to  heavy  mortgages  and  other 
charges."  By  that  time  William  Street  had  become  established 
as  a  shopping  district  for  women,  for  the  dry  goods  and  millmery 
stores  were  located  there. 

Both  stores  and  offices  in  those  days,  however,  were  ding\ 
places,  and  despite  the  prosperity  of  a  merchant,  his  place  ot 
business  was  usually  no  criterion  of  his  financial  status.  The 
store  kept  by  Joel  Post  and  his  brother  Jehiel  on  William  Street 
was  no  exception  to  the  rule.  They  apparently  confined  their 
efforts  to  a  wholesale  business,  for  they  kept  on  hand  only 
samples,  and  the  place  was  as  bare  and  comfortless  as  an  empty 
barn. 

"It  happened  that  a  country  merchant  had  received  a  note  of 
theirs  in  course  of  trade,"  reports  old  Felix  Oldboy,  a  personal 
friend  of  Joel  Post's  son,  "and  as  he  was  in  the  city,  he  thought  it 
would  do  no  harm  to  look  them  up  and  find  how  they  stood.     On 


SUCCESSIVE    OWNERS    OF    THE    CORNER    333 

entering  the  store,  he  was  astonished  to  find  their  stock  appar- 
ently very  low,  and  everything  bearing  the  appearance  of  a  lack 
of  trade.  Beginning  to  grow  alarmed,  he  entered  the  back  office, 
and  was  still  more  disheartened  by  its  appearance  of  poverty. 
At  last  he  mustered  up  courage  to  remark  that  he  held  a  note  of 
the  firm. 

"'Very  well,'  answered  the  senior,  Jehiel,  'it  will  be  paid 
when  due.' 

"But  this  did  not  satisfy  the  countryman,  and  he  ventured  to 
inquire  if  the  firm  would  not  discount  the  note. 

"'We  don't  do  business  that  way,'  was  the  cold  reply. 

'"But  gentlemen,'  stammered  the  man.  'I'll  take  off  10  per 
cent  for  cash — ^yes,'  with  a  burst  of  terror,  'I'll  take  off  20  per 
centr 

"'Brother  Jehiel,  do  you  hear  that?'  whispered  the  other 
partner;  'let's  take  him  up.' 

"The  bargain  was  made  and  the  money  paid  down. 

"'Now,'  said  one  of  the  brothers,  'if  you  please,  tell  us  the 
meaning  of  this  strange  transaction.' 

"The  countryman  made  his  confession,  and  the  brothers 
roared.  They  were  vastly  more  tickled  by  the  joke  than  by  the 
profit.  Calling  one  of  their  clerks,  they  sent  him  around  with  the 
visitor  to  the  bank  where  the  note  was  to  be  paid,  and  there  the 
latter  was  informed  by  the  cashier  that  he  would  cash  the  check 
of  the  firm  any  day  for  $50,000." 

Joel  Post's  business  enterprises  flourished,  and  he  bade  fair  to 
become  the  leading  merchant  of  his  day  when  he  died  intestate 
April  7th,  1835,  leaving  a  widow  and  nine  children,  four  ol 
whom  were  under  age.  Another  blow  fell  upon  his  family  on  the 
night  of  December  16  of  the  same  year,  when  the  great  fire  of 
1835  broke  out  and  destroyed  a  large  part  of  the  Joel  Post  build- 
ings on  William  and  Wall  Streets.  As  a  result,  the  estate  became 
unproductive  and  financially  embarrassed.  Partition  proceed- 
ings on  behalf  of  the  heirs  were  instituted,  and  the  Post  property 
was  put  up  at  auction  and  sold  to  various  buyers  early  in  1836. 

By  that  year  the  city  blocks  and  lots  had  been  designated  by 
numerals  which  they  still  bear  in  the  Hall  of  Records.  The  block 
of  which  this  chapter  deals — bounded  by  William,  Beaver  and 
Hanover  Streets  and  Exchange  Place, — became  known  as  Block 
No.  27.  And  that  northwest  corner  of  it, — where  the  original 
Vaervanger  house  stood  about  two  centuries  before, — was  desig- 
nated as  lot  No.  39.  And  when  the  Joel  Post  properties  were 
auctioned  off  in  1836,  Lot  No.  39  fell  to  Isaac  Green  Pearson  on 
May  13th.     He  immediately  resold  it  to  Richard  Lawrence  on 


334  A  CENTURY  OF  BANKING  IN  NEW  YORK 

Mav  20th,  who  resold  it  to  Isaac  G.  Pearson  and  his  wife,  EHza. 
At  about  the  same  time  Pearson  acquired  Lot  No.  38,  both  of 
which  are  included  in  the  present  site  of  the  Farmers'  Loan  and 
Trust  Co. 

In  the  meantime,  John  Steward  also  began  to  buy  property  on 
this  block.  On  April  4,  1836,  he  obtained  Lots  No.  32  and  30  from 
the  Joel  Post  estate,  both  of  which  are  included  in  the  present 
site,  and  both  of  w^hich  once  belonged  to  the  Costers.  And  lot 
No.  28  of  the  Post  estate  was  transferred  in  the  same  year  to 
Benjamin  F.  Lee,  who  resold  it  in  1837  to  Cornelius  W.  Law- 
rence, a  genial  Knickerbocker  who  was  one  time  mayor  of 
New  York.  Lot  No.  29  in  1837  also  became  the  property  of 
Mr.  Lawrence. 

Thus  eighty-five  years  ago  the  seven  lots  that  now  constitute 
the  site  of  The  Farmers'  Loan  and  Trust  Co.  were  owned  by 
Isaac  G.  Pearson,  John  Steward  and  Cornelius  W.  Lawrence. 

In  the  forty-five  years  that  followed,  these  lots  passed  through 
many  hands.  Lot  No.  30 — originally  a  part  of  the  old  Jansen 
grant — which  forms  the  nucleus  of  the  present  site  of  The  Farm- 
ers' Loan  and  Trust  Co., — passed  from  John  Steward  to  Daniel 
Jackson  Steward,  Mary  Anna  Steward,  Aaron  Wolff,  Jr.,  and 
Agnes  Hendricks  Wolff  on  February  28,  1882.  On  the  same  day 
it  was  transferred  by  them  to  the  present  owners  for  a  considera- 
tion of  $120,000.  Upon  that  lot  (20  William  Street)  the  bank 
erected  a  two-and-a-half  story  building,  and  moved  into  its  own 
home  from  rented  quarters  which  it  had  occupied  for  fifteen 
years  at  26  Exchange  Place— a  site  which  nearly  two  hundred 
years  before  was  a  part  of  both  the  Vaervanger  and  Jansen 
grants. 

But  the  bank  soon  outgrew  its  modest  home.  On  February  15, 
1889,  the  directors  ratified  the  purchase  of  the  property  next 
door — No.  22  William  Street — which,  as  Lot  No.  32,  had  passed 
from  John  Steward  to  Edwin  C.  Litchfield  and  then  to  Edward 
H.  and  Madeline  S.  Litchfield.  The  price  of  the  land  was 
$250,000. 

On  April  1st,  1889,  plans  for  a  new  building  were  approved,  to 
cost  $450,000.  On  May  16,  1890,  the  building  Committee 
reported  the  total  cost  of  the  property,  including  the  old  building, 
as  $1,064,159.19. 

But  still  the  bank  grew.  On  April  2,  1903,  it  acquired  three 
more  lots, — Nos.  29,  38  and  39,  from  the  Alliance  Realty  Com- 
pany which  had  acquired  them  for  the  purposes  of  sale,  from 
Ralph  Reiss,  on  April  14,  1902,  who  had  acquired  them  a  few 
days  previously  from  John  Lee  Carroll  and  Thomas  Maitland, 


SUCCESSIVE    OWNERS    OF    THE    CORNER    335 

trustees  of  the  will  of  Royal  Phelps.  Among  the  various  owners 
of  these  lots  during  the  preceding  years  appear  many  distin- 
guished names,  including  Peter  Schermerhorn,  Harry  P.  Jones, 
George  B.  Door,  Henry  C.  De  Rham,  Robert  L.  Maitland,  James 
K.  Mills  and  the  famous  Ward  and  Howe  families,  including  the 
celebrated  Julia  Ward  Howe,  author  of  "The  Battle  Hymn  of 
the  Republic." 

On  these  several  lots,  then, — which  once  were  part  of  the 
country  estates  of  the  original  Dutch  settlers.  Dr.  Jacob  Heinrich 
Vaervanger,  Burghermaster  Augustyn  Heermans  and  ship  car- 
penter Tymen  Jansen, — The  Farmers'  Loan  and  Trust  Co. 
erected  its  present  building  in  1909  at  a  cost  of  $1,476,037.94. 
And  from  that  date  to  this  the  bank  has  made  this  building  its 
home,  under  the  identifying  address  of  16-18-20-22  William 
Street,  or  as  it  is  generally  known  in  the  financial  district, 
merely  as  "16  William  Street." 


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